What is Voice Commerce?

Voice commerce uses voice recognition AI technology that enables consumers to execute transactions from any voice-enabled device, whether that be in their home, office, or even their car. In other words, voice commerce allows consumers to complete transactions with their voice.

  • To communicate using voice, consumers can use their smartphone or a smart speaker like Amazon Echo or Google Nest, their smart TV, and even their automobile.
  • Smart speaker devices communicate using various artificial intelligence technology (AI) like Apple Siri, Amazon Alexa, or Google Assistant (Hey Google).

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What is Voice Shopping?

Voice shopping experiences are more than just shopping. Voice shopping entails the entire gamut of the consumer purchasing process and buyer’s journey:

  • Typical buyer's journey questions posed to Alexa
    • Problem: “Alexa: Why do I need an air purifier?
    • Solution: “Alexa: What is the best air purifier?”
    • Search: “Alexa: I would like to buy an air purifier. What is available now?”
    • Investigation: “Alexa: Tell me more.”
    • Purchase: “Alexa: Buy it now.”
  • Delivery notifications from Alexa
    • “Your Dyson Air Purifier will arrive in 2 days.”
    • “By the way, an Amazon package will be delivered today containing a Dyson Air Purifier.”

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Voice Commerce's Explosive Growth in 2022

The latest data shows that 4.2 billion digital voice assistants are being used in smart devices around the world, driving explosive growth in conversational commerce tech.

Industry analysts predict that by 2024, the number of digital voice assistants in operation is likely to exceed 8.4 billion units—a sum higher than the total population of every citizen in the world—and smart speaker sales are expected to surpass $30 billion.

Voice technologies enhance how people connect with their favorite brands and have created unique opportunities that did not exist even a few years ago.

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How Does Voice Commerce Technology Work?

Voice-powered commerce is revolutionizing people's daily business management and communications activities via the following rapidly advancing technologies being developed by the most prominent players in the world:

  • Next-Generation Speech Recognition
    • Significant capital investments undertaken by Google, Amazon, and Microsoft lead to rapid advancements in natural language understanding (NLU). Deep neural network-powered speech recognition and voice technology platforms are now capable of accurately interpreting customers despite background noise, grammar choices, and differences in tone or accent between speakers.
  • Neural Text to Speech
    • Advanced text to speech capabilities allows companies to create and deploy highly lifelike sales marketing. Relationship building prompts using multiple languages, dialects, and celebrity likenesses on the fly without the need to hire new voice talents every time they wish to update their approach to sonic branding. Voice technologies today deliver rapid adaptability and scalability.
  • Voice Biometrics
    • Today, voice technology platforms allow simple and reliable voice-based authentication to add an extra layer to communications operations. This utility offers added security to both personal and business calls and serves to stop fraud before crimes have a chance to occur.
  • Intent Prediction
    • All businesses want to know what their customers are doing online, what they think about their brands, and what actions they undertake before completing a purchase. Voice technologies deliver better demographic and psychographic insights about user behaviors thanks to predictive analytics.

Voice tech is transforming business and creating new opportunities for brands looking to secure competitive advantage today and long into the future.

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Voice-Powered Technologies in 2022 Are Driving Digital Transformation

Since the COVID-19 pandemic began, global spending on digital transformation (DX) reached $1.3 trillion—a true testament to the spirit of innovation driving firms to embrace new forward-looking solutions and technologies to maintain success and secure competitive advantage amidst a quickly shifting business landscape.

By 2025, spending on DX initiatives is projected to reach $2.8 trillion, further emphasizing the divide between firms taking concrete steps towards improving operational efficiency to deliver even more value to their customers. Businesses of all shapes and sizes are making strategic investments in the new digital economy, and voice technology is playing a leading role in driving exponential growth.

Voice technologies have taken off in a social and business environment that has enabled hand's free and touchless daily activities. Smart and forward-looking businesses have begun to harness the immense opportunities of deploying automated chat assistants, virtual assistants, and chatbot solutions to reduce costs and deliver more value to customers.

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Voice Commerce Generates Powerful and Predictive Customer Behavior Insights

The speech recognition software at the heart of the voice technology revolution is in turn providing organizations with rich analytic insights. Voice biometrics and the next generation of informative sonic metadata offer a new form of business intelligence to enhance marketing and sales success.

As users worldwide become more tech-savvy and adopt voice technology solutions, providers have a greater impetus to generate data-driven insights from these new types of interactions. Speech recognition capabilities allow businesses to track user intent in real-time, offering new ways to interpret, influence, and predict behavior.

As more customers use voice technology, businesses have more opportunities to generate meaningful data and information from these interactions. Organizations can capitalize on these opportunities by working to build predictive models that allow their business divisions to develop the insights they need around voice behaviors.

The more significant inflows of data and information provided by conversational technologies create lower-cost automated solutions built on the insights culled from exploring the predictive data generated by voice-powered communications platforms.

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Benefits of Implementing a Voice Commerce Solution

Statistics on voice search growth show that 91% of brands heavily invest in the voice market. Most big brands widely believe voice search to be the future.

The shift towards voice search technology and conversational interfaces is coming about as a result of a perfect storm of opportunity:

  • The next generation of search engine optimization (SEO) is moving away from searches based on keywords in favor of how people speak to each other in real life.
  • Voice search is driven by asking questions, which means tremendous benefits for the brands that can harness this technology to anticipate and answer customer queries.
  • The global digital transformation of the last couple of years has reinforced customers' connection to smart speakers and assistive voice-powered technologies such as Alexa and Siri.
  • Implementing voice interfaces allows brands to deliver interactive and personalized experiences while still allowing customers to maintain social distance and choose how much they want to connect.

Rest assured, implementing voice commerce will naturally increase an ecommerce site's sales conversion rate by delivering via the sales channels customers are already using.

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