Fuel Retail Goes Digital
EdgePetrol is all about visibility. Visibility of your fuel data to help you make better and quicker pricing decisions.
Gideon Carroll- a UK based entrepreneur- is on a mission to use technology to transform the fuel retail industry with an exceptional pricing software solution.
After speaking with retailers around the world and researching the industry extensively, he noticed one common theme. The majority of fuel retailers use data contained in spreadsheets when making important pricing decisions for their fuel stations. Don’t get us wrong, there is nothing bad about spreadsheets, it is quality software that has been around for many decades. However, Gideon spotted a massive problem – the lack of data visibility. The data contained in these spreadsheets, including product cost prices, margins, and volumes, do not reflect accurate and current profitability. Retailers are making important pricing decisions based on data from one to two days ago at best, with no guarantee that they are meeting profit expectations on their fuel sales.
Two critical details stood out:
1. Low data visibility in real-time hinders the flexibility available to retailers to make informed and dynamic pricing decisions
2. Business reporting and management information is unreliable and slow, and involves time consuming manual calculations
EdgePetrol solves these problems by providing a platform to bring all that data to one, user-friendly screen with no manual entry. By securely connecting to point-of-sale transaction data and the cost of product, the application displays current weighted and blended margins, volumes, and profits, providing retailers with the critical data they need to improve the performance of their portfolios.
EdgePetrol gives the retailer access to insight that spreadsheets cannot provide, including live volumes (by grade, station and portfolio), actual weighted and blended cost of the fuel currently in your tanks, and the impact of today’s credit card fees on today’s margin. This insight is used alongside the retailer’s own knowledge of their own stations to make more informed pricing decisions and thereby driving improved profits.
Recent case studies with some of Edge’s UK customers concluded that they have seen fuel profits rise 15-18% since using the pricing application and there are many examples where store sales have increased due to more intricate pricing strategies.
EdgePetrol is now looking to capitalize on their success in Europe and is looking for savvy retailers to become early-adopters and benefit from the new insight its tools bring to the USA.