OIL & GAS

From cash rich to less cash – The digitisation of fuel retail

Covid may have brought regular life to a stand-still, but from a different perspective, it has only served to highlight the importance of specific essentials. Movement is one, and while we may think our physical movement has reduced, logistics sector has seen huge demand upside on account of e-commerce related delivery boom.

Fuel Retail is the sector enabling logistics; and it also serves as a major component of the retail sector. Lockdown and its associated health concerns have strongly aided the adoption of digital payment methods in fuel retail, leading to transformational user experience as a whole.

Digital payments, while increasing transparency for consumers, have also provided OMCs with far more reliable and granular oversight, as the PoS data can be tracked with incredible accuracy. This in turn, has helped optimize forecasting techniques to strike a fine balance between demand and supply for enhanced operational efficiency as well as customer satisfaction.

In recent years, offerings of Indian fuel retail outlets have been focussed on enhancing the entire fuel replenishment cycle of the customer, by providing the customer a one-stop solution for all their needs. Additionally, with the surge in digital payments, leading OMCs in India have integrated digital payments in a cash-rich sector.

This implementation not only offers greater transparency but also streamlines the payment process, which removes manual intervention whenever a customer chooses to pay digitally via PoS device.

Source
ET Energy World
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