In terms of the global energy market, 2022 has been turbulent to say the least. In fact, I’m hard-pressed to think of a time in recent memory where the price of energy has been on the news agenda more. And rightly so. These are difficult times for both residential and business customers. Much like the impact of oil prices, the price of electricity and gas is pervasive; it makes its way into almost every element of our lives, driving inflation, worsening business conditions, and making families financially worse off.
Astral Tech engages with clients globally, and we’re very aware that the current energy crisis is affecting retailers in Texas as much as it is in the UK and Europe. So, what’s to be done?
In addressing this point, an unfortunate phrase that came to prominence during the COVID pandemic comes to mind: “adjusting to the new normal”. That’s to say that, at least in the short to medium term, markets, businesses, and customers will need to find ways of managing the elevated price levels. Whilst Government’s are coming forward with significant financial support to deal with the cost increases it’s only partial, and can’t last forever.
Turning specifically to energy retailers and utilities, the new and elevated interest in the market, whilst initially likely to be problematic with increased customer interactions, will become an opportunity in the medium term. Higher prices will naturally drive customers to think about energy saving measures that previously were uneconomical or uninteresting.
To ready themselves for this heightened engagement utilities and retailers need to be ready to collaborate, contract, and engage with the customers in new ways and offer new services specific to this “new normal”.
The logical starting point for this move is digitization across your customer business. Reducing costly communication channels, creating a ‘single version of the truth’ and always engaging via the customers channel of choice, not that preferred by the retailer in question.
Utilizing our pre-built technology, deep technical knowledge, and specific energy data expertise, Astral Tech are able to move forward energy retailer’s digital proposition at speed. This agility allows cost-to-serve to be reduced quickly and provides the customer confidence to engage with the broader range of offerings that energy retailers now need to offer.
To learn more about how Astral Tech is driving the energy digitization agenda across competitive energy markets, utilities, and water retailing, please visit our website: www.astraltech.energy