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ReFuel Forum 2024 – Insights, Trends and Opportunities for the Fuel Retail Sector

From EVs to digital transformations in fuel retail, here are some key insights from the ReFuel Forum APAC & ANZ 2024 which our team attended.

By

Anjali Pillai

4 Min Read

May 08, 2024

The Capillary team in Malaysia was excited to participate in the 2024 ReFuel APAC Forum, a two-day event uniting industry leaders for two days of networking, idea exchange, and pioneering business strategies. During the forum, our team actively engaged in insightful conversations on the state and trajectory of fuel retail.

 

From challenges to trends and opportunities, here are some key insights from our team on the challenges, solutions, and upcoming trends in the fuel retail market.

 

Current Challenges in Fuel Retail

 

  • With the rise of electric vehicles (EVs) and increased environmental awareness, there’s a shift in consumer preferences towards alternative modes of transportation. As Mobility 2.0 takes shape, characterized by interconnected, autonomous, and sustainable transportation solutions, fuel retailers must navigate the complexities of this new paradigm.

 

  • Today’s consumers demand frictionless and convenient experiences, whether it’s through online transactions or interactions at physical fuel stations. Meeting these expectations requires significant investments in technology infrastructure and comprehensive customer service training to deliver exceptional experiences across all touchpoints consistently.

 

  • Conventional fuel retailers are grappling with the daunting task of reinventing their business models to align with the evolving mobility landscape, facing hurdles in integrating new technologies, meeting shifting consumer demands, and competing with agile newcomers in the industry.

 

 

Trends & Opportunities in Fuel Retail

 

Electric Vehicles (EV)

The number of electric vehicles on the road today is far more than it used to be, indicating a significant mobility transition. Governments across Asia are playing a pivotal role in the increasing popularity of EVs:

  • Easing regulations on EVs
  • Offering various subsidies
  • Crafting supportive policies
  • Bolstering infrastructure development

 

This trend underscores a significant transition towards sustainable transportation solutions. While the adoption of battery electric vehicles (BEVs) is increasing, traditional internal combustion engine (ICE) vehicles will continue to dominate the market. Fuel retailers must innovate and elevate their offerings to capture the loyalty and spending of increasingly environmentally conscious consumers.

 

Non-Fuel Retail (NFR)

Non-fuel retail (NFR) covers a wide range of businesses, including convenience stores, fast-food restaurants, automotive repair and service businesses, and more. These are the go-to spots for customers looking for quick and convenient options like food and beverages, vehicle care, c-store, etc., while filling up their tanks.

 

Fuel retailers leverage NFR to boost their revenue and improve customer experience (CX). By providing customers with personalized offers and delivering personalized services that cater to individual preferences, NFR can play a huge role in increasing footfall in fuel stations. Embracing NFR allows fuel retailers to differentiate themselves from competitors and stand out in a crowded market, attracting customers who value convenience and additional services. Capillary’s major fuel clients have successfully harnessed the potential of NFR to drive business growth, improve customer engagement, and foster customer loyalty.

 

Digital Transformation

Embracing digital transformation is the key to helping shift from a vehicle-centric approach to a customer-centric approach for fuel retailers. Digital transformation can include contactless payment, digital wallets, mobile apps to locate stores, localization features, online stores, self-checkout kiosks, etc. 

 

By embracing digital transformation, fuel retailers can gain deeper insights into their customers’ preferences and behaviors, enabling them to deliver hyper-personalized customer experiences.

 

 

Join the Fuel Retail Revolution

Using our expertise in digital-first loyalty marketing, Capillary Technologies developed a loyalty-based mobile app for one of our fuel retail clients. The results underscored digital innovation’s value and transformative potential in reshaping fuel retail loyalty and driving long-term growth.

 

Capillary stands at the forefront of the fuel retail revolution! We collaborate closely with industry giants to craft innovative loyalty programs that drive lasting customer engagement and loyalty. With our advanced AI-powered product suite, Capillary enhances customer experiences through personalized interactions, improved engagement strategies, and advanced loyalty solutions.

 

Contact us today to embark on your digital transformation journey and stay ahead in the evolving landscape of fuel retail.

Anjali R Pillai
Anjali Pillai

With a knack for creating engaging content and crafting effective social media campaigns, Anjali wants to make it her mission to leverage the power of content as a strategic marketing tool for businesses. While she is not working, she is either binging movies or writing about them on her blog.

Aauthor Name

Anjali Pillai

With a knack for creating engaging content and crafting effective social media campaigns, Anjali wants to make it her mission to leverage the power of content as a strategic marketing tool for businesses. While she is not working, she is either binging movies or writing about them on her blog.

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