Electric vehicles (EVs) are growing in popularity. The decreasing costs and improving performance have played a major role in driving consumer adoption of EVs. Those who haven’t joined the movement say the undeveloped charging infrastructure is a major setback.
This is the perfect time to enter the industry as the White House recently committed $7.5 billion to EV charging station development. Retailers need to capitalize on this changing landscape and maximize market expansion opportunities.
The Changing Demographics
Consider EV drivers.
Early adopters primarily fell into one of six Experian categories, with an important demographic in common: Wealth.
Today’s electric vehicle drivers, however, fall into one of 24 different categories, ranging from lower working class with kids to elderly singletons who retired in the Hamptons. The wider target market opens new opportunities for brands.
Geo-enabled data from Buxton identifies upcoming charging stations to help businesses maximize the new market. Our data can recommend emerging shopping centers that will increase in popularity as EV adoption continues to grow.
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Retail Opportunities
Centrally located, convenient charging stations are key. EV drivers are looking to maximize their downtime, as charging usually takes a little under an hour. Instead of wasting time on their phones, drivers can run errands at nearby shopping centers while their car is charging. Because they are multitasking, drivers may be inclined to spend extra time browsing the aisles or visiting nearby retailers they normally don’t have time to stop by. Our data platform helps retailers identify exactly what their customers are doing at any point in time. Define behaviors and expand influence with customer insight by Buxton.
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New Marketing Space
Bus stops and billboards have, for decades, used structural advertising to target idle travelers. In a world of noise, idle time is scarce, and an incredible opportunity for marketers to capture consumer attention. As the demographics of this group changes, there is a wider market for advertising a variety of products and services.
Buxton’s data platform helps marketers identify their ideal customer base, going beyond demographic data to reach them where they are. Affordable B2C products and services can now utilize this space that was previously reserved for expensive retailers.
The Future of the EV Market
As consumers continue to adopt electric vehicles (EVs), there is an increasing need for convenient, accessible charging stations. This market space is growing, and it presents serious potential for companies looking to expand their influence.
Meet with a Buxton representative today to learn how to target this new group of consumers and start fresh in a new space.
