Pump up efficiency and non-fuel revenue with smart fueling solutions
By SHIBU RAJ , December 9, 2021
The fuel retail industry is on the cusp of a transformation. Digitization is driving the change from fuel-based transactions to convenience-based experiences.
The fuel: non-fuel revenue ratio is back in the limelight. Fuel retailers, weary of crude fuel’s volatility, have renewed their focus on non-fuel revenue. They are changing their value propositions from ‘selling a commodity’ to ‘offering convenience’.
But what is convenience for the current customer? First - fast, accurate, and error-free refueling experience. Second - digitized services that promote self-service. Third - personalized services at the convenience stores (c-stores) in gas stations.
Customer expectations have changed significantly, but are oil marketing companies (OMCs) equipped to handle dynamic expectations? Do they have the right digital solutions to engage customers at the fuel forecourt? That’s where the rubber meets the road.
Building high-value, low-maintenance fuel courts
Digital transformation in the fuel forecourt will help retails extract more value from fuel. Domain knowledge, emerging technologies, and the right resources can help OMCs cut back on losses due to downtime, leakage, and pilferage. Streamlining operations will lead to improved service and thus happy customers. Highly efficient fuel courts offer:
- Maximum efficiency: Today’s fuel management solutions provide real-time visibility on sales, wet stock inventory, equipment monitoring, and quality parameters. Integrated secondary distribution system provides glitch-free logistics from request to planning and automates entire order-to-cash cycle fulfillment.
- Improved experience: Cashless / Cardless AVI systems eliminate redundant human intervention, resulting in a ‘Quick Customer Fill Experience’. In the case of fleet vehicles, RFID stickers identify vehicles and ensure the right amount of fuel is dispensed.
- Smarter operations: IoT-enabled wireless sensors capture fuel sales transactions and gather information on existing wet stock inventory and new shipments from retail stations. Data collected through these sensors are transmitted to the Central Monitoring System (CMS) that processes data and allows OMCs to monitor multiple stations on a single dashboard.
Can these solutions deliver tangible results to OMCs? Absolutely! A downstream oil company in India achieved a 25% reduction in fulfillment time, 100% fleet optimization, 6 hours reduction in order-to-load time and a 1% improvement in net margins using FuelTrans – BCT’s IoT and analytics driven solution.
New-age c-stores: Refueling the customer journey
Imagine a fuel forecourt ecosystem where a customer drives in for a refuel. As he pulls in, he receives a notification about a sale in the c-store, he walks in for a purchase. He comes back to the car, but not before picking up his latte, thanks to the coffee shop that sent him a message about his favorite flavor being in season.
While this might seem hypothetical, this is in fact what OMCs are aspiring for. They’re not just selling fuel, they’re offering experience. And they’re aspiring to do this using data from previous interactions, using connected devices, and investing in technology that makes the customer journey happy and hassle-free. In addition to the margins on fuel refueling, fuel retails gain from non-fuel entities like c-stores, coffee shops, insurance kiosks, etc.
Way forward: Choosing the right strategic partner
Fuel retail has struggled with operational efficiency and siloed systems. A strategic external partner that can blend domain knowledge, technology, and business intelligence can help OMCs yield tangible digital transformation results.
This is where organizations like BCT come in. FuelTrans are pioneers in Fuel Retail Automation and Logistics & Transportation solutions helping global Oil Marketing companies achieve complete control and visibility over retail outlet operations and secondary supply chain distribution using digital and data-driven levers.
FuelTrans extensive experience and knowledge in Retail Fuel Automation, combined with our deep understanding of Logistics & Transportation, have helped us build a unique solution for oil marketing companies, to integrate Secondary Distribution & Supply Chain Management with Retail Operations, and automate the entire order-to-cash cycle while providing a 360° view of oil distribution, logistics and retail operations.
FuelTrans Solutions Suite offers two major products:
- FuelTrans Station Manager: Offers end-to-end automation of fuel stations for real-time visibility and complete control over entire retail operations. It is a a cloud-based Fuel Station Management and Automation Solution that provides real-time data visibility into sales, wet stock inventory, equipment monitoring and various quality parameters to seamlessly manage all fuel station operations in an optimized way.
- FuelTrans Terminal Manager: An IoT-enabled and analytics driven solution that automates entire order-to-cash cycle and offers a comprehensive view of secondary fuel supply chain distribution for retail and commercial business segments..
FuelTrans offers complete visibility of data, assets and resources and automates processes in the oil distribution logistics and retail operations to increase monthly volume delivery and reduce transportation costs. This enables oil marketing companies to improve on service-level assurance, resource utilization, sales potential fulfillment, risk reduction and customer participation.
