August 2020
Featured in this insight: Financial services, Electricity, Gas
95% of energy customers cite 'price' as the main driver for switching suppliers: A survey of UK households has found that 'price' remains the main reason for switching energy suppliers, followed by 'clarity around costs and charges' (90%), and 'quality of customer service' (84%).
Using findings from a poll of 2,000 UK households, digital product agency, Somo, produced the report, 'The Evolution Of Energy Companies: Satisfying Customers And Society’, which also looked at ways for energy suppliers to offer a better customer experience through the use of digital tools and technology.
It found that 45% of respondents with a smart meter would not change their behaviour at all when it comes to the way they consume energy, while just 23% said having a meter helps them to monitor and understand their energy consumption.
When it comes to customer interaction, two-fifths (41%) said they used their supplier's website or app to submit meter readings, while a third (33%) 'always' or 'frequently' pay for their energy via their supplier's digital offering. This was even higher when looking at 25–34 year-olds, where payments via a supplier's digital platforms rose to almost two-thirds (65%).
Just over a fifth of respondents said they 'regularly' or 'always' adjust their direct debit via their supplier's online tools (22%), while 17% said they used their energy company's digital platforms for contacting customer services or making complaints.
Ross Sleight, chief strategy officer at Somo, said of the findings: “The industry is facing intense competition from new providers unencumbered by legacy systems, processes, and with a mindset that is focused on customer needs. At a time when consumers are even more price sensitive than before, the winners will be brands who provide innovative pricing and service solutions for customers."
View more of our sector specific insights: Financial services, Electricity, Gas
