How Voicebots are Transforming E-commerce Industry
Voice Assistant or voicebots have a significant contribution to the E-commerce industry. It helps in giving the customer an elite experience and this is the reason behind its growing popularity among the E-commerce market.
Consumers are spending online and the reason can be both will or necessity. Multiple brands are pivoting towards the Internet sales space and experiencing multi fold growth. Before the coronavirus pandemic, the US experienced sales growth of dollars 600 billion in the online sales sector. Moreover, projections are that sales might go as high as Dollars 6.5 trillion in 2023.
Importance of AI
Online sales have been experiencing growth from various categories including essentials health and beauty etc. during the pandemic .You may refer to the Sales trends here. Post the pandemic a lot of tech solution companies have experienced high traffic on their website. Approximately the traffic measured is 20% more.
Post the coronavirus pandemic, the market is going to experience changes from multiple angles. Currently, the coronavirus outbreak has brought a lot of turmoil in the way consumers behave and changed the way the pay for purchases etc. Digital and contactless payment and Voice Recognition software.
have experienced a boost which wasn’t expected initially. Customers are trying to stay indoors and in-store sales, travel segments have experienced tremendous losses.
This calls for a better contactless customer service. With high online purchases , E-Commerce Giants need to streamline their customer service to a great extent. Voice assistants are gaining attention during this phase. Voicebots helps the E-commerce industry by its AI-powered voice enabled chatbots, which exchange dialogue in a human voice.
It is programmed so they can interact with humans and accept commands both in oral and written forms. voice assistant for e-commerce helps in reducing the dependencies of end-users on hardware by allowing them to use voice commands to purchase online. To use voice commerce, the end-user needs a voice-powered device and a voice assistant.
There are several reasons which have triggered the growth of voice assistant AI among the customers, which are – the convenient plus easy shopping experience, personalized experience, and bringing the point of sales closer to the users. Similarly, it provides great opportunities for the e-commerce retailers which are – less investment in customer support, shortening the sales life cycle and leverage customer data to provide personalized service, and also improve their sales revenue.
The E-commerce industry has already optimized it’s sites to themselves, ready for this transition. The number of consumers buying smart speakers is increasing as their online purchase has also increased and is not limited to only one category. Voice assistant purchases tend to be for lower value items and the most commonly shopped categories shopped through voice recognition software are groceries, entertainment, electronics, and clothing.
How does Artificial Intelligence Voicebots work?
Every voice passes through the same important steps while processing a request. The steps are:
- Record and then transcribe speech into text form.
- Analyzing the text to identify direct questions or any commands.
- Connecting to search engine data sources to determine the search intent and finding the relevant information.
- Presenting information to the user in such a way that it fulfills the intent.
The best voice search technology is at determining what a person is searching for, less likely it will be to get confused or provide results that aren’t quite relevant.
The Influence of Voicebots
Voice assistant is transforming the E -commerce industry through various features.
- Betterment of inbound marketing – It increases the sales and revenue, marketing, customer support.
- The ongoing activities like meeting scheduling, making phone calls, sending reminders through emails, setting alarms has become easier through the usage of VOICE ASSISTANT AI. Provides customers with reminders about the abandoned cart.
- More qualified leads for business are generated by using ARTIFICIAL INTELLIGENCE BOT without disturbing support members.
- It helps with customer support by providing two-way communication.
- For a person who does multiple tasks and is a good speaking voice, bots can reduce their work pressure easily and provide solutions to customer issues.
- It eases and reduces the work of the procurement department.
The E-commerce Voice assistant has proved quite beneficial for the buyers of the E-commerce industry and improved their purchasing experience.
- Most importantly, convenient and easy to access, it allows the customer to do shopping when they are doing any type of work. All they need is to activate their device with an assistant and their voice.
- Customers can purchase any product at any time of the day using voice assistant AI. It is available 24/7 and reduces the lengthy buying process plus offers seamless customer care.
- With voice assistant for E-commerce, a customer doesn’t require to log-in and fill their details on the company’s web store for online purchase, so it’s time saving and easier.
- E-Commerce Voice Assistant provides a personalized buying experience to the customers. By using a voice assistant, the companies can gather customer data like their behavior and preferences to give them product recommendations. Companies can use these data to develop a powerful product and strong marketing strategies and also provide a delightful experience to customers.
- It helps in solving customer queries in a shorter time.
- Provides payment-in-chat and Menu-in-chat options to the customers.
- Voice assistant is time-efficient when compared with typing of the query. While the typing speed of an average person is 30-35 words per minute but through voice search, it is close to 100 words per minute. It helps in swift communication and get results fast and creates customer engagement.
- Companies that are using speech recognition software help the eCommerce store to boost their advertising
- This assistive technology helps people with physical, cognitive, sensory, and learning impairments use the voice assistant. It offers easy customer care to make their shopping experience more easier and convenient.
How Voicebots are helping E-Commerce:
Consumer habits are changing rapidly, along with that, their buying decisions are also changing. Through voice assistants, E-Commerce can cater to consumer’s requirements and increase their buying experience. Voice assistant understands the buyer’s pattern and behavior to recommend customers’ personalized products and targets for the company.
It can be used extensively to get a better hold of their customer preferences. The customers get personalized product recommendations that are close to their needs and requirements. With an effective recommendation, it provides higher customer satisfaction and a personalized experience but also can help the company to reach higher sales targets and business goals.
The increased trust upon voice search is already pushing online retailers to design their digital customer experiences with voice accessibility in mind. Rather than relying upon search engines and virtual assistants to push voice search traffic to them, companies are also utilizing their voice technology to improve their customer’s shopping experience.
For example, wine companies using AI Voice assistants allow customers to get more information about their wine and guides and steps to prepare different recipes and more. Some companies have also used this technology to automate their ordering system for both phone and online orders.
In industries like contact centers, voice assistants are capable of handling interruptions and generating potential leads. They seamlessly take care of renewal calls, reminder calls and answer client queries precisely. Moreover, voice assistants offer in-depth end of call analysis and automate the end-to-end process of collection calls. With human-like voices, they can be easily integrated into the system and sync really well to offer the advantages of AI.
Some of the points that have to be considered while incorporating Voice assistant are : having a high-loading website for the ease of customers, companies should be aware of search query trends and consumer behavior, using simple and easy to read language, using long-tail keywords, and securing the site with Secure Sockets Layer.
Voicebots are Here to Stay
Voice assistant e-commerce is revolutionizing the ways people perform a search while buying a product. It not only provides a great shopping experience to customers but also helps them find products online easily. It has a great impact on each area of E-commerce brand development like payments process, security, logistics, purchasing, inventory management, and fulfillment services. Also a voice assistant is helpful when the customers make repetitive purchases.
Many companies set reminders for the customer asking would they like to reorder the same product. This helps in remembering the product list and interacting with any customers and the purchase will be ordered with ease.With capabilities like automated inventory monitoring , handling contextual data and reinforced learning , AI is adding value in inventory management.
Voice Recognition Software has great potential for both B2C and B2B customers in the coming years. The E-Commerce Voice Assistant provides great potential for the B2B companies, not only for improving the processes in warehouse and offices but also provide a good customer experience.
There is a security challenge with the use of voice assistants, as most of the systems don’t authenticate the voices before providing the e-commerce assistance, it means that anyone can place an order from another person’s device if they access it. With the acceptance of voice search technology among consumers, businesses will need to adapt by taking steps to optimize their websites and user experiences to the elements of voice searches.