As forecourts evolve away from the traditional fuel first model towards multi-purpose mobility hubs that offer a range of charging, retail and additional services, our solutions must evolve with them. For over 15 years A2i Systems has provided artificial intelligent fuel pricing solutions to retailers across the globe. PriceCast Fuel uses a range of data streams such as customer
purchasing behaviours, weather, local events, oil price and global incidents to proactively price fuel products ensuring retailers can meet their business objectives even in volatile markets
The algorithm behind PriceCast was first developed as a way to identify and analyse the behavioural habits of children on the playground as a means of reducing childhood obesity. Our founders soon discovered they had created a neural-net based self-learning AI engine capable of so much more. Now as the fuel and convenience retail industry continues to evolve, so does PriceCast in the form of PriceCast EV and PriceCast C-Store.
PRICECAST EV
The electric vehicle market is booming. Last year, almost 2 million new electric cars were registered in Europe and with more affordable EVs on the horizon it is expected that the market will continue to grow. With more EVs on the road, we have also seen an increase in charging services, not only from traditional fuel retailers, but new players entering the market from outside the mobility industry. With increased competition and a whole range of factors that effect the price of charging, we are now seeing a market primed for predictive pricing.
The price of electricity, type of charging station, location, network memberships, time-based vs energy-based charging, fluctuations in demand, season, time of day, additional onsite services and government incentives can all effect the price of charging your EV. Whilst these differ from the factors that impact the pricing of traditional fuels, the concept remains the same. By considering all available data, artificial intelligence is able to price proactively. In fact, one key advantage to pricing electricity over traditional fuels is the availability of data. At any given site you can see not only the cost of electricity but the availability of chargers through a number of readily available apps.
Those accustomed to charging, whether at home or on the road, will know that dynamic pricing is already in place for the majority of charging providers. As the price of electricity fluctuates throughout the day, the prices adjust accordingly. This is why many people will choose to charge their car overnight when electricity is cheaper.
Whilst dynamic pricing has obvious benefits for the retailer, it does not consider all the factors that can influence pricing. Predictive pricing using artificial intelligence takes pricing to the next level. By focusing on customer behaviours as well as the factors outlined above, artificial intelligence can spot trends and adjust the prices accordingly.
PRICECAST C-STORES
What if you could price the products in your store in the same way as you price your fuel or electricity? What if you could build a better understanding of your customers’ purchasing behaviours and reward their loyalty with timely, relevant offers delivered at the optimal time. This is where PriceCast C-Store comes in.
With demand for fuel predicted to decline and electric vehicles becoming increasingly popular, the c-store must become a destination in its own right. By building a better understanding of the customers that visit their store, their purchasing behaviours and their needs retailers can create offers that are relevant to the customer and find ways to attract them in store. As with PriceCast Fuel and EV the AI can examine a whole range of factors that can impact product pricing and make recommendations to help retailers to meet their business goals.
To discover how PriceCast can support your business, talk to us at UNITI expo 14-16 May in Stuttgart, Germany. We’ll be running product demos throughout the event. Book a slot.
