Voice Commerce to Reach $19B by 2023, but Major Improvements are Needed

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By Published On: August 4, 20210 Comments

Alexa: Get ready to boom. A new study from Juniper has found that e-commerce transactions via voice assistants are set to grow by 320 percent, but there are a few wrinkles to iron out first. 

Currently, voice commerce has a value of $4.6 billion, but this is expected to increase to $19.4 billion by 2023. But before the market can reach this level, the availability of these devices needs to improve.

While a study from CouponFlow suggested that satisfaction rates for voice commerce users in the US are over 60 percent, maximising monetisation with voice commerce isn’t a walk in the park.

The services require many changes and improvements in their efficiencies, including the checkout process and the overall breadth of its catalogue library, which can increase the number of transactions on these devices.

via Unsplash

What comes as no surprise, Amazon, Google and Apple lead the voice commerce market, but the report suggests that they begin offering their commerce-based services to third-party retailers. This would further allow and invite growth in the landscape. Last month, Amazon introduced new features to allow third-party developers to promote products on the Amazon Alexa platforms.

Smart speakers are predicted to increase by 50 percent between 2021 and 2023. However, a major concern highlighted in the report includes the limited number of screens on these devices, which would prevent shoppers from seeing the items they wish to purchase, and reducing the overall shopping experience.

“Users will generally use voice assistants to initially explore a product, before completing the purchase via a device with a screen. Voice assistant platforms must ensure that the user experience is so seamless that transactions are carried out via these platforms, rather than requiring additional devices,” explained Meike Escherich, the Co-Author of the Juniper report.

As smartphone-based voice assistants continue to increase in popularity, it is priming the voice commerce market to boom.

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