Voice commerce is the biggest shift in consumer shopping since the advent of mobile e-commerce. That’s the consensus among the latest crop of industry research from Capgemini to Microsoft and Adobe. Just as the internet did, voice shopping increases convenience and ease while minimizing the friction of traditional retail experiences, including long lines, restrictive store hours, and the lengthy checkout process on traditional websites. And the latest data on consumer adoption and strategic brand adoption underscores this point: today, 25% of consumers use voice technology to make purchases, and by 2021, that percentage will rise to 40%. Meanwhile, CMO.com reports that a whopping 91% of brands surveyed are already making significant investments in voice, with 94% of brands claiming that they will increase their businesses’ investment in voice within the next year.
Voice penetration in retail is already seeing success in purchasing products, but what are the other areas of the customer shopping journey likely to see new value with the addition of voice interaction? Consumers with voice assistants, either on their mobile device or through an at-home smart speaker, are already making shopping lists, researching a product or service, price comparison shopping, adding items to a shopping cart, tracking orders, quick refills, and cancelling or changing their purchases. These actions indicate that voice-enabled shopping plays a role across the entire customer journey. Furthermore, research suggests voice-enabled shopping can create more loyal shoppers. A trend that greatly interests brands looking to keep acquisition costs in check and up their customer retention.
Voice has the capability of supporting the entire shopping experience by doubling down on providing convenience while safeguarding shoppers’ privacy and security. Understanding consumer preferences and personalized shopping will be a great enabler of voice commerce, while repositioning brands as trusted advisors rather than predatory price gaugers and data hoarders. See how your brand could compete in this new retail landscape by reading our latest white paper.
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