Business readiness for the Smart PAYG revolution
With attitudes changing, the stigma attached to energy prepayment as purely a method of debt recovery is lifting. Today’s prepayment customers are increasingly likely to be upwardly mobile, technology savvy, well informed and keen to take control of their spending.
Consumer interest in a Smart PAYG service is increasing significantly
Prepayment is no longer just a “no choice” solution to a customer’s debt problem. With closer alignment to prepayment services offered in other markets it’s rapidly becoming a lifestyle choice. A spate of recent surveys and research suggest that half of UK households would switch to some form of Smart PAYG service when smart metering rolls out. This figure rises to 60% amongst 18 – 34 year olds with 76% of existing prepayment customers interested in a Smart PAYG service. But enough of the statistics, what about the reality.
Several suppliers are now tendering for or trialling Smart PAYG solutions
From a slow start momentum is building, with significant numbers of suppliers now tendering for or trialling Smart PAYG solutions. Recent procurement activity has indicated a number of different solutions to the Smart PAYG puzzle, from cash pre-pay systems – which mirror traditional prepayment processes - to complete end to end solutions with multiple payment channels, well defined customer engagement strategies and proven back office processes.
Customer numbers are increasing for suppliers with an enhanced PAYG solution
Those early adopters who recognised an enhanced PAYG solution as a tool for customer acquisition, and not just the management of debt, are already starting to reap the benefits with customer numbers increasing steadily.
Whether delivered via “in house” development teams or Commercial Off-The-Shelf solutions, single source end to end managed service or collaborative offerings from multiple partners, there is an option to support every strategy. With customers demanding more control and freedom of choice over when and how they buy their energy, are you ready for the Smart PAYG revolution?
Engage can help ensure your business is ready for the Smart PAYG revolution
Engage has helped shape the energy market in Great Britain over many years and has worked closely with industry and regulatory bodies in establishing GB’s approach to Smart Metering including Smart PAYG.
Our Smart PAYG experts can help you develop strategy, define the customer journey and understand the “art of the possible”. We have hands on practical experience of the development and implementation of Smart PAYG solutions and services, including:
- Establishing initial requirements and definition of business models
- Business Case preparation and support
- Procurement processes, tender preparation, solution selection
- End to end PAYG Programme delivery including low risk rollout options/transition to BAU
- Project and work-stream delivery – including 3rd party supplier and contract management
- Independent delivery assurance