Voice shopping is expected to jump to $40 billion in 2022, up from $2 billion today, suggesting the new channel may well be the next major disruptive force in retail, according to data from OC&C Strategy Consultants.
The survey showed growth in the voice segment will be driven by a surge in the number of homes using smart speakers, rising to 55% from 13% percent today. Meanwhile, Amazon is poised to dominate the new channel with the largest market share, currently more than twice that of its nearest competitor. Among other key findings of the study:
° Three tech behemoths lead the virtual assistant AI space in the US – Amazon’s Echo has 10% penetration of US homes; Google’s Home, 4%, and Microsoft’s Cortana, 2%.
° Apple has been left behind. Siri lacks the AI capabilities of Google, while their HomePod has only just hit the market.
° Only 39% of consumers trust in the “personalized” product selection of smart speakers.
° Smart speaker owners skew younger and more affluent, and are more likely to have children.
° Voice purchases tend to be stand-alone, lower value items.
° The three most commonly shopped categories through voice are commoditized: grocery (20%), entertainment (19%) and electronics (17%). Clothing is fourth at 8%.