Three Ways to Grow Your Business with Commercial Electric Vehicle Charging Stations

The electric vehicle (EV) market has been on the rise for many years. The growing acceptance of electric vehicles by the public, combined with corporate sustainability initiatives and government decarbonization efforts, has led to an unprecedented increase in the popularity of electric vehicles.

Summary:

While their numbers were negligible in 2012, there are now more than 16 million electric vehicles on the road, and it is no exaggeration to say that this growth has shaken the mobility sector. 

As electrification continues to grow, more and more forward-thinking organizations are looking at the potential of this new and fast-growing market, which is expected to reach US$150 billion by 2030.

As businesses of all types begin to take advantage of electricity, the big question is how your business will benefit from it. This article focuses on three of the most common ways businesses, both large and small, can benefit from electric vehicle charging.

Can my business become a charging station business? 

Simply put, electric vehicle charging can be beneficial if your business has the space. While it may seem obvious that certain businesses, such as gas stations and commercial car parks, will benefit from this market change, there are actually opportunities for businesses of all shapes and sizes.

From hotels, restaurants and supermarkets to commercial real estate companies, movie theaters and even sports stadiums, all types of businesses can benefit from installing electric vehicle chargers.

By tapping into this new market, businesses can increase their immediate revenue by charging fees, offering a convenient service, significantly improving their reputation for sustainability, increasing the time customers spend at their location (using this as an opportunity to boost sales of products and services), and attracting new customers looking for a place to charge their cars.

Electric and petrol chargers.

Charging an electric car is very different from filling a gas tank.

Traditionally, drivers of internal combustion engine (ICE) vehicles arrive at the gas station when it is nearly empty. If they don't have to stop at a gas station, they just don't. However, when using electric vehicles, drivers have a different attitude about when and how they charge their cars. While most charging takes place at home, offering the convenience of charging a car while parked can reduce drivers' concerns about driving distance.

It may seem strange at first, but consider whether you leave the house with a mobile phone charged at 90% or 20%.The latter sounds more strenuous, but electricity is so readily available that finding a place to charge will be much nicer.

The same applies to EV drivers, and your business can provide the easily accessible charging they are looking for.

How will my business benefit from adding commercial EV chargers? 

Of course, there are several ways to offer EV charging in your area. Before deciding to enter the EV charging market, it is important to consider why and how your business will benefit from it. To help you consider the possibilities, the three main commercial charging station strategies are listed below.

1. Increase in income

Increasing revenue by adding a new revenue stream to an existing business is the first option most businesses consider when choosing a commercial electric vehicle charging station.

By charging existing customers, you can easily acquire and use an asset (parking space) that you already own or control.

The potential for this additional income stream is very attractive. Of course, the income you can earn depends on a number of factors such as the number of charging sessions per day, the rates and prices you set, the type of cars your customers use (and how much they need to be charged upon arrival at your location), the type the charger you have installed, etc.

Calculations are based on average initial charge and cost per kWh, with the lowest estimate being one charge per day per charger and four charges per day per charger. These results are calculated using the Income Calculator and are intended as a general estimate and should not be taken as an accurate representation or guarantee of actual income.

Using the power grid and existing assets makes it possible to increase revenue, increase the average cost per client per visit, and at the same time provide a demanded service. 

Create an electric vehicle charging structure that is right for your business.

The amount of money you make from charging electric vehicles depends on the charging structure your business has chosen. Thanks to the technology available today, you can choose a layout that suits your specific requirements. For example, you can charge customers for kWh of electricity used and add a service charge to simplify pricing. In addition, you can set fixed rates for the billing period, per minute or variable prices depending on the time of day.

With the right charging management software, you can easily manage your charging stations and optimize revenues by basing your charging structure on accurate data and monitoring customer charging behavior, such as average energy consumption during peak periods.

2. Attract customers

Electric vehicles can not only serve existing customers, but they are also an effective way to promote your business and attract new and significantly more profitable customers.

Compared to the general population, EVs are more likely to be more educated, work full-time, and own more cars. In addition, EV drivers tend to be more environmentally conscious and look for more active places and brands that match their native sensibilities. And as more drivers switch to electric vehicles, there's no better time for companies to tap into this in-demand market.

Just as people go through life changes - graduating from school, getting a driver's license, first full-time job, adulthood, retirement - so do consumer habits. If, for example, you just got your driver's license, it might be time to explore the available (and inexpensive) types of cars. If you have just become parents, you need to decide on the choice of diapers. If you're recently retired, you might want to consider investing in a new camper.

The same thing happens when people change their lifestyle, consumer habits and develop brand loyalty. This gives businesses of all shapes and sizes the opportunity to gain new loyal customers who will return your money.

For example, imagine an electric car driver who plans to buy his weekly groceries at the supermarket, or a driver who is looking for a good restaurant for the evening. Now imagine if they could charge their car while traveling to the places they want to visit. The added convenience can put your business first in the decision-making process.

Today, as more and more people are switching to electric vehicles, it's time to capitalize on this thriving part of the market.

Visibility on the Internet

In addition, you can attract customers by indicating their location on the public charging map. These new customers are ready to cross-sell and up-sell while waiting to recharge their car.

Since public electric vehicles can be seen on the internet, new customers can find your business by planning a trip in advance or by being on the road. However, 50% said they would consider buying an electric car as their next vehicle. By establishing your business as one of the delivery points for this in-demand service, you can turn your location into an electric vehicle charging oasis.

Whether it's a coffee shop, a hotel, a convenience store, or even a movie theatre, by registering your business on electric vehicle charging maps like Google or Apple Maps, you can literally put your business on the map.

3. Increasing customer loyalty

Having a charging station in your facility can help your business win over customers who are increasingly environmentally conscious.

The unprecedented spread of electric vehicles, and perhaps their combination as a factor contributing to this, has led to a high level of consumer awareness. Whether it's about sustainability, fairness, equity, or many other social and environmental issues, more and more shoppers are spending money in a way that is in line with their personal vision and values.

According to our research, nearly three-quarters of EV drivers are more likely to say that climate change and reducing CO2 emissions from transport are personal to them.

This growing environmental consciousness is not limited to the cars they drive. Sustainability-minded EV drivers are willing to pay to demonstrate their environmental awareness at multiple touchpoints throughout the day, and according to a recent IBM report, more than six in 10 consumers surveyed are willing to change their shopping habits to reduce their environmental impact. At least half of consumers also say they are willing to pay more for various green product features.

Drivers looking for a place to charge their electric vehicle will try to do so in a place that matches their values. This gives businesses the opportunity to raise awareness and tailor their product offerings to their requirements.

Finally, electric vehicle charging shows that your business supports the transition to sustainable mobility in general. Even if you don't have EVs yet, offering EV charging at your facility is something that many customers and visitors would like to see. And if they plan to do so in the near future, they are. You will find that your business offers the option to charge as needed. This is the first step to turning your business into a profitable charging station.

We live in critical times

The transition to electric vehicles is perhaps one of the biggest transformations currently taking place in our society. This is evident not only from the rhetoric of governments and car manufacturers, but also on our roads.

What's more, charging stations are a recent addition to the infrastructure we interact with on a daily basis. They are present on the streets of our cities, in workplaces, in homes and at roadside gas stations.

However, this is only the beginning.

Many companies only pay attention to the latest trends in the industry in order to stay relevant and profitable. They can do both by establishing themselves as players in the sustainable mobility industry. Leveraging the growing electric vehicle sector with electric vehicle charging stations for businesses, they can increase their revenues, attract more customers and increase loyalty.