The dynamics within the energy industry have changed over the past year with most energy companies and providers now recognising the direction the market is now moving in.
There have been a number of vital trends over the past year which a number of energy companies have picked up on, but some could still consider when it comes to their yearly strategies.
GDPR made a massive impact on any business within the UK, meaning you could only message those who are your customers and subscribe to your emails. As part of new GDPR laws, a lot of energy providers found they lost a considerable amount of data. However, many utilised the data they did have as it meant the data was genuine. Energy companies are also now pulling in data from different places such as boilers, thermostats and even heat cameras.
It has meant energy companies can learn from the data collected and enable them to provide their consumers with a much better service and product. Opportunities are also becoming much clearer; internal efficiency is much better as companies can create up-to-date real-time customer profiles. Fraud detection is now much lower than it once was and products are now being made specifically to certain customers. An example of this is Ampower’s App launch; we recently created an application that allowed our customers to see real-time reports based on their data consumption. They can check their billing, monthly reports, readings and usage, all from the comfort of their phone. By creating the application, we have noticed a reduction in the customer calls as they can see all the information they need right in front of them. It has been exceptionally beneficial to our customers who have home energy plans with us.
Over the past year, there have been a couple of new energy providers who have made their way into the energy market each with their own goals and objectives. Energy providers are becoming more flexible which has made it much easier for customers to switch and change provider based on what they want. People are now looking for consumption based deals instead of variable tariffs. They are also looking for trusted brand names and those who are optimising their energy toward the customer side of the meter create the most valuable businesses.
If you are thinking about changing energy providers, don’t forget to have a quick read of our article on choosing the right energy plans for you. We devised a short list of our top tips for when you choose to switch providers, all of which could save you money and time.
Electric vehicles have really taken the industry by storm over the past year. Energy companies must ultimately embrace this change, many are now offering home charging stations as part of the services, from installation to management. While they may bring big challenges to the industry, they also bring a wave of new products and services which can be distributed to the owners of such vehicles. We predict oil companies will start buying into charging equipment as they see the reduction of oil consumption.
2018 in a nutshell
Companies that choose to respond and change to these trends will do exceptionally well in 2019. It is always important as a business to look back on industry trends to see if you’re reaching your goals and moving in the right direction. Here at Ampower we have had a fantastic year and hope to do especially well in 2019!
Thank you to all our customers for your ongoing support and making 2018 so special!