Despite the fact that voice technology is still evolving, more and more individuals are flocking to it as their primary way to search for and find information online. In turn, voice technology is completely disrupting and impacting several online spheres including both eCommerce Web Development and mobile app development markets. In this article, we will explore what voice commerce is and how it will impact both the eCommerce and mCommerce markets in the year ahead.
What Is Voice Technology and Voice Commerce?
Voice technology, also known as voice recognition, is the designation given to any program or machine that can receive and interpret a human’s diction and carry out the spoken commands provided. Voice technology is primarily used with intelligent assistants in household devices such as Amazon Echo’s product lineup, in smartphones through Apple’s Siri and Google’s Assistant or on computers through Microsoft’s Cortana.
Amazon Alexa Skills development and Google Home Assistant Actions are technology that allows an individual to use their voice to search for, order and purchase a product online through voice technology.
How Will Voice Commerce Change the 2019 Market?
- More and more individuals are adopting voice technology, which means that more people will use smart speakers to find products online, shop online, and purchase online. It is expected that by the time 2020 rolls around, there will be 76.5 million people in the United States using smart speakers for eCommerce alone.
- Voice shopping is expected to jump up from its current $2 billion market share to $40 billion by 2022.
- According to Let’s nurture’s Market Research, it is expected that consumers who use voice technology to shop online will jump up to about 50% of the population by 2022.
- More individuals will begin comparing, returning, and exchanging products as well as keeping track of their orders through voice operating devices.
- Voice technology will become more nuanced as user intent becomes clearer and the search engines use more relevant results.
- Voice technology will become more of a sales channel for eCommerce and mCommerce websites and applications and not just be a method in which people use to shop online.
- It will open up new opportunities for eCommerce and mCommerce companies in advertising and investments.
- Several markets will benefit from voice commerce more than others as it becomes a natural fit for these types of companies. A few examples include food and beverage places, snack bars, supermarkets, and pharmacies.
- We will see more automation on repeat customers. As voice commerce becomes widely adopted as the route to go, more individuals will be willing to make voice-activated purchases on repeat products.
It creates an increased potential for loyalty among shoppers to certain types of products rather than the brand of the product. This may lead to a brandless future where individuals won’t connect with a brand but purchase products based on the convenience of what is being offered.
- We will inevitably see more companies and brands jumping into the market as voice technology and commerce develop.
All in all, as voice commerce evolves alongside voice technology, we are going to see more companies focusing on personalized recommendations, nuanced communication, and the ability for shoppers to inter-link online accounts to make purchasing ordering and automation convenient and easy.