More than 40% of European and British residential utility customers are likely to stay with their current energy retailer if provided personalised and tailored services, according to a new report from Bidgely.
The report revealed that 60% of utilities are concerned about customer retention.
Residential utility customers say:
- They will stay with their current energy suppliers – those that provide them with itemised energy bills showing usage in the home by appliance, those that provide proactive energy insights and those that sent alerts during a billing cycle with time to correct behaviour. 41% say they would stay with such utilities
- 40% would be more likely to stay with their current utility if they received proactive energy
- Over 50% of residential customers want to save energy but do not know where to start – 45% are unsure what appliances in the home use the most electricity
Prateek Chakravarty, head of global sales at Bidgely, said: “Customer churn is an issue that is top-of-mind for utilities in Europe and the U.K., given it can cost six to seven times more to acquire a new customer than to retain an existing one. The results of our survey illustrate customers’ strong desire for more transparency and personalisation from utilities, and artificial intelligence is proving to be a powerful tool to help utilities match, and exceed, customers’ expectations of a modern service provider.”
The survey was conducted amongst some 1,400 residential customers in Denmark, France, Great Britain, Netherlands, Portugal, Spain and Sweden.
To download the report, visit Voice of Your Customer Report: Europe