The Importance of Voice Commerce for CPG Brands Continues to Spike
Voice commerce may not be the first thing that comes to mind when you think about your CPG brand’s end of year strategy … but it should be. Get ahead of the competition by embracing this trend before it’s too late. In case voice commerce is new to you, here are a few statistics showcasing what voice commerce can do for your brand.
Voice commerce is the fastest growing retail channel
According to OC&C, voice commerce will represent a $40 billion retail channel by 2022. Despite the prevalence of mobile and e-commerce shopping platforms, consumers cite convenience, speed, and the ability to multitask as reasons why they are beginning to prefer shopping by voice.
Although the most common form of voice commerce is creating shopping lists and checking delivery, Amazon Echo’s Alexa users are increasing point of sale conversion metrics exponentially. Amazon’s one-click shopping flow and saved payment options make purchasing by voice frictionless and have helped Echo users become comfortable with voice commerce so the trend can expand.
Smart speaker voice commerce outpaces mobile aI assistants
Amazon Echo, Google Home, and other smart speaker customers are more likely to shop by voice than those using mobile virtual assistants such as Siri and Cortana. NPR’s Smart Audio Report found that nearly 60% of smart speaker owners have already purchased items using their devices. While another study from Capgemini, indicated that 40% — perhaps the remaining market share — of consumers predict they will be more likely to use voice commerce to make purchases rather than engaging with a retailer’s mobile app or website.
Smart speaker users also represent higher AOV
Due to the socioeconomic demographics of smart speaker owners who tend to be wealthier and more tech-savvy, shoppers using Amazon Echo tend more on CPG products than consumers without speakers.
A consumer report by InfoScout in collaboration with Alpine.ai saw a 29% lift in consumers’ year over year CPG product purchases who had smart speakers, and only a 19% lift in those that did not. While this metric does not show causality, the correlation between speaker owners and higher AOV’s signal digital marketers to begin investing in this trend as a way to access a more desirable customer base.
Voice commerce is critical for standardized CPG products
Before the end of 2018, 55% of retailers plan to have voice assistance integrations on their roadmap, 60% plan to have mobile voice search, and 58% plan to have desktop voice search, according to a study by Onespace.
Staying in line or ahead of this digital trend is important for CPG brands, especially those that sell standardized products and have few opportunities to differentiate themselves beyond price and placement within the market. While it may not give you an immediate leg up, no CPG brand can afford to fall behind.
Connect with us to learn more about voice commerce and other cutting-edge technology that BIGEYE uses to transform our clients’ brands. When you reach out to our team, we’ll work with you to create a custom digital transformation strategy that puts your products everywhere your clients are shopping.