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The US electric vehicle (EV) market is growing at a rapid pace, with expectations it will increase 5 times by 2028 and comprise over half of car sales by 2030. Newly proposed auto pollution limits are likely to help drive the growth. To be met, those regulations will require at least two thirds of vehicles sold in the US to be EVs. For retailers, this increase in EVs comes with opportunity. With the right smart mobility data behind their strategies, retailers can invest in effective charging infrastructure to establish themselves as a preferred destination for EV drivers.
Smart mobility data allows retailers to analyze millions of vehicle journeys – filtering EVs and traditional internal combustion engine (ICE) cars -- across an entire geographic area. It can help to uncover areas with high EV adoption and better understand overall trends in how vehicles are traveling around a store location so retailers can determine where a charging location may be most beneficial. Maybe there’s an area where EV adoption is high, but charging infrastructure is lacking, or a there’s a large percent of EV owners shopping at a competitor’s nearby location that could be swayed to come to another store if it meant they could charge their car too. By providing charging options, retailers can:
Often EV drivers use mobile apps to determine where charging locations are on their routes. Offering charging on-site lets retailers put themselves literally “on the map” of potential customers using these apps who otherwise may not have visited their location.
Studies show customers are loyal to stores that are both convenience and have good brand reputations. By installing EV charging infrastructure, retailers can set themselves apart as the most convenient location for EV drivers to visit while also improving their reputation as a future-forward, environmentally conscious, sustainable brand.
EV charging takes time and with that time drivers are likely to go inside your store and spend. Having charging options on-site attracts a wider group of people to your store which ultimately results in more purchases.
In addition to increasing dollars spent at your store, EV chargers also offer direct revenue opportunities. A retailer can be compensated for leasing land to a charging provider or participate in a revenue share of charging costs.
While having insight into where EV drivers are travelling is a key benefit of connected vehicle data, looking at how ICE vehicles move is also important for retailers. Future strategies must assume most ICE drivers will convert to EV drivers in the next decade, meaning understanding their behaviors is critical when planning charging infrastructure investments.
Wejo’s smart mobility data is sourced directly from millions of active connected vehicles and offers more granular and reliable information when compared to other sources like dongles and smartphone GPS data. By allowing retails to look both at EV and ICE vehicle travel patterns – from how far people drive to how often they are dwelling at a specific location – it empowers them to make data-driven investment decisions that will generate the biggest impact for their business in the future.
To learn more about how retailers can put smart mobility data into action, tune into the recording of our recent webinar where we discuss the rising importance of offering EV charging infrastructure to customers and how the right EV strategy helps increase sales, generate new revenue streams, and increase exposure.