Strategic equipment investments are one of the most effective ways that fuel retailers and distributors can utilize revenue generated during a profitable year to position their operation for continuous positive margins in the years to come. For example, many sites are currently pursuing EMV upgrades, which although expensive, will deliver expanded capabilities that stretch beyond the payment terminal for many sites. Fuel sites that leverage this opportunity to the fullest extent could position themselves to be more competitive than ever before.
In a recent article, MyTankInfo provided an overview of several of the interconnected equipment assets that are fundamental to most retail or commercial fuel sites. In this installment, we discuss accessory equipment choices that can help fueling operations maximize customer loyalty, efficiency and, ultimately, profitability.
Sites that improve their Internet connectivity directly improve the efficiency of many support systems. For sites that aren’t wired for Ethernet capabilities, adding a cellular connectivity device is an extremely cost-effective solution. For example, MyTankInfo’s fuel inventory management hardware is available with a cellular connection that provides Internet connectivity to tank gauges in remote locations or locations lacking Internet access.
Retailers who currently have dial-up Internet should consider upgrading to a minimum of business-grade broadband to accommodate the larger data transfers required by EMV. Faster data transfers lead to happier customers and increased throughput.
While pay-at-the-pump technology represents a tremendous convenience for motorists, it poses a challenge to C-stores that depend on in-store sales to drive profits. Retailers who invest in media-rich technology, such as beacons or in-dispenser video platforms, can present customers with messaging about in-store promotions and increase their C-store margins.
Investing in advanced POS software programs is an effective way to reduce overhead. Today’s POS software programs not only interface with dispensers, price signs and car washes, they integrate with back-office programs and promotional/customer loyalty programs. These functionalities consolidate pricing, merchandising and reporting tasks to streamline forecourt and in-store management needs.
Today’s fuel inventory management software — including the MyTankInfo software — not only provides actionable data about critical fuel inventory conditions such as fuel volumes and compliance issues, the software streamlines reconciliation processes and compliance reporting. MyTankInfo will soon offer a new automated reconciliation module that will streamline reconciliation procedures and simplify compliance reporting, enabling resources currently devoted to time-consuming compliance management to be reassigned to other duties.
MyTankInfo’s hardware-enabled, cloud-based fuel inventory management solution not only provides compliance and basic inventory data, it estimates when tanks will run out of fuel so that operators can optimize fuel deliveries. The hardware for the MyTankInfo inventory management solution is easy to install, and the web interface is easy to navigate on any mobile device wherever an Internet connection is available. Because MyTankInfo is hosted on a cloud-based platform, IT costs are reduced, and because the MyTankInfo software is compatible with other third-party software programs, data integration with compliance or fleet logistics software is streamlined.
MyTankInfo is committed to educating station owners and distributors about tools that can help them manage their fuel profitability. To learn more about how MyTankInfo can improve operations at your fuel site, or to request a notification when new insights from MyTankInfo are available, please email Mike.Buck@MyTankInfo.com.