The UK energy retail market is in the midst of unprecedented change. With consumers in the UK spending approximately £54bn on utilities and associated expenses in 2018, it is no wonder the market is a target for new, innovative entrants and industry disruptors.
As competition heats up, disruption is further fuelled by pro-consumer regulatory measures, such as Ofgem’s Faster, More Reliable Switching. The programme will rapidly reshape the decision-making process consumers go through when deciding whether to switch to a new supplier.
The battle is no longer about price. Instead, competitive advantage will come from customer experience, differentiated offerings and a rapid time-to-market (TTM).
Working together, CGI and Vlocity have created an executive briefing titled Turning Faster Switching Into Competitive Advantage, which looks at the challenges and opportunities presented by this market change. In this briefing we take a closer look at the switching programme, the impact on both consumers and suppliers, the opportunity to reinvent the customer experience, drive new business models, and turn faster switching into competitive advantage.