How AI and Voice Assistants disrupting the retail industry?

Updated: Aug 16

OC&C Strategy Consultants & Juniper Research predict that voice assistants industry will grow up to 40-80Bn by 2023 from 2Bn now. Below are 7 reasons why ? Plus 5 challenges it comes with!

💥 It is faster. We can speak faster than we can type

💥 It is frictionless

💥 It can convert leads to sales

💥 You can shop as you drive or do other things

💥 It improves customer engagement in-store and converts browsers to sales

💥 It improves customer experiences

However, it does not come without challenges:

✴ Data ownership is a big one as you give access to ALL your data

✴ Сomission. There is no such thing as free lunch

✴ It creates competition for anyone who is in the retail business against the giant - AMAZON

✴ Browsing and discovering possibilities is quite challenging

✴ You need to know the brand to look for it

Bottomline. Smart speakers are the fastest-growing consumer technology since the smartphones.

It can transform the shopping experiences. Drive service sales up by integrating voice interface with business systems and technology infrastructure.

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