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When fuel prices rise sharply, cost-conscious consumers look for every opportunity to save money. Consider this data from Upside:
• 80% of retail customers are uncommitted to a single brand
• Customers will shop across different brands to maximize value
• Consumers decide where they will buy their fuel less than one hour before pulling into a gas station
Beyond the pump, Quick Service Restaurant (QSR) data mirrors this thriftiness: 85% of consumers rank saving money as the most important QSR loyalty program benefit.
To capture this value-conscious demographic, fuel chains are deploying a variety of discount/rewards strategies to draw customers to their C-store. Displaying one price for fuel and then a lower alternative price for cash purchases, or for purchases that include a car wash, is just the beginning. New tactics to persuade today’s hyper-informed consumer base include:
Rewards credit card: A Rewards Visa card from BP offers an introductory 30-cent discount per gallon for the first 60 days and then transitions to 15 cents off per gallon, a savings rate that can compete with high-yield cash-back cards.
Pushing premium profits: ExxonMobil’s Rewards+ program offers a 6-cent-per-gallon discount for higher-margin premium purchases. Regular grade fuel earns 3 cents per gallon.
Tiered rewards: Shell’s Fuel Rewards program offers Silver, Gold and Platinum rewards levels, with the Platinum level offering customers up to 10 cents off per gallon.
ACH payments: QuikTrip offers an introductory 25-cent-per-gallon discount and 5-cent-per-gallon discount thereafter for customers who sign up for QT Pay, an Automated Clearing House (ACH) payment linked to a customer’s checking account.
Price lock: In addition to offering 11 cents off per gallon, 7-Eleven’s fuel rewards program allows customers to find the best price among local 7-Eleven stores and lock in the price for up to four days.
Transparent, frictionless value positions retailers to win customer loyalty. Contact our Retail Sales Solutions team to learn about the leading equipment driving this new era in purchasing behavior.
