How Voice Commerce is Reshaping E-Commerce &Driving Growth
The convenience and flexibility offered by the E-commerce industry became the key reason for its explosive growth. With Artificial Intelligence’s power, the E-commerce Industry is actively seeking and implementing to grow the business chart by integrating voice assistant technology. The voice assistant functionality further contributes to delivering extreme flexibility and convenience to the users by reducing the number of times they touch the screen. Here is how the E-commerce industry explores voice commerce power to deliver the optimum user experience.
The origin of Voice E-Commerce
The origin of voice E-commerce traces back to the integration of powerful voice assistants like Siri and Google. Today with Google Assistant, we can make phone calls, send messages, set reminders, and much more without even touching our phones. This is extremely beneficial to the users where they have to put minimal effort into performing a task. Mobile app development companies started to implement chat bots for their clients. The E-commerce platforms were inspired by these voice assistants and started to explore their dynamics for their own ecosystems. In short, the goal of Voice-Commerce is to reduce customer efforts while purchasing products.
Comparing manual E-commerce and Voice based E-commerce
The process of purchasing from an E-commerce platform is immensely popular since people are shifting more toward online platforms. In no time voice recognition became one of the E-commerce trends. A typical purchase takes place like this:
- Typing the product name, searching for it, and clicking on the desired product
- Adding the desired items to the cart
- Entering details related to checking out for the purchase of a product
- Processing the payment details and paying for the product
Generally, a user has to perform the above four mentioned steps to make a purchase. But, with voice base E-commerce, users can reduce their efforts to a minimum. For example, they can search the product by Voice, add it to the kart, enter details and process the payment. All from the Voice.
Current market stats in E-commerce and Voice assistant
- The global E-commerce market is set to reach 5.5 trillion by the end of 2022
- The growth of E-commerce market is expected to grow by 5% by 2025.
- In 2021, 2% of users from the age group of 25-34 used voice assistants.
Today the market for E-commerce industry is broad with the inclusion of multivendor e-commerce platform development. Both E-commerce and Voice assistants are highly demanded in the industry. When combined together, it will definitely drive revenue to the enterprises.
What benefits does Voice commerce promise to the E-commerce industry?
Voice Commerce packs a number of benefits for the E-commerce industry, leveraging a larger customer base and optimum user experience.
- Voice Commerce delivers better exposure to businesses.
- Voice assistants can suggest the best products to the users without even having them look at their devices.
- Better marketing through strategically putting the advertisements in between.
- The error-free mechanism for the users since everything is based on Voice.
- Saves time for users
Attributes attracting more customers
Three powerful attributes contribute to driving more customers to a Voice Commerce platform. Machine learning and Artificial Intelligence are the critical elements in the process of voice commerce. Here are the three attributes of voice commerce contributing in a larger customer base.
- Self-learning: With the help of big data analysis, the E-commerce platform can analyze users’ speeches and improve their voice assistant.
- Context Awareness: By understanding the user’s product preferences and purchase history, voice assistants can be more aware of the products that specific users will like to buy.
- Natural Conversation: Having a voice integration in an E-commerce platform will deliver a natural conversation flow to the users. Users will feel like they are taking the eCommerce platform.
How does Speech recognition work?
The working of speech recognition is based on extensive analysis of human Voice where the computer performs advanced algorithms to understand what a human is saying and how to respond back.
- Users speak on their smartphones.
- The device stores the speech in a file.
- With algorithms, the device removes background noise and focuses on the words of users.
- It then filters the words and matches them with the stored dictionary on the smartphone.
- The patterns are sent to the Ecommerce app, and the app performs the desired commands.
- The app responds back to the smartphone, and text-to-speech communicates back to the users.
Voice assistant technologies
To understand the concept of voice commerce further, we can understand the different types of voice assistant technologies available in the market.
- Automatic Speed Recognition: ASR resembles normal human conversation allowing a smooth action of a human speaking to the computer just like they are talking to another human.
- Text-to-speech synthesis: Text-to-speech synthesis are computer-generated speech format from texts. Android app development saw text to speech at the first place as compared to iOS.
- Natural language understanding: NLP is an advanced Automatic speech recognition bringing communication with a computer closest to a human conversation. Siri and Google assistant are NLP technologies.
Voice-based commerce is a trending E-commerce trend, and numerous E-commerce apps are targeting to integrate it within their app. With Voice Commerce, customers can flexibly perform their tasks with minimal effort required manually. However, Voice based commerce is still not used by the biggest E-commerce platforms, so it’s undoubtedly a new, unique, and promising idea. So, why not consult with E-commerce app development company and build a smart Voice based E-commerce app or bring this functionality to your existing E-commerce app?
Ishan Gupta is the CEO and Co-founder of RipenApps, a leading web and mobile app development company specializing in android and iOS app development. Deploying feature-loaded mobile & web app solutions to SMBs globally transforms business all around.