Bidgely Voice of Your Customer Report: Europe 2019 reveals strategies for utility customer retention, reducing cost-to-serve and driving customer loyalty
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Greater than 40 percent of European and British residential energy customers say they are likely to stay with their current energy retailer if provided with personalised and tailored services, according to a new report from Bidgely. Specifically, survey respondents revealed that itemised energy bills showing usage in the home by appliance and proactive energy insights and alerts sent during a billing cycle, when there is still time to correct behaviour, were the top motivations to stay with their current energy provider.
With 60% of European energy retailers concerned about customer retention, the Voice of Your Customer Report: Europe 2019 examines actions they can take to create customer loyalty based on independent survey results from 1,400 European and British residential energy customers. For example, over 50 percent of survey respondents say they want to save energy but do not know where to start, plus 45 percent are unsure what appliances in the home use the most electricity. Based on such survey results, the report further investigates specific customer retention tools energy retailers could implement to drive higher customer satisfaction.
“The results of our independent consumer survey illustrate a strong desire for more transparency and personalisation from energy retailers, as well as tips on how to reduce individuals’ carbon footprint,” said Bidgely Head of Global Sales Prateek Chakravarty. “Artificial intelligence is proving to be a powerful tool to tackle a range of pressures for energy retailers – from customer churn to digitalisation and decarbonisation – all while delighting customers with modern services that help them take action to improve the climate.”
In November 2018, Bidgely commissioned an independent online survey of 1,400 European residential energy customers aged 25 and older and asked questions to assess their knowledge, attitudes, perceptions and behaviours in connection with energy use and their energy service provider. Two-hundred respondents were identified in each of seven countries: Denmark, France, Portugal, Spain, Sweden, the United Kingdom and the Netherlands.
Key findings from all the residential energy customers surveyed in the report include:
- 50 percent say they want to save energy but do not know where to start.
- 45 percent are unsure what appliances in the home use the most electricity.
- 41 percent say they would be more likely to stay with their current energy retailer if they received an itemised bill with energy use and cost breakdowns by appliance and activity.
- 40 percent would be more likely to stay with their current energy retailer if they received proactive energy insights and alerts as to when they were spending more, so that they could correct behavior before the billing cycle ends.
To download the full Voice of Your Customer Report: Europe 2019 with country-specific insights, visit: http://go.bidgely.com/VOC-EU.
As the industry’s first enterprise energy analytics and customer engagement platform provider, Bidgely’s UtilityAI™ solutions transform utility meter data into business intelligence for optimising shareholder value, personalising the customer experience and modernising the grid. Bidgely’s mission to be a trusted AI partner helps utilities solve daily challenges related to home energy management, customer satisfaction, operational efficiency and new revenue models. With roots in Silicon Valley, the company has raised over $50M in funding, retains 30+ data scientists and brings a passion for AI to utilities serving residential customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.