In today’s competitive e-commerce era, technology continues to redefine the way consumers interact with online platforms. And that one technology that’s making significant waves is voice commerce. With artificial intelligence at the forefront, voice shopping is poised to revolutionize the way consumers interact with online retailers.
In this blog, we’ll delve into the exciting realm of Voice Commerce and explore how Shopify retailers can harness its potential to enhance customer experiences, boost sales, and stay at the forefront of this transformative trend.
What is Voice Commerce?
Voice commerce is a communication method for a customer to communicate with a computer without using a keyboard and screen. A smart speaker is required to convert the words spoken by the customer with an AI-driven voice assistant that interprets and translates the customer’s input into action, such as making an online purchase or modifying an order.
Some prominent examples of voice assistants are Alexa (Amazon), Google Assistant (Google), Siri (Apple), and Cortana (Microsoft). However, in this dynamic world, new leaders may emerge in the future.
As of now, voice commerce is a relatively new and continuously growing component of ecommerce. It is projected to grow in the coming years.
Benefits of Voice Commerce
Enhanced User Experience: Voice commerce provides a convenient shopping experience to customers. Customers can use natural language to search for products and make purchases.
Increase customer satisfaction: Approximately 80% of customers prefer personalized shopping experiences like the one delivered by voice commerce.
Personalized product recommendations: Voice assistants can analyze customer preferences and provide relevant recommendations like iCart app provides. This level of customization enhances the shopping experience.
Reduce cart abandonment: Voice commerce can reduce cart abandonment rates with its user-friendly nature.
By leveraging the benefits of voice commerce, Shopify, retailers can create a more engaging shopping experience for customers.
How Does Voice Commerce Work?
To get a clear picture of it, let’s do some shopping. Imagine yourself as a customer using an Amazon smart speaker and Amazon’s Alexa to solve a problem. You are planning to buy a new iPhone.
Customer: Alexa, tell Apple store to order an iPhone for me.
Alexa: Which model and how much storage would you like?
Customer: iPhone 15.
Alexa: Great. What color would you prefer?
Customer: What options are available?
Alexa: Pink, yellow, green, blue and black.
Customer: I’ll take blue.
Alexa: That will be $1099. Would you like to order it?
Customer: Yes, I would.
Alexa: Thanks for placing your order. It will be delivered to your address within three business days.
Now imagine that this whole conversation took place from the comfort of your home while getting your pre-trip checklist done—and you didn’t have to open your phone or computer to complete the transaction. That is voice commerce in action.
What is the Future of Voice Commerce?
In the year 2021, voice shopping transactions in the United States amounted to around $5 billion. Recent data forecasts a substantial growth, nearly quadrupling the figure to reach $19.4 billion by the year 2023. Additionally, consumer awareness is evident, with 72% of surveyed individuals reporting the use of voice search through assistants like Siri, Alexa, or Cortana. This widespread adoption of voice search makes voice commerce a natural and logical extension of this consumer behavior.
By 2023, it is estimated that the global value for voice-assistant e-commerce transactions will reach nearly 20 billion U.S. dollars. Additionally, as mentioned earlier, the stability of the technology supply side in the voice commerce sector is somewhat precarious. This instability stems from both individual company-related challenges and uncertainties within the rapidly evolving chatbot industry.
In light of these statistics and the swift advancements observed in artificial intelligence during 2023, it appears that voice commerce is positioned to emerge as a progressively vital element within the realm of commerce.