Businesses with EV charging stations near their locations benefit from increased foot traffic. In fact, researchers have identified a 4% increase in average monthly visits to these businesses, which can lead to increased spending and overall profits.
Lead the Charge
The research paper, which looked at the Tesla Supercharger network in the USA, hints at an exciting opportunity for increased retail revenue across North America and worldwide. An increase in foot traffic is not only suggestive of higher spending, but the customer profile is associated with a higher-income clientele. While the increase is mainly seen on weekends, and primarily at grocery and convenience stores, it is motivation enough for corporations like Tesla and Kohl’s to build charging stations near their brick-and-mortar locations. They find the stations bring in new and repeat customers, and add a heightened level of convenience to employees and shoppers.
Increased foot traffic is not the only benefit. Having public charging stations also helps customers overcome range anxiety. This creates a positive feedback cycle, where more people feel comfortable using their EVs outside of their usual trip profile. This creates a stronger business case for more public EV charging stations.
Research has also shown that EV charging stations are an under-invested asset, and are leading to slower EV diffusion. Nevertheless, research shows that having a higher number of EV charging stations is associated with higher social welfare. In a world where net-zero priorities and sustainability are becoming more important, increasing the number of charging stations is a clear opportunity.
EV charging stations are becoming an attractive option for businesses that wish to bring in customers and ultimately increase retail spending. Ironcor Solar Structures has the solution: bespoke carports with built-in EV charging capacity, fed by clean, green solar energy.
Lead the charge, get ahead of the rest, and contact us to get started.