How is Voice AI Changing the Rules of the eMarketplace Game?

Voice Artificial Intelligence (AI) is transforming the eCommerce sector by streamlining many manual processes, including promotion, supply chain, categorization, and much more. The smarter technology enables both businesses and customers to make better and informed decisions on a real-time basis. Moreover, the voice AI system pushes the sprawling data-driven eCommerce technology and emerged as a real game-changer in today’s cut-throat business competition. According to the statistics, retail sales are likely to reach around $30 trillion by 2030. The unprecedented success of eCommerce resulted from the increasing use of voice AI across the growing phase of the eCommerce marketplace.

Is Voice AI Diverting the eCommerce Wave?

According to the global study done by Wunderman Thompson in 2020, around 27% of online shoppers have used or are currently using voice assistants for buying things online. As per the estimates, voice-based shopping, driven by Amazon’s smart speakers, will gross over $40 billion by 2022, especially in countries like the US and the UK. The data further means that consumer spending through voice assistants is likely to hold a market share of about 18%. If you are shocked at how voice searches capture a vast portion of the market pie, you must know the answer is related to the human habit to converse or communicate. Indeed, the love to express is the grassroots for developing devices and speakers such as Amazon Fire TV Stick and more.

In the research conducted by Forrester Research, eCommerce sales have risen by 20% in the US, and digital is the most preferred way to shop for shoppers today. The data from the Deloitte report highlights that only 12% of customers still like to shop in an enclosed mall, as compared to 24% of customers in the pre-pandemic time. The prime cause for this shopping shift concerns health and safety as the pandemic is still active in most parts of the globe, and news of new variants and strains is all over the news. In today’s concerning situations, when there are so many regulations to be met before stepping out of your home, customers prefer using their digital assistants to order their preferred products and services. 

Isn’t it easier to ask Alexa for new ideas to surprise your kids on their birthdays than to take a tour through your local store to find the apt present for your little kids? Digital assistants are more mind readers; they converse, understand, and suggest shopping patterns that you can use repeatedly; they never get tired of you and your shopping queries. Many brands are experimenting with digital assistants for paving a new age of voice-commerce.

Voice-based assistance is sprouting everywhere. JioMart, one of India's biggest eCommerce grocery platforms, has come out with a remarkable way to reach out to more and more customers. They use a multilingual voice assistant that enables customers to search, explore, and purchase on the company’s app itself. Reportedly, over 1 million customers have already used it, and it has been witnessing a rapid increase each passing day.

Transforming the Digital Marketplace

Voice AI is a new-age electronic marketing strategy poised to take over the nooks and corners of eMarketplace, empowered by its rapid speed, massive reach out, and customer engagement attributes. No wonder eMarketplace is evolving into a different sphere where customers have more powers and controls of their shopping experience. Voice AI is the need of the hour as it extends his helping hand as an in-store expert who can search, suggest, guide, filter, sort, and find products based on individual needs, age group, budget, and much more. One app that can deliver more than ten people together, who doesn't want such assistance? Also, all these within fractions of seconds, unbelievable!

Tapping these unmatchable qualities of voice AI technology, online brands and businesses are witnessing a massive increase in their customer engagement, conversion, and retention. Besides, through new Voice AI, companies are strengthening their communication with customers worldwide by offering seamless, interactive, and omnichannel to cater to various interests and preferences. This channel is equally beneficial in collecting customer reviews and feedback for working on loopholes and flaws of the service.

Personalization is another advantage of using digital AI services, as every customer wants to feel valued and special today. A twist in approach and strategy enables businesses to move closer to customers. Personalization is the core of the customer engagement cycle that prioritizes the most satisfactory services to customers.

A Way to Future Voice AI

Voice AI is a booming concept that has overpowered online ideas and strategies to reach out to customers. Especially in the post-pandemic phase, the technology is holding a crucial piece of the puzzle for eCommerce businesses to complete the curve by better sourcing and identifying shopping patterns, keeping in mind the golden phrase “Customer is the King.