Reverse Pitch | Voice is moving from music requests to becoming an integral part of popular culture1 min read . Updated: 20 Nov 2019, 12:54 PM IST
Voice shopping will grow from $2billion to over $40 billion by 2022, with AI driving 95% of consumer interactions by 2025
Today 20% of Google searches stem from voice queries in the US. One should expect the rest of the world to follow with a minimal time lag. Already a generation of young people seamlessly speak with Alexa/Siri/Google assistant, requesting everything.
ComScore predicts that by the end of 2020, 50% of consumers will interact with voice activated technology. In a nation like India, with many languages and multiple dialects, voice helps overcome the barrier of adoption (speaking versus typing) and hence will accelerate faster.
TechCrunch predicts that voice shopping will grow from $2billion to over $40 billion by 2022, with AI driving 95% of consumer interactions by 2025. Voice is moving from music requests to becoming an integral part of popular culture around shopping, games and travel.
This presents a big opportunity for businesses to understand and adapt to the “talking" consumer, not on a telephone line with a live agent but on a voice activated app. This will be relevant in both B2C and even B2B scenarios. For e.g. an office worker ‘voice ordering’ his travel tickets, hotel and taxi service even while having his printer print out some key documents for a presentation.
In this scenario, I see a big opportunity for a voice tech based company that can help re-purpose existing apps to obey voice commands. This will help businesses personalise customer experiences in real time.
This will involve AI and ML, besides the need to incorporate elements of linguistics, speech recognition, natural language processing NLP, among other things to make the interaction relevant and reliable. Commands will be more conversational, requests for updates on deliveries, status of loyalty rewards, and such like. The focus will need to be on real time personalisation combining individual consumer behaviour and past data to build enriched user profiles. Building a start up in this space will take a lot of skill, effort, deep tech and resilience.