Millennials not only want to be the first to sign up for the latest energy-related products and services, but they also are seeking a seamless experience from their energy providers, says a new survey by Accenture.
This consumer demand demonstrates that millennials will drive much of the future value for energy providers, according to the global professional services company’s seventh annual survey of energy consumers, The New Energy Consumer: Thriving in the Energy Ecosystem. The survey—which explored the views of almost 10,000 respondents across 17 countries—found that millennials bring a strong influence on key consumer engagement trends amid an increasingly complex set of competitors vying for energy products, services and experiences.
According to the survey:
• 24 percent of millennials are classified as early adopters, compared with 17 percent among the 35-54 age group and 7 percent of those ages 55 and older. In addition, 22 percent of millennials said they wanted to experiment with new technologies, which was higher when compared with other age groups (15 percent for those aged 35-54 and 6 percent for those 55 and older).
• Millennials are very receptive and far more likely to consider distributed energy resources products and services after receiving related information—87 percent compared with 60 percent among those 55 and older. Almost 80 percent said they’d be more satisfied if offered an in-home digital assistant and monitoring service that suggested customized new products and services offers, compared with 62 percent of respondents 55 or older.
• When it comes to in-home energy management, 61 percent are likely to sign up for an application to remotely monitor and control home elements in the next five years versus 36 percent of those 55 and older. Notably, 56 percent of millennials (twice as many as people 55 and older) are likely to sign up for solar panels in the next five years.
• Millennials attach more importance than older demographics to a personalized experience across digital channels, as well as access to the latest digital technologies that enable them to interact with their energy providers. In addition, 83 percent would be discouraged from signing up for additional products and services if their provider could not provide a seamless experience.
• 41 percent of millennials interact more frequently with their energy provider using social media, and they would also be more satisfied if they could log into their provider’s portal via social media credentials.
• 77 percent of millennials would be interested in an online personalized marketplace to select and purchase energy-related products and services. Additionally, a little more than one-third would be interested in, and willing to pay for, automated home solutions.