Why conversational commerce will be the new voice of shopping

Technology has proved highly beneficial for the retail industry, may it be shopping apps, AI or even soon to be operational voice based personal assistance. Is this a beginning of a new chapter in the retail ecosystem?
Conversational commerce

Earlier, from being restricted to just chatbots accessed via apps to replacing assistants at physical stores, the definition of conversational commerce has significantly expanded with the arrival of voice-based personal assistants. Not only do voice assistants enhance customer satisfaction, but even yield better profits for retailers.

As voice assistants are on the cusp of transforming commerce, three years from now, voice assistants will become a dominant mode of consumer interaction across the globe. In its bid to understand why voice assistants are about to revolutionize commerceand analyze why consumers love voice assistants, digital giant Capegemini has conducted a cross-country survey and released the report – ‘Conversational Commerce: Why consumers are embracing voice assistants in their lives’.

According to the report, which ascertains the concrete benefits of voice-driven conversational commerce, voice assistants will become a dominant mode of consumer interaction. “As much as 40 per cent of consumers will use voice assistants rather than websites or apps, while 31 per cent of consumers will use voice assistants instead of visiting a shop or a branch,” the report highlighted.

Interestingly, it pointed out that among the already existing users of conversational commerce, 35 per cent were dependent to buy groceries, home care and clothes, while 34 per cent ordered meals using Alexa, among other voice assistants. Also, 28% consumers made payments and booked taxis with the help of voice assistants.  With international brands like Sephora, Starbucks, Ocado and Walmart already leading the way, more brands are expected to jump into the bandwagon.

Further, the report, said, “Over 1 in three consumers would be willing to replace customer support or shop sales support with a personalized voice assistant in order to enhance their in-store experience.” Among various reasons for choosing voice assistants over stores, apps and websites were the convenience, speed and the multi-tasking ability of conversational commerce.

Voice assistants will yield concrete benefits for retailers and brands
Brands which provide good voice assistant experiences will generate more business and positive word-of-mouth communication. The report found that 37 per cent of voice assistant users would share a positive experience with friends and family, and even 28 per cent of current non-users would want to transact more frequently with a brand following a positive experience. This equates to serious potential financial gain, as consumers are willing to spend 5 per cent more with a brand following a good experience with a voice assistant.

Mark Taylor, Chief Experience Officer, (Digital Customer Experience) Capgemini, said, “Voice assistants will completely revolutionize how brands and consumers interact with each other. What makes voice assistants so exciting is that they are woven into the fabric of our lives, offering simplicity and richness of interaction that consumers have never experienced before. Brands those are able to capitalize on the huge consumer appetite around voice assistants will not only build closer relationships with their customers, but will create significant growth opportunities for themselves.”

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