We are well into the first quarter of 2024 and already trends and predictions are seeing some fulfillment.
The adoption of AI is moving quickly with executives across industries expressing a desire to up their expertise in customer engagement. The rapid growth and implementation of generative AI will not replace human interaction with customers. “Despite the fast pace of technology innovation and the rapid increase in AI solutions as an enabler of EX/CX strategy, 8 in 10 executives agree that human-led support will remain a critical element to employee experience (EX), according to NTT’s 2023 CX/EX Report.
Matching the forecast, gas prices to continue to rise and have impacted utility rates. Duke Energy customers saw a $15 or so increase on a 1,000kWh. NYSEG residential gas heating customers experience a monthly bill increase of $4.96 or 3 percent later this year. While the energy burden increases, inflation continues to deplete the funds of many customers. In 2020, nearly 34 million US households reported reducing or forgoing food or medicine or leaving the home at unsafe temperatures in order to pay their energy bills.
According to Zsuzsa Kecsmar, Co-founder and Chief Strategy Officer at Antavo, said, “The cost of living crisis has shown its teeth and pressures posed by inflation have had a significant impact on the way consumers spend their money. This is showing no signs of abating. The battle for customers is fierce and retailers of all sectors will be fighting hard to keep their market share. Loyalty programs can help here, but ultimately all eyes will be on finding new ways to keep customers spending during a time of increased financial pressure.” These financial pressures demand empathic customer solutions provided by committed customer service representatives.
Utilities facing rising cost may vary in their approach when informing customers but it’s safe to say customer engagement still requires a human touch. Gas prices and artificial intelligence are just a couple of recent trends predicted that are already coming to life. What’s next for CX in the power sector?
