When deciding whether to install EV charging stations, many business owners focus on how quickly start-up costs may be recouped through the fees collected on each charge. This view tends to miss the potential gains from other, more significant sources of revenue—be that the dollars spent inside stores, desirable tenants moving in, or new guests arriving at hotels. Here are just a few ways EV charging for business can increase your revenue, now and in the future.
Did you know Hypercharge can save you money with EV charging rebates and incentives?
Bring business to your door
An EV charging station turns your business into a destination for people on the go. Take a strip mall, for example, anchored by a grocery store with a variety of neighbouring retailers and services, such as a dry cleaner, bank, yoga studio, and wine boutique. The first task for any customer arriving by car is finding a convenient place to park, and for an EV owner, this often means next to an available charging station. The search for charging opportunities may commence before a driver even leaves home. An EV charger literally puts the mall on the map for EV owners searching online for chargers within their driving radius.
Once your charging station is the go-place for parking, your business can become a hub for repeat customers. A drop-in for groceries becomes a weekly shopping trip, creating customer loyalty—and recurring revenue.
Increase time spent at your business
Installing an EV charging station can lengthen the amount of time customers linger inside a business, commonly known as the “dwell time.” This is a crucial metric for retailers, as longer dwell times have been linked to higher spending.
The average dwell time for larger stores is 30 to 40 minutes, reports the Path to Purchase Institute, based on data from U.S. grocery stores, department stores, and warehouse club chains. For EV owners, this duration stretches to accommodate charging times. In fact, the average charge time at retail locations is more than two hours, according to Atlas Public Policy and the National Renewable Energy Laboratory, which analyzed data from thousands of charging stations across four states.
Where is all this time spent? The business closest to the charging station reaps most of the benefits, but EV owners will visit others nearby, expanding the revenue gains within the immediate area.
Get out in front
Between 2020 and 2021, sales of battery electric vehicles in Canada jumped by a whopping 50%. Over time, charging stations will continue to multiply as well, which makes early adoption key to getting ahead of the competition. First-wave operators have the greatest opportunity to take full advantage of all the revenue-boosting power of EV charging stations.
Leverage station data
Charging station operators gather useful data about their customers’ habits, including the average length of stay at the station and actual charging times. This data can deliver additional returns on the initial investment, both in the shorter and longer term. For example, a salon could offer a rebate or discount to encourage clients to book extra services while extending their charge times. The dental office up the street could use the data to pitch a joint investment in additional electrical infrastructure to neighbouring businesses. A real estate trust could share the data with prospective tenants to demonstrate the value charging stations have added to its mixed-use building.
Add to your marketing arsenal
EV charging stations put effective messaging directly in front of consumers. This begins the moment a driver pulls up to a Hypercharge JuiceBar Gen 3 station, which can be branded with a custom wrap by the business that operates it. Before your future customer or tenant is out of the car, you’ve established your business as forward-thinking, eco-friendly, and EV-supporting.
Inside the Hypercharge mobile app, advertising can amplify your promotional efforts. Want to bring new customers into your café? As a charging station operator, you can push a notification about a two-for-one promo to all users charging in the vicinity. Do you have your own app for a rewards program? With custom integration, Hypercharge charging can be incorporated into the app, allowing users to earn and spend points when they plug in to your station.