Utility Marketplaces Experience 20% Sales Growth in the Midst of COVID-19

The spring of 2020 will be remembered for years to come as the challenging period in our lives that changed how we did nearly everything. The vast majority of homeowners were suddenly working remotely from home, keeping distance from friends and loved ones, and shifting the way they shopped for necessities. Like many companies facing the unknown of a pandemic, EFI predicted a drop in participation on the utility online marketplaces, but found the opposite to be true!

With retail stores across the country either closed or limiting occupancy to ensure safety, many turned to their digital devices to shop between the months of April and May. Some of the industries that saw the most increase of sales were home improvement and DIY, sportswear, and electronics.

According to research by ACI Worldwide, eCommerce sales saw a rise of 84% in May 2020 due to the restrictions of shopping in-store. The spike in online shopping made it easy for utilities to support their customers in their time of need. Being able to provide homeowners with online stores stocked full of essential, energy-saving products at steeply discounted prices, utility customers nationwide didn’t have to look far to tackle their home improvement projects while remaining at home.
 

In April 2020, EFI’s utility marketplaces saw a 20% YoY increase when compared to April 2019. Utility customers everywhere were home, seeing their utility bills go up, and have been desperate to find ways to bring those costs back down. The energy-saving products available on their utilities’ marketplaces (such as smart thermostats, advanced power strips, and LED lighting) are the solution to this problem while also cutting down their energy use overall.

Benefits of Offering Utility Customers an Online Shopping Experience:

• The convenience of shopping from virtually anywhere!
• Access to thousands of energy efficiency products to upgrade their home
• Opportune space to share educational material on how products save energy and up to 20% on their utility bills
• An additional solution for strengthening the connected customer-utility relationship

Need help getting your customers involved with energy efficiency? Send us an email at [email protected] today!