It is an undisputed fact that the eCommerce world is changing and evolving. With the help of technology, eCommerce is reaching new heights that were unimaginable a few years back. Tech giants like Amazon and Facebook are constantly innovating and incorporating tech into eCommerce, making it one of the biggest industries right now. One such tech that is bound to change the game is voice shopping or voice commerce.
The rise of voice commerce is a game-changer for eCommerce. The industry is currently worth $1.7 trillion, and this is forecast to reach $4.5 trillion by 2021. Voice commerce is the next phase of the industry and is predicted to take the industry to a whole other level. Amazon released a voice-activated device that allows customers to shop using voice commands. Since the launch of the Amazon Echo in 2014, retailers and marketers have been scrambling to evolve their businesses into voice commerce.
People can even order Domino’s pizza using voice commands if you live in one of the select locations that support this service. We shall dive deep into why voice shopping is the next big thing and how it can help your eCommerce business too.
Before explaining what voice shopping is, we need to go back a few years to when Voice Search was introduced. Voice shopping is just a derivative of voice search. As we go further and further in time, the pace at which technology evolves is unfathomable. A single change in the field can have a dominos effect on the whole industry. Voice search was one such tech that innovated the entirety of eCommerce.
Voice search is using speech to ask questions and give commands to compatible devices like smartphones or smart speakers. To help you with this, companies like Microsoft and Apple created voice assistants like Cortana and Siri.
Now how does voice search work? There is an immense amount of code and machine learning that goes behind creating the feature. Few things voice search can help you with are:
The biggest feature of voice search is the ability to shop online using it. The reach of voice commerce is massive. It is predicted to reach $80 billion by 2023. The demand for voice search has risen immensely in the past five years. We will now go deep into how voice search has a huge impact on eCommerce businesses.
As mentioned, voice search has a very efficient method for shopping. The process of shopping entirely through voice or using a voice assistant is called voice commerce. There is an entire dynamic shift in the world of online business due to voice commerce. Let us see how voice commerce can pave the way for the future of eCommerce business and online shopping.
The sheer technology put into creating this feature is not the only reason voice commerce is lauded and used by more than 50% of American households. Few features that make voice commerce the future of online shopping are:
1.Time Efficient: If there ever was an opportunity to shop online for clothes while washing the dishes, won’t you be attracted to such a time-efficient way of shopping? This is what voice commerce brings in. Multitasking is made extremely easy with it.
2.Smart Shopping: Voice shopping does not stop with you telling the tech what to buy, but the AI will also recommend products that you may want to buy based on previous purchases. If you had tomatoes in your grocery list last week, but it is not present in the next week’s list, the AI will prompt you to add tomatoes as it has been a week since you bought tomatoes. You become a smart shopper with this technology.
3.Adding Reviews: From a company’s perspective, reviews play a pivotal role in deciding the company’s growth. However, typing out reviews can be painstaking, boring, and cannot express everything you want. Voice shopping solves this problem too. Voice assistants help you with specific, targeted questions that make it easier for customers to provide genuine reviews to companies. It is a win-win situation for the company and the customer.
Still not convinced that voice shopping is the next revolution in eCommerce? Still believe that it is a quick fad that will disappear as physical shopping is better? However, voice shopping has the numbers to prove it has risen, is rising, and will rise in the future. So let us see more on the statistics of voice shopping.
You can be doubtful about voice shopping, but as they say, “The numbers don’t lie,” and the numbers heavily favour voice shopping. How impactful is voice shopping? Let us see
1.62% of voice-enabled speaker owners have bought items via voice commerce
2.85%of respondents said that on occasion, they’ve gone with their virtual assistant’s top product recommendation rather than the specific brand they set out to buy
3.55% of all searches will be voice searches by 2021
4.39.3% of millennials used voice-enable assistants at least once per month in 2019.
5.Mobile users are 3 times more likely to use voice search
6.1 in 5 customers (19%) have made a purchase through Amazon Echo or another home assistant.
7. 22% of U.S. smart speaker owners have purchased something using their devices
These are statistics that are limited to the last 4 years. Nevertheless, voice shopping has risen above the projections made throughout the years and is on its way to an unrivaled success in the world of online business.
It is established that voice search’s popularity and usage have skyrocketed. But is it too late to make the best use of it? Definitely not! 91% of business decision-makers reported that they are making significant investments in voice technology. There are still incredible improvements being made to voice shopping, and you have to ensure your business is capitalizing on voice shopping as soon as possible.
Here is how your company can do it:
With such a boom in voice commerce, it would be considered a sin not to get into this and use it to grow.
We at Enalito, provide an AI-driven service that can help you determine the analytics behind your customers’ purchases. To predict and personalize customer experience is a huge task. Leave it to us. You take care of incorporating voice commerce into your business while we help you with everything else.