Is voice commerce the next wave in commerce?
In the past few years, we have witnessed numerous changes in the Ecommerce industry and a shift in consumer buying patterns. Ecommerce and Mobile Commerce have shown strong growth and more sales for the merchants. Voice commerce is expected to be the third wave and will allow consumers to buy products just by using their voice.
In the year 2020, 50% of all the searches on the internet will be based on voice and 30% of all the searches will be done using a device without a screen. According to juniper research, 1.5 billion devices are acting as digital voice assistants, and are predicted to grow to 8 billion by the year 2023. The voice trend is enabled by digital voice assistants and these assistants are being installed in a wide range of devices including smartphones, televisions, smart speakers, self-service kiosks, home appliances, and even in cars. The tech giants who are aiming to own the future of voice commerce are making it omnipresent across all the devices.
Business Potential of Voice Commerce
Interactions through voice make it easier for users to access the internet while driving or doing their chores. Businesses that consider the numerous benefits of voice search reap considerable benefits. We will go over the numbers which speak out how inevitably the voice industry is growing stronger, as well as the ways through which businesses can make the most out of it. In the United States, 21.6% of the population has accessed smart speakers through the Amazon devices which hold 60% of the market as of May 2018. The digital assistant hardware and google voice search gained traction of 25% of the market in 2018. The voice commerce and voice shopping are still very new as only every fourth smart speaker owner have given it a try. But the users do not limit their voice shopping to reorder or replace the items, they order new products as well, the average price range is below $100. In the second quarter of 2018, the global market for voice search devices increased by 187%. More than 8 million Google Home models were sold by Google in 2019 and Amazon had sold more than 4.1 million Echo devices by the second quarter. By the end of 2024, the global market for voice-based smart speakers could be worth $30 billion.
The Game Changer in E-commerce
Voice search has the potential to impact Ecommerce quite significantly. It is not just a feature but a game-changer for the market and we will talk about how it can be leveraged to maximize the benefits to the Ecommerce business. With the rise in voice technology, the branding will not remain entirely visual and it will be both heard and seen. The whole concept of marketing is based on building the perception of a product in the customer’s mind so that it can grow and scale. Your brand needs to focus on the core of marketing to call for better business.
Voice Commerce is AI-enabled and has completely changed the way we shop online and communicate. Brands are persistently opting for new ways for payment, security, upsell, promotion, and customer service without human intervention. Before long, voice commerce will overpower the market and become as ordinary as mobile phones. The technology is already picking pace and here are some of the ways how voice commerce is evolving the Ecommerce market today –
- In the USA, voice commerce accounted for $2 billion in sales last year and more than 35% of households have purchased retail items and consumables through voice platforms.
- According to a recent survey, 22% of businesses have already released a voice application and 44% of businesses are planning to do the same this year.
- 29% of the brands are offering purchases through voice, 31% have enabled renewals and 34% of the brands have enabled customers to access product/service information through voice.
- 71% of businesses acknowledge that voice commerce can enhance user experience and increase customer engagement. Around 66% of the businesses have already increased their conversion rate, 45% of them have enabled voice services to track the orders and 32% of businesses provide search functionality through voice.
- The study also shows that 91% of the businesses are making huge investments in voice and 94% of them are planning to increase their investment in the next year.
Voice Commerce – The Gen-Next E-commerce
Voice commerce has an extremely high possibility of achievement to be the game-changer for B2B and B2C Ecommerce once the barriers to its adoption are defeated. According to Google, voice commands are already used in 20% of all searches, and by the end of 2020, half of the online searches will be accounted for in voice commerce. It is also expected that voice commerce will allow people to search for things online, just as they would reach out to a store clerk. Voice commerce is a huge opportunity for B2B companies to not only enhance their processes but also to stand out among their competitors. The B2B companies are the ones who always find a place in adopting new technologies like voice commerce and they will provide their B2B customers with simple, innovative, and memorable online experiences.
To Conclude
The year 2020 commits a lot to voice commerce and for those who are willing to adapt to these changes in this technological niche. This is going to be a critical year for Artificial Intelligence and Voice Commerce as they offer a new sales channel for merchants and brands who want to sell their services and goods, despite the security challenges. It is essential to prepare your business for the integration of voice commerce in e-commerce applications. Brands and merchants need to rethink all the possible ways in which they can reach their target audience before their competitors and take the advantage of Voice Commerce.
Read “How to optimize your website for voice search” and “Why to enable your website for voice search” for a better understanding.
