Organised by SGX and held by leading industry participants that included Electricity Retailer, iSwitch, this event saw a sharing on how Singapore’s Open Electricity Market is currently affecting consumers and its eventual evolution towards of full liberalization of the market.
Over 80 attendees were exposed to the exciting opportunities developing for both electricity business and retail customers, as well as the role of the SGX electricity futures market in enabling a more competitive retail environment.
Representing iSwitch at the event, our General Manager, Andrew Koscharsky, presented on “The rise of the Singaporean consumer” while drawing parallels from the Australian & New Zealand market.
The Changing Retail Market – A Happier & More Empowered Customer
With the recent launch of Singapore’s Open Electricity Market in April, residents in Jurong have already been enjoying better retail offerings that ultimately lead to significant price reductions without much hassle when it comes to the process of switching.
From 15 to 20% off the Singapore Power tariff, retail customers are suddenly discovering huge discounts while businesses have access to plans that can be tailored to their operations and not the other way around. A factory that does their manufacturing heavily at night can opt to choose an off-peak plan that lets them pay less for electricity use at night, locking in savings that accumulate substantially.
However, a few challenges do arise with this new sudden freedom of choice. Customers have a huge pool of retailers to choose from, each with their own plans and products, potentially adding more confusion into the mix.
Focusing On The Customer & What They Need
While commercial customers have diverse needs that range from tailored solutions to bigger alternative offerings such as green energy and pool pricing, retail customers are also becoming increasingly sophisticated.
Today’s digital age calls for customers demanding more flexibility when it comes to choosing their plans and retailers. From paying through a mobile app to a robust rewards program, retail customers are demanding more from the retailers than just bundled offerings and savings. With retailers competing furiously, reaching the customer and building continual trust is key to succeed and deliver long-term value that lasts.
Deeper Engagement With Customers – The iSwitch Way
Since 2015, we have been focusing relentlessly on the customer through various touch-points that allow us to build trust and long-term equity with our customers.
From educating the community about the incredible possibilities of this liberalisation to establishing strategic partnerships with banks and other service providers, we aim to engage with our customers on the best ways they can benefit from this new wave of opportunities that go beyond just cost savings.
Preparing For The Next Evolution Of The Electricity Market
While the current opportunities and benefits today might seem plentiful enough, there is still room for Singapore’s power market to evolve and become a mature market such as Australia or New Zealand.
From online account management to Flexible Purchasing Products that allow consumers to fully customise their electricity buying experience by giving them the flexibility to spread their purchasing decisions over time. The next evolution of the market will allow customers to experience even more freedom and control in customising a plan that will suit their household needs.
What Is iSwitch All About?
We are a licensed Singapore electricity retailer, drawing from a rich heritage that traces its origins back in 1964 when Singapore Tong Teik was established that eventually evolved into the RCMA Group today.
With a diversified portfolio of commodities ranging from energy to agriculture, the RCMA group is a global commodity trading house today with an annual turnover in excess of US$1 billion and employs more than 250 people. As a wholly owned subsidiary of the RCMA Group, we benefit from a strong capital base, commercial experience, retail knowledge and risk management expertise.
At iSwitch, we embrace the rise of the consumer and are constantly innovating with new offerings and products that help our customers save more money, both retail and commercial.