FLORHAM PARK, N.J. -- An increasing number of retail petroleum companies are turning to third-party pricing software at their gas stations, according to a report released by Kalibrate Technologies (formerly KSS Fuels).
The survey, which comprised feedback from retail petroleum executives representing more than 19,000 sites and sales eclipsing 28 billion gallons annually, revealed that 83 percent of respondents used third-party fuels pricing software in 2013, compared to 76 percent in 2012. Conversely, use of in-house fuels pricing systems declined by 7 percent to 17 percent last year.
The opportunity to increase profits, get prices out faster, streamline the fuels pricing process and address business needs are the top reasons why retailers choose to invest more in third-party solutions, noted Kalibrate.
Kalibrate's survey also revealed that 47 percent of respondents indicated that price optimization is a must-have and they always use this capability. In comparison, only 26 percent utilized price optimization in 2012.
“Retail fuel pricing is a mission critical process that requires 24/7 automation and business intelligence to respond to daily market changes and cost volatility so that you can quickly and effectively generate optimal prices and maximize performance,” said Bob Stein, president and CEO of Kalibrate Technologies. “When you add in the importance of being in compliance with various regulatory requirements surrounding fuels pricing, more and more retailers see the need to replace their internal legacy systems with solutions such as Kalibrate’s fully automated fuel price optimization solution.”
Florham Park, N.J.-based Kalibrate Technologies is a global provider of fuels pricing and retail location intelligence.