Four Ways Fuel Management Software Will Improve Your Business
According to the National Association of Convenience Stores, current data shows that there are 122,552 convenience stores selling fuel in the United States, accounting for about 80% of the fuel sold across the country. With such significant competition on a product with an average markup of 20 cents per gallon and an overall profit of about 5 cents per gallon, it’s vital that operators leverage every strategy and solution available in order to remain competitive, and that’s where integrating an effective fuel management system into your convenience store management software suite comes into play. Let’s learn more about how fuel management software helps keep pricing competitive.
Track Industry Pricing
One of the most important tools in establishing a competitive pricing strategy is instant access to up-to-date industry pricing trends. Fuel analysts and operators use resources like OPIS, Gas Buddy, and a number of other sources that aggregate fuel pricing worldwide, and effective fuel management software solutions can pull data from multiple sources to give decision makers real-time access to the information they need to make informed decisions.
End-to-End Product Management Made Easy
The ability to set competitive and market-responsive prices requires robust back-end logistical support in order to minimize waste, maintain inventory levels, and manage vendor account management. The data gathered by a fuel management system means that many of the associated tasks can be automated, including ordering, invoice management, and even the management of the various fee schedules for both full owners and commission-based sellers. Through such systems, prices can quickly be altered and profit margins calculated. And as fuel management software and convenience store management software move to cloud-based services, operators are able to keep up with shifts in fuel prices remotely, providing an additional competitive edge in an industry where missing a pricing update by even an hour can lead to lost sales.
Integrated Rewards Program Management
Keeping gas prices competitive and remaining profitable isn’t only about keeping prices attractive to customers, but also leveraging other revenue streams to offset costs. One place where these concepts overlap is integrating fuel rewards and perks into an all-encompassing rewards program. Loyalty programs can draw customers in for the savings and generate additional revenue elsewhere in the operation on products with higher profit margins that offset any losses on discounts applied to fuel through the program.
Fuel Management Software and Inventory Management Experts
While profit margins have increased since the economic downturn several years ago, the fuel industry remains as challenging as it has ever been, and convenience store and gas station owners need to leverage every tool they can in order to remain profitable. Success Systems provides operators with fuel management solutions as part of an overall convenience store management software suite, designed to minimize behind scenes costs and keep your overall gas prices competitive. Complete this questionnaire to request a demo, and our service team will reach out and let you know how our fuel management solution can best meet the needs of your operation.