How AI and Personalization are Transforming Retail Energy

Retail Energy is undergoing a major transformation as Artificial Intelligence (#AI) and Personalization are taking center stage. Shopping and managing home electricity is a complex and confusing process for many consumers, causing stress and anxiety in making decisions related to their home energy.

Making energy Personal is a key factor in helping people make informed decisions about their energy usage and spending. This can have a significant impact on both their individual finances and the environment, as the generation of electricity contributes to more than 35% of total greenhouse gas emissions.

Think about how the world has changed in recent years.

  • You don’t know what to watch next? Netflix knows!  By using your viewing history, #Netflix will make recommendations of movies that you’ll most likely enjoy or even love.
  • You don’t know what to read next?  #Facebook knows!  Based on your previous likes, Facebook will find the next post you will most likely most enjoy
  • You don’t know what to buy next?  #Amazon knows!  Based on your previous purchases, Amazon will make recommendations for your next purchase that you will very likely buy.

All of these #digitalexperiences are now the norm for most #consumers and what they expect. Personalization has become the cornerstone of today’s digital landscape, and it’s transforming the way people interact with technology. It’s no longer acceptable to present users with generic, one-size-fits-all experiences, and this trend is only set to continue in the years to come.

However, #RetailEnergy that has yet to embrace the power of AI-driven Personalization. Shopping for and managing home electricity is still a confusing for many consumers, and it’s not hard to see why. The complex nature of the industry and lack of transparency has led to a situation where many people have no idea how much energy they’re using, what they’re paying for it, or who their supplier is.

But that is changing quickly.  Many Retail Energy firms are exploring and implementing transformational Customer Experiences by harnessing the power of AI and Personalization. The use of advanced technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), Natural Language Processing (NLP), and Computer Vision is changing the way consumers manage their home energy. These technologies enable the creation of Personalized Shopping and Home Energy Management experiences that make it simple and stress-free for consumers to find plans that best fit their personal objectives and unique energy usage profiles and to keep track of their Personal Energy Usage and Spending.

With the help of these Personalized Customer Experiences, consumers can easily access and visualize their home energy data, including usage patterns, cost, and more. The data is presented clearly and understandable, allowing consumers to make informed decisions about their energy consumption. The experiences can also send automated alerts that help consumers take real-time control of their energy usage.

By leveraging these technologies, Retail Energy Firms and Utilities can help consumers understand and take control of their energy, reducing their Carbon Footprint and Saving Money in the process. The use of AI and Personalization in Home Energy Management is not just beneficial for consumers, but it also plays a critical role in Reducing Greenhouse Gas Emissions, making it a Win-Win situation for both individuals and the environment.

In conclusion, making energy Personal using AI is revolutionizing the energy industry by providing consumers with Simple, Accessible and Understandable Energy Data and Visualizations, that help them make informed decisions and reduce their #Carbon Footprint, while also Saving Money.

By:  Dan Sullivan, CEO, EIQhome, LLC / EIQdigital

See also this press release