How to ensure the longevity & sustainability of your business? Learn from Starbucks.

American President Biden sets a goal of 50 percent electric vehicle sales by 2030.

By 2030, there could be?26 million?electric cars in the U.S., which means we’ll need more than 10 times as many EV chargers.

Implementing this vision means the creation of a new infrastructure of EV charging stations as well as additional power generation in the national electric grid.

Imagine the amount of power in Kilowatts that would be consumed in charging 26 million electric cars either at home or at EV charging stations.?

(The humungous task to plan and achieve the goal itself send a shiver of goosebumps while I pen down this article.)

Now imagine if you are a retailer, how would you react to this opportunity?

Every challenge brings with it an opportunity for business owners to exploit and grow.

Starbucks is teaching all the entrepreneurs to consume every megabyte of information to their advantage and grow.

Starbucks, with its 15,000 locations across the country, think that it could help fill part of the gap?by providing EV charging stations in their parking lots.

The Dwelling time for an electric vehicle owner is 10 times more than that of a petrol vehicle. The electric vehicle takes longer to charge than refueling a petrol vehicle.

Hence by providing an EV charging area, Starbucks is ensuring additional customers to serve with higher dwelling times and the opportunity to make these customers their loyal customers.

In a pilot this year, the company is partnering with Volvo and Chargepoint to install EV chargers in its parking lots along a 1,350-mile route from Denver to Seattle, with stops available roughly every 100 miles

The study will comprise studying the additional customers that Starbucks attracts over a period of time and its impact on sales as well as its contribution to reducing carbon footprints as a part of its CSR initiatives.

My Learnings:

If you as a retailer, can control the dwelling times of your customers, it opens thousands of opportunities to build a connection with your customers, understand their requirements, and fulfill those requirements through assortment planning and offerings.

Then your business does not remain limited to selling coffee experience but creating opportunities for the communities that you serve (by the way that was the sole purpose of Starbucks as per their mission statement).

To learn the actual business model of Mcdonald's,?click here.

In case you are a retailer and need bespoke strategies to grow & scale your business then feel free to reach out to me at?[email protected]

You can also check out and subscribe to my website?www.retailritesh.com

My book, ―?“How to become a shark salesman”,?provides tricks, concepts, and hacks to grow your business by?learning the Art of selling & become a ―Shark?in selling.?

Grab your copy here.

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