SpendEdge, a global procurement market intelligence firm, has announced the release of their Global Fuel Cards Category – Procurement Market Intelligence Report.
The spend momentum of the fuel cards category is primarily accredited to the initiatives taken by service providers to offer value-added services to their existing customer base. For instance, FleetCor partnered with P97 Networks last year to enable mobile payment for its fuel card users. Such perks and benefits are widening their customer base which is motivating such enterprises to invest more in the fuel cards market. The large-scale adoption of digital payment infrastructure by industries such as the logistics sector that primarily deal with cash-intensive operations will supplement the spend growth of the fuel cards market. Download the Free Sample of the fuel cards procurement market intelligence report here!
Fleet owners in the trucking industry in the US are exhibiting an incremental spend on fuel cards with tailored loyalty programs as these help them to reduce about 7% of their total fuel expenses. This is acting as one of the primary growth drivers of the fuel cards market in the region. To mitigate any potential misuse of fuel cards such as card skimming and personal usage of the card by drivers, particularly in North America and Europe, service providers are adopting advanced practices and technologies in their services. For instance, last year, Shell developed an AI-based application to avoid fraudulent use of their cards. The adoption fraud-prevention methods help service providers in convincing buyers who are skeptical of fuel card usage, thereby fueling the category growth.
This procurement market intelligence report offers detailed fuel cards cost-benefit analysis of drivers and category management insights that can aid in devising a sustainable procurement strategy. This procurement market intelligence report also highlights the current fuel cards supplier market developments to help the buyers choose the appropriate vendors who can promise a steady supply assurance. Not what you are looking for? Request for free customization.
“It is imperative for service providers to employ available tools and methods to avoid some of the potential category risks such as card cloning and theft which ramify into huge financial losses for buyers,” says SpendEdge procurement expert Sumit Yadav.
This procurement market intelligence report on the fuel cards category has highlighted the following factors to play critical roles in influencing category spend. They include:
- Adoption of digital payments will drive category growth
- High volume purchases can be negotiated for cost-effective rates