Consumers would trust their energy suppliers more if they offered access to transparent cost breakdown
Lucid has unveiled new research which demonstrates a trust and transparency gap between consumer and supplier within the UK energy sector. The report, delivered in partnership with PwC, found that 74% of consumers would have greater trust in their energy supplier if they were offered access to a more transparent cost breakdown.
The research comes as Lucid announces itself within the UK energy sector, aimed at enabling energy retailers to improve their customer relationships through its robust and secure platform, which enhances customer engagement, reduces the cost to serve, and increases profitability.
An intelligent energy optimisation platform, Lucid allows energy retailers to deliver new levels of transparency to their customers through a variety of Energy Insight features. Lucid provides personalised and actionable insights which help customers to better understand their energy consumption and related costs, meaning they can in turn maximise the value of their energy.
The research findings reveal the importance of such transparency to customer retention, with 59% of people stating they would be more likely to stay with their current provider were they to offer an app with the 11 features provided by the Lucid Energy Insights platform.
Within the further context that 28% of respondents have switched energy supplier within the last 12 months, and 41% are “likely” to do so within the next 12 months, the research demonstrates the role the greater transparency and control offered by such apps can play in reducing customer churn within an industry where it is prevalent. Features such as real-time consumption updates and forecasts, energy budget tracking, and usage by activity, are central to this.
“Lucid brings a dynamic new offering to energy retailers at a time when competition is rising and consumer demands are rightfully centred around greater transparency and trust, as well as managing costs,” said James Hunt, business development director at Lucid. “Within a fast-evolving industry, it’s important for energy suppliers to recognise and react to these needs. Lucid is well-placed to enable them to do so, in particular by providing the platform to instigate the functional, technical and behavioural change required to transition to the smart energy economy.”
Originally developed and supported by Toshiba, and in association with PwC, Lucid leverages the strength and heritage of the two brands. It has already signed partnerships with several energy companies to deliver its Energy Insights service. Lucid is hardware-agnostic and will work with the energy retailer’s chosen IHD/CAD partner. It has its own CAD, and can offer firmware and device management.