Global Utilities Increase Product Sales by 100% with Bidgely Integrated Marketplace Solution
Artificial intelligence and personalization increase customer satisfaction, support demand-side management programs and enable new revenue streams
Global utilities have turned to the new Bidgely artificial intelligence-powered Marketplace Solution to personalize the marketplace experience for their customers, increase monetization opportunities and achieve demand-side management (DSM) program goals. Through patented artificial intelligence (AI) techniques applied to meter data, utilities have created a personalized, integrated marketplace to include new energy savings recommendations, purchasing channels and rebate programs. Utility customers also experience greater product discounts, as Bidgely has partnered with some of the largest e-commerce and home improvement retailers around the world.
The Bidgely Marketplace Solution uses patented artificial intelligence (AI) techniques to personalize the utility marketplace experience – increasing customer satisfaction, supporting DSM programs and enabling new revenue streams for utilities. (Graphic: Business Wire)
The Bidgely integrated marketplace solution targets customers who have a higher propensity to buy and leads them directly to the product categories that are best for them. It also educates customers with the essential information and insights around their homes; energy consumption and buying guides; and arms them with the specific product recommendations needed to make purchase decisions. The marketplace experience is further enhanced by offering convenient choices to customers for fulfillment through preferred third-party providers and featured special offers. The solution provides:
- Personalized identification and education of products, simplifying the purchasing experience and leading to happier customers.
- Bidgely’s partnership-based e-commerce approach, lowering utility risk and enabling greater product and service choice for more revenue opportunity.
- Integrating instant rebate fulfillment for products in the utility’s energy efficiency program to increase conversion rates.
- Exclusive volume discounts from Bidgely’s vendor partner network, creating more value for customers without additional work on the part of the utilities.
- Pay-for-performance risk free business model in which Bidgely shares the risk and reward of program implementation with utility partners.
“Traditional marketplaces rely on consumers to change their habits and buy from an energy provider instead of large e-commerce stores that they are used to. Only a few utility rebated products fall under these marketplaces and ultimately are nothing more than another regulated energy efficiency budgeted money spend,” said Abhay Gupta, CEO of Bidgely. “Bidgely flips this model around to bring choice, freedom of channel to buy from and revenue without liability to utilities with Bidgely and its partner network. It is a similar model to United Airlines in its partner network, where, for example, they refer consumers to Marriott, not start building a hotel chain of its own to keep it all under their brand.”
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Slovakia’s leading utility, Východoslovenská energetika a.s. (VSE) implemented Bidgely’s Marketplace Solution to expand its non-kWh revenue generation and create a utility-wide, omni-channel customer advisory and sales program delivered through email, web, call center and field energy advisors. The initial pilot resulted in a 100 percent increase in sales of non-commodity products like smart thermostats, efficient water heaters and home insurance, with 95 percent of customers rating VSE’s personalized communications as “useful.”