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Utilities CX

eCommerce Data Reinforces Need For Utilities To Embrace Marketplaces

What Utility Marketplaces Can Takeaway From The eCommerce Trends of 2021

The global pandemic has accelerated ecommerce trends exponentially across every marketplace. This fast-paced shift is expected to continue into 2021 and beyond. Consumers trust brands to deliver quality products and services. Now more than ever, customers feel more comfortable when they shop online via their mobile devices. What does this growing market mean for the Utilities space?  

 

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From the data above, here are the key takeaways for your Utility:

  • Dread associated with consumers pulling back during 2020 never really panned out, and ecommerce sales grew at much faster rates across multiple categories fueled at least in part by income support and few "bricks and mortar" options during pandemic conditions. 
  • For Utilities, that extends the theme of "never been a better time" to launch or update ecommerce marketplaces to drive new customer engagement, new revenue, and new innovation in the customer experience.  Ecommerce brands delivered outsized returns when they offered customers a personalized experience with relevant and timely offers. 
  • Computers and consumer electronics and home furnishing categories took first and third position, respectively, in retail ecommerce share last year, suggesting utilities that offer smart home gear and products to enhance the comfort, security, and entertainment of the home will connect well with their customers.

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Our Take

All signs point to faster adoption of ecommerce shopping and buying for all customer segments.  And, success in ecommerce delivers long term customer engagement, new revenue, and customer loyalty benefits.  Utilities can't afford to wait to innovate in this digital channel, which often pays for itself in customer lifetime value and digital dividends.  Check out our example of the modern digital marketplace for utilities at www.utilitysmarthome.com


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