Energy retailers can drive this shift in terms of enabling a peer-to-peer marketplace and by lowering the barrier to entry. The consumer electronics industry is a source of inspirationin how this works. Smart phones and in-home TV platforms can cost in excess of thousands of dollars. But for the most, consumers can get access to these products from as little as £30-40/month in the UK. These multi-year subscriptions approaches consist of leased hardware, access to software platforms, product maintenance and servicing, as well as access to third-party marketplaces (content and/or providers).
How to Win: implications for addressing industry challenges
Energy retailers can tap into key guiding principles to address industry specific challenges, based on what area they wish to play to win.
For those retailers who want to address their legacy business, it will become important to drive self-service by addressing today’s customer pain points. This requires shifting core CRM and billing platform to native cloud in order to significantly reduce costs.
For retailers who want to enter into adjacent markets, it will be essential to re-imagine customer journeys to achieve the new normal of exceptional customer experiences. Likewise, a significant shift in ways of working will be essential to place the customer at the center of the business.
For retailers who want to capture and create new markets, it will be about identifying and addressing unique customer needs and exploring new business models and ways of working to unlock value.