FLORHAM PARK, N.J.--(BUSINESS WIRE)--KSS Fuels, the global leader in fuels pricing and retail location intelligence, today unveiled the results of its multi-country survey into current fuel pricing practices and the steps fuel retailers are taking to cope with the continued rise in competition for market share amid static or falling demand for motor fuels.
“This most recent survey indicates a significant shift in fuel retailers’ attitudes toward advanced analytics and decision support, highlighting that today’s market conditions and increasing competition are demanding a more sophisticated approach to fuels pricing”
Comprising feedback from executives at retail petroleum companies operating more than 11,000 sites in 14 countries, responses reveal a significant shift in the attitude of fuel retailers toward technology and a growing desire to understand how the combination of improved processes and predictive analytics drive bottom-line results. Survey findings show a growing trend to move away from in-house developed pricing systems to commercially developed and maintained applications, with 76% of respondents stating they use third party pricing applications, 62% choosing a KSS Fuels application.
The top ranked reasons for investing in fuel pricing technologies are:
- Opportunity to improve profit
- More timely response to competitor price moves
- Ability to integrate with other systems to streamline the pricing process
Of those investing in technology, 75% indicate they already use price optimization to support price decisions, with 68% of those stating their overwhelming goal is to grow margin while maintaining market share. In regards to ease-of-use, nearly 70% indicate that the application used is easy to manage and maintain, confirming that sophisticated analytics no longer require sophisticated skills to use and maintain.
“This most recent survey indicates a significant shift in fuel retailers’ attitudes toward advanced analytics and decision support, highlighting that today’s market conditions and increasing competition are demanding a more sophisticated approach to fuels pricing,” said Bob Stein, President and CEO of KSS Fuels. “We’re seeing an increasing number of fuel retailers moving away from in-house tools and spreadsheets to adopt dedicated commercial applications that are maintained and updated by business specialists like KSS Fuels.”
For a full discussion of survey results, please request a copy of the report entitled, “Are you keeping up with industry fuel pricing trends?” from your local KSS Fuels representative.
About KSS Fuels
KSS Fuels is the pre-eminent global leader in fuels pricing and retail location intelligence, with proven software, analytics and consulting solutions that draw upon more than 40 years of expertise and insight into the needs and opportunities of petroleum retailers. Clients benefit from having a single, integrated source for the data-driven intelligence necessary to optimize pricing strategies and to evaluate and manage retail network locations to enhance profitability and build long-term business value. With global headquarters in Manchester, United Kingdom, the company has North American headquarters in Florham Park, NJ as well as offices in Florida, Illinois, Ohio, Oklahoma, Texas and Canada and international operations in Brazil, China, India, Japan, Korea and Africa. For more information about KSS Fuels, please visit www.kssfuels.com.