The Future of Voice Commerce and Why It Is So Important in 2021

    The Future of Voice Commerce and Why It Is So Important in 2021

    Voice assistants are taking over the world. Conversational AI solutions address a variety of issues, but one of the most important is customer satisfaction. Since their launch a few years ago, these devices have experienced phenomenal growth.

    COVID-19 sparked the adoption of e-commerce by millions of consumers. Many consumers today prefer to shop online rather than in-store – 24/7 availability, self-service features, and maximum personalization are significant priorities for consumers. There are now looking for conversational commerce.

    Voice commerce users have increased dramatically as a result of the pandemic-induced stay-at-home lifestyle. Consumers liked the idea of being able to shop anywhere, at any time. In-store purchasing was down 25% from 2019, according to a 2020 PYMNTS research, with only 44% of customers stating that they made purchases in physical stores. Bridge millennials were also found to be nearly twice as likely as average consumers to utilize voice-activated devices to make purchases.

    As per the report, the need to keep safe during the pandemic is a big issue for younger consumers who embrace online purchasing, with 83.1 percent of bridge millennials calling it as “very” or “extremely” vital. However, there were additional factors that contributed to the growth of e-commerce – 84.7 percent cited reduced annoyance as a “very” or “extremely important” aspect, and 83.1 percent said connected commerce was faster.

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    These figures are intriguing and should serve as a guide for action, since retail is the first industry to align with evolving customer expectations, and the first-mover advantage can be financially rewarding.

    The popularity of voice commerce is skyrocketing. Conversational AI solutions address a variety of issues, the most important of which is Customer Satisfaction. Everyday tasks are made easier with conversational AI. Consumers can use their voice to identify the product they need, place an order, pay for it, track it, and offer feedback when it arrives, which is great news for retailers.

    Conversational AI is driving differentiation for personalized experiences. Customers are the best judges of what they want; all businesses need to do is ask.

    Built-in analytics promote transparency and provide insights on customer loyalty and purchasing behaviours. Some technologies can even scan users’ voices for emotion recognition and analysis. This information aids in the formulation of the proper message and the provision of a better deal with a personal touch by providing a better understanding of the customer’s demands.

    Leveraging Conversational AI

    The retail and e-commerce industries now have a variety of implementation channels, including messaging, various types of chatbots, and voice assistants.

    Voice can now be utilized almost anyplace. According to Voicebot’s 2020 biannual Smartphone Voice Assistant Consumer Adoption Report, a large number of consumers want voice assistants in mobile apps. As a result, if a brand has a mobile app, it should consider implementing a smart shopping assistant that can assist customers 24/7, keeping them engaged and loyal to the brand.

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    Choosing a Deployment Model

    Despite the fact that conversational AI is still relatively new, there are hundreds of businesses working in this field. Some are hyper-focused on specific aspects, while others provide a wide range of services. Companies must take into account their business requirements while selecting a deployment model.

    • Cloud – Cloud based technologies make the development process easier. They provide simple integrations as well as a variety of channels. When businesses obtain customer-specific adaptations, however, they may be limited in their options. Furthermore, companies just pay for what they utilize in terms of payment.
    • On-premise – Businesses can modify the workflow using this option. Businesses can also integrate any existing working client applications into the workflow, depending on their needs. The on-premise solution will allow organizations to maintain and support their systems in-house. Although there is little or no reliance on the provider, the enterprise is completely accountable for the solution and all related activities.

    Conversational AI and voice-activated solutions are more than just a trend. Because it is a natural interface, voice is here to stay. Customers will soon be unable to fathom shopping without the assistance of shopping assistants as technology continues to advance at a breakneck speed. Brands that have discovered their voice and are using it to increase both customer experience and brand recognition will have a clear competitive advantage

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