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Voice Commerce and AI Reshaping the Businesses

  • By Software Devs
  • September 25, 2023
  • 0 Comment
  • 1392 Views

In 2023, AI assistants are playing a significant role in our lives – they’re scheduling our meetings, checking the weather for us, setting alarms, playing music, and a lot more. Do you know AI got more advanced in a way that an AI assistant could even do your makeup for you? 

Recently, Estée Lauder launched VMA, or voice-enabled makeup assistant, a great innovation in the beauty industry. VMA utilizes innovative voice instruction technologies to assist the person in applying the makeup. It even gives feedback on whether the makeup is applied properly, where you need touch-ups, etc. 

But VMA is just the beginning. Voice-enabled AI is set to reshape e-commerce, enhancing both business outcomes and user experiences. Voice commerce, or v-commerce, will create a great impact in the years to come. People have become habituated to conversational commerce, while voice assistants will play an essential role in how they interact with brands. 

Brands will leverage the power of v-commerce to elevate their business. In this blog post, let us learn how AI-powered voice assistants can go above and beyond for us. 

What is Voice Commerce? 

Voice commerce simply means shopping using your voice. Yes! Just by using your phone or computer to buy things. We all know about popular voice assistants such as Siri, Alexa, or Cortana – they help us to shop online too. When we use voice commerce, it makes our shopping very easy, and it will be our personal shopping assistant. 

This smart technology is new in the market; however, it’s getting more advanced and popular. Thanks to computers! Voice commerce is super useful for industries such as beauty, clothes, gadgets, and home stuff because of the vast number of products and content available. We don’t need to type in a search box for things, we can just talk, and the AI assistant helps us to find what we want and buy it. 

How Does Voice Commerce Work For Us?

Voice commerce works in different ways while we shop online – from searching for the desired product and checkout to customer care support and services. 

The technology used in voice commerce can understand the user’s voice and talk back to us like a helpful assistant. It’s more like talking or chatting with a person on a computer or phone. The latest voice commerce models implement advanced AI and machine learning to understand what you like, your preferences, purchases, and location. 

Whatever the user requests, the voice-activated digital assistant can perform tasks like comparing prices online or putting something in the cart. For example, you’re going to market to purchase a Refrigerator. Whether you are on your way to the market or at home, you can ask the voice assistant device or issue commands such as: 

Hey Alexa, what’s the best refrigerator in the market?

Hey Siri, compare the prices of refrigerators in the market and suggest the best one that comes in our budget. 

Hey Google, Place the order for me.

As a consumer, you will find it more convenient to shop for your desired products with just voice commands. It’s like asking a person to pick something up from the store. 

For online shopping websites, adopting voice commerce brings them one step closer to achieving an omnichannel customer experience. You can reach your target audience when and where they require your services. It will also streamline the purchase process, eliminating the necessity of attracting customers to your website, navigating them through multiple landing pages, and having them manually enter their payment details. 

What Does Voice Commerce Mean for Us in 2023? 

Well, now is a moment to embrace it. Here are some key points about voice commerce;

  •  20% of Google searches are conducted through voice.
  •  Many individuals who own speakers may soon engage in purchasing through them.
  •  The market for speakers is expanding rapidly. Is projected to exceed $30 billion by 2024.
  •  In May 2022, more than half of shoppers in the United States utilized voice searches to discover products for purchase.
  •  By 2023 there will be an estimated 8 billion voice assistants 
  •  The value of voice commerce could reach around $19.4 billion in 2023, an increase from $4.6 billion in 2021.

As online shopping gains traction and innovative technologies like voice assistants become more prevalent, businesses have the opportunity to leverage these tools and establish connections with a customer base. It truly is an era of shopping and technology!

AI and The Future of Commerce

Although it may seem too early to anticipate gains from Google Home or Amazon Echo, now is actually an opportune time to explore how these devices can bring value to both your customers and your business.

Consider voice commerce as a playground where you can discover the best ways for your customers to interact with your products. You might discover conversations you never expected or opportunities to attract a customer base that went unnoticed before. Remember, it’s not the machines that can listen; you have the ability to listen to them well. 

Conclusion

Voice commerce and AI technology have revolutionised industries transforming the way businesses operate. It brings a range of benefits to customers making their experiences more convenient, personalized, and efficient. To keep up with the competition, companies should use these technologies while also making sure they’re safe and respecting privacy.

As we move ahead, AI and voice commerce will keep upgrading, bringing exciting opportunities for both businesses and customers. Ready to explore these possibilities? Avail our services for e-commerce development at Software Devs today!