Customer-centric innovation, value-added services, and exemplary customer service will drive the UK water retail market, finds Frost & Sullivan’s Environment & Water team
In April 2017, 1.2 million non-household customers such as businesses, industries, or other public sector units became eligible for water retail services and up to 1.4 million commercial business customers could switch suppliers of water and wastewater services. This new market is poised to be the biggest retail water market in the world. However, with immense competition among retail service providers, providing customer-centric innovation, value-added services, flexible features, competitive pricing, and impeccable customer services will be critical to success.
Growth Opportunities in the UK Water Retail Market, Forecast to 2022, new analysis from Frost & Sullivan’s Environment & Water Growth Partnership Service program, finds that water companies are expected to benefit substantially from new opportunities in managing the water infrastructure, with a focus on design, build, operation, and maintenance. The research provides an overview of the water retail scenario, including key stakeholders, drivers and restraints, growth opportunities, technologies and Mega Trends set to disrupt the market.
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“Disruptive technologies such as drones and autonomous robotic systems for leak detection are expected to play a pivotal role in differentiating companies in the water retail space,” said Frost & Sullivan Energy & Environment Industry Analyst Deepthi Kumar Sugumar. “These new value-add technologies will decrease costs while improving productivity and responsiveness.”
Strategic imperatives for UK water retail market success include:
- Using and exploiting social media platforms such as Twitter and Facebook to enhance their market presence;
- Making use of the Internet of Things (IoT) and other smart tools;
- Developing cloud computing, Big Data analytics, and mobile computing functionality and features;
- Embracing value-added services to differentiate offerings;
- Possessing innovative business models such as asset management;
- Garnering high-brand recognition;
- Forging partnerships with technology companies; and
- Providing exemplary customer service using creativity and out-of-the-box thinking.
“UK water retail companies are expected to play a significant role in supporting cities in their sustainability by providing services for the efficient use of water resources and wastewater reuse for cooling, landscaping, etc.,” noted Sugumar. “Enabling smart water management through smart meters, digitization, and Internet of Things (IoT) is one of the key elements of a smart city that can be supported by water retail companies.”
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Growth Opportunities in the UK Water Retail Market, Forecast to 2022,
MCE7-15
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