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- 16 May
The Key to Real-time Fuel Price Synchronization
Managers who want to know the secret to fuel pricing at its best should be aware that the answer has always been right in front of them. Advancements in corporate technology and software, now more affordable than ever before, have made fuel price tracking and implementation a much simpler process. Most market leaders have already begun implementing fuel price management and media marketing solutions. In order to achieve a new level of efficiency, managers must stay ahead of their competitors through advanced fuel pricing technology.
Be it fuel pumps, mobile apps, GasBuddy integration or electronic price signs, fuel pricing technology is what’s driving the industry into the future. In just a few years the game has changed completely. Development and manufacture of electronic pricing solutions has taken off, expanding the products available to retail fuel locations. The potential boost for the c-tore industry is huge, as these tools greatly increase speed-to-the-street and allow fuel managers to make changes through mobile technology from any location. If they happen to hear of a coming shift in demand while out on the road, they can immediately make the change thanks to advances in technology.
The ability to monitor fuel price tracking and centralization of pricing changes has proven invaluable for retail fuel companies. According to Scott Hartman, CEO of Rutter’s Farm stores, new fuel pricing technology has enabled them to make “critical retail fuel pricing decisions while greatly enhancing customers’ access to our fuel prices. Rutter’s can now initiate real-time price synchronization from headquarters to the street and the web in a matter of minutes.” Obtaining fuel pricing in mere moments is now a reality where it had once been a dream.
Pricing software tools give a much better picture of regional fuel prices history than relying on outdated tracking methods. The technology is now designed to increase the effectiveness of the entire fuel pricing process. An efficient fuel pricing solution is the real key! PriceAdvantage software provides this through automation of all processes from collection of competitive surveys, to sophisticated analysis for best price determination, and rapid speed-to-the-street price change execution. This comprehensive digital solution enables synchronized fuel pricing from any location through a branded mobile application, providing two-way communication between owners and their customers using web technologies.
If you’re still holding back on a technology upgrade, for fear of the initial cost, consider this. Retail fuel stations which apply superior pricing technology continually stay ahead of competitors and the industry. By publishing prices to Gasbuddy through PriceAdvantage, c-store owners gain greater specialization while increasing synchronization. The changes are immediate, cost-effective, and a boon to repeat business.
For more examples of how technology improves fuel pricing, review our blog post on Practical “Closed Loop” Fuel Price Management.
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