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 the addition of personalized, intelligent elements to the shopping experience are playing a crucial role in simplifying the transition from product discovery to the purchasing phase of the sales funnel.
    • Customer loyalty can be heightened when brands leverage voice assistants in the post-purchase phase of the shopping funnel. Voice can be leaned on to track the delivery status of packages, automate part of the return process, interact with a customer service representative, offer feedback, and collect consumer behavioral and transactional data.
  • In the future, connected devices will have a hand in further shifting consumers’ shopping and spending behaviors. Consumers will flock to connected cars, smart home devices and appliances, and connected virtual reality and augmented reality (VR/AR) headsets as the smart device ecosystem reaches the mainstream.

Introduction

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. Voice assistants offer an additional [...]