Accenture projects that Singapore consumers' interest in solar panels as well as connected home products and services will multiply by tenfold in the next five years.
While five percent of the consumers today are demanding for solar panels and six percent of them own connected home products, interest in these products is projected to rise to 56 percent and 68 percent respectively, according to the consulting firm's latest survey.
Accenture also said in a press statement that the anticipated increase in interest for such products is due to their ability to lower energy bills and provide increased comfort and convenience.
While the projected change in consumer interests signals a potential area for energy providers in Singapore to tap on, energy providers need to offer good digital customer experience to fully capitalise on this opportunity.
Currently, 73 percent of Singapore consumers claim that the local energy providers' digital channels and tools took too long to load. Energy providers looking to differentiate themselves thus need to be able to offer the same or better digital services than that from online retailers, banks and even government agencies. "Energy providers need to take the hassle out of customer interactions and make them as simple, accessible and convenient as possible," said Greg Gurthridge, managing director in Accenture's utilities industry group. "With traditional business models at risk, leading energy providers will need to move quickly to differentiate from new entrants."
Accenture's survey polled more than 113,000 individuals in 26 countries, including 500 in Singapore. The findings mentioned here are part of the consulting firm's global report titled 'New Energy Consumer: Architecting for the Future'.
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