The global market for customer experience analytics will grow from $53 million in 2019 to $117 million in 2028, according to Navigant Research.
The research firm states that:
- Customer experience is increasing its importance, as the energy cloud transition shifts energy supply to energy services
- Electricity was taken for granted by most customers and providers rarely noticed until something went wrong e.g. a billing error or power outage. This has changed
- Utilities employing customer experience analytics have reported increased revenue, profit margins and customer loyalty and retention
Stuart Ravens, principal research analyst with Navigant Research, said: “There is an incredible amount of uncertainty among utility incumbents about what products and services to develop for the future electricity customer.
“By investing in CX analytics and applying insights into business processes, utilities and electricity suppliers can make great strides to build products and services around customers’ future requirements and bring much needed clarity to future business model development.”
For more information about the report, visit Customer Experience Analytics.