KEY POINTS

  • Voice assistants, including Amazon's Alexa, Google's Assistant, Apple's Siri, and Microsoft's Cortana, are pegged to trigger widespread transformation across the retail industry in the years to come. Already, nearly a quarter of consumers globally would rather use a voice assistant than a company website or mobile app to shop, and this share will jump to 40% by 2021, according to Capgemini. 
  • The current interest in, and adoption of, voice assistants for commerce is being driven by recent technological breakthroughs, advantages of the tech over existing channels, and the development of voice apps. Through 2023, voice commerce adoption is expected to increase at a compound annual growth rate (CAGR) of 52% to reach 49% of US adults.
  • As consumer demand for voice technology in retail mounts, brands that offer voice functionality throughout the entire customer journey stand to gain. 
    • The prompt, convenient nature of voice assistants is what makes them an important, go-to channel for product discovery. Seventy-one percent of consumers would rather use their voice assistant to search for something than physically type when searching online. And, on average, more than 4 in 5 voice assistant users are satisfied with their voice search experience.
    • Voice technology is helping drive product purchases. Voice assistants can help to make spending faster and easier when consumers are unable to use their hands. The emergence of voice apps, the ability to make a purchase on any channel, and [...]