It's just the resistive heating tho. Sure, it might allow you to buy the electricity to produce heat at lower rate but it fundamentally does not change the amount of energy you need to consume (well, increases it for losses).
Better to have some hot bricks being used for heating i the industries, even with lower efficiency, than having to supply the same thermal energy by storing it as electricity in some chemical battery.
Multipronged approaches are the only way for humans to become more energy-efficient.
Another option might be concentrated solar power.