EV charging stations represent untapped potential for retailers

What this means: Retailers are looking for opportunities to expand their current retail footprint and provide additional service to consumers to drive incremental sales and engagement. Adding electric vehicle (EV) charging stations is a strategy of many essential retailers to embrace change for consumers and increase convenience across the physical retail fleet. Retailers are constantly looking for new ways to incentivize consumers to come in to stores or make an additional retail trip. Additional services, experiences, grab-and-go options and more are currently being utilized by retailers to incentivize consumers, but retailers are also exploring future ways to provide more efficiencies and conveniences for consumers. Walmart in April announced it would be adding EV charging stations to thousands of stores by 2030. The company currently operates charging stations at 280 store locations. Similarly, 7-Eleven rolled out EV charging stations to c-store locations, which allow customers to use its 7Charge network and app. In certain states, the installation of charging stations can provide retailers with another diversified source of income, but it also brings many new services and opportunities to consumers along with the charging station itself. Why does charging station implementation matter to retail outside of traditional gas stations and convenience stores? Charging provides retailers not normally associated with gas stations with increased opportunities to attract customers outside of warehouse clubs. Providing that service to consumers on the go, and in suburban markets, can make locations more attractive to shoppers looking for convenient options. Offerings like charging stations may make a specific location that much more important for consumers, especially those who engage in mission-driven shopping behavior and look for solutions at retail that fit their specific needs. Convenience continues to be a key pillar for consumers in making retail purchasing decisions, and EV charging provides one more additional incentive for shoppers. Practical and monetization opportunities also arise outside of increased trips or foot traffic by shoppers. Charging stations can provide retail media opportunities, either through the retailer’s app or the station itself to message offerings to consumers. Retailers operating charging stations have a captive audience for a window of time to engage directly with that potential consumer. Retailers also have the power and authority to engage consumers in purchasing decisions outside of retail. If consumers see charging stations as a benefit of the retail experience and a true source of convenience and value, they may be more inclined to invest in an EV instead of a gas-powered alternative. Charging stations may create much more of a long-term positive impact for retailers instead of short-term profitability, but they’re a step in the process of simplifying errands for consumers and benefitting in the process. What’s next: Retailers are on the lookout for additional convenient services to bring to physical retail beyond charging stations and shop-in-shop options for consumers, and in essential retail, prepared food options or increased food service offerings align with the needs of the consumer and the ability to drive more frequent trips.

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