eCommerce has transformed the interactions between customers and businesses. It has made it possible for customers to shop from the comforts of their homes and businesses to tap into a larger customer base.
The dynamics of the eCommerce industry have always been changing and at the heart of the recent developments in the emerging popularity of voice commerce. A report by MoffettNathanson predicts that 50% of customers will start using voice search by 2020, up from 5% in 2018.
Looking into this lucrative opportunity many businesses are integrating voice commerce in their service offerings. Ignoring this emerging trend can mean losing out on future business. eCommerce development by Oxagile is centered around the emerging needs of industry by providing the required e-commerce solutions.
What is voice commerce?
Voice commerce is the use of voice commands by businesses to allow customers to make purchases or searches online. It’s simple and easy to use functionality has helped it gain popularity in e-commerce activities.
Customers just have to give voice commands on their mobile devices on things they are looking for. A voice assistant will then provide the necessary information to the users. Consumers immensely benefit from voice commerce as they do not have to undergo the tedious task of typing on the screen or desktops.
The best part is voice commerce is continuously evolving with voice assistants making use of Artificial Intelligence and Machine Learning algorithms to enhance the customer experience. With voice assistants, you can buy groceries, purchase apps, pay bills, play music, schedule meetings, and do so many other things. Amazon Alexa, Google Assistant, and Apple Siri are the most widely used voice assistants.
Why Voice Commerce is becoming popular?
The ease with which customers can perform daily functions is what makes voice commerce popular. All you have to do is give voice commands to your smart speakers or mobile phones. You do not have to buy expensive hardware or software to use voice assistants. No subscription is also required to use the voice search feature.
Purchases can be made on the go while driving or while multitasking. Voice commerce projects itself as the next big thing in the eCommerce industry with researches showing that by 2022, $40 billion could be generated from voice-based sales.
What are the potential benefits for businesses?
There are several advantages that businesses can have by using voice search,
Personalized Customer Experience
Voice commerce will help companies provide a customized user experience. 49% of buyers make impulsive purchases after receiving a personalized experience. Traditional eCommerce channels offer limited interaction opportunities with customers. Using voice search can help to give recommendations like items to purchase, selecting the delivery time and mode of payment. Repeat orders can also be seamlessly processed through voice assistants.
Update Customers about offers and deals
Research showed that 52% of owners who had smart speakers wanted to receive information on sales and promotion activities. Voice assistants can be used to intimidate customers about ongoing offers and deals. This can help motivate customers to make purchases. Businesses can also add codes to address customers by their names, to give a more intimate experience.
Fast and efficient
An average person can write around 35 to 40 words in a minute while he can speak around 150 words in a minute. With voice assistants having the ability to process 100 words in a minute, it helps customers to search for information at a faster pace. Customers can also use voice search to perform activities on the go while driving a car or walking in the park! This can translate into quick conversions for businesses using voice search.
Challenges ahead
Even the most widely adopted technologies have associated challenges with them. When it comes to voice commerce, the greatest difficulty that users face is the voice assistants understanding their instructions. For example, if a customer is placing an order for coconut, the voice assistant may not consider if the coconut is ripe or unripe. This may result in the user getting something different than what is intended.
Another major concern is privacy. Some users feel that smart speakers that help them use voice assistants may hear their conversations that can be exploited by hackers. They feel it can infringe on their privacy and are also not comfortable sharing their payment details. Companies using voice search should look into these important concerns of the customers.
Conclusions
All leading researches point to one quick fact – Voice search is going to be the next big thing! Customers always look for newer ways to perform daily functions and voice search presents itself as an opportunity. This makes it important for businesses to consider adopting voice commerce solutions. It can help the companies to differentiate themselves from other brands and also fair better in the digital landscape.
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