Conversational Commerce will revolutionize consumer-facing industries in ways not witnessed since the dawn of eCommerce. This is far more than a new interface or an additional channel in the omni-channel world. It is an entirely new way for brands to build relationships of value with consumers and an entirely new way for consumers to interact with brands.
The past year has been decisive for Conversational Commerce. While previously restricted to chatbots accessed via messaging apps for shopping, the definition of Conversational Commerce has significantly expanded with the arrival of voice-based personal assistants.
Now estimated to be worth as much as $35 billion by 2020 in the US for retailers alone, it’s no longer a question of whether you want to compete at Conversational Commerce, but how and when.
Our research tells us that consumers are ready and eager to interact in this way – they are ready to engage with and share information with the brands that offer them value in return.
- 51% of the consumers surveyed are already users of voice assistants
- 81% of these users interact with voice assistants via smartphones
- 82% of these used voice assistants for seeking information
- 35% of these bought products like groceries, homecare, and clothes
And our research tells us that consumers will be voting with their wallets in favor of voice assistants over other channels – in three years’ time, active users of voice assistants expect 18% of their total expenditure to take place via voice assistant.
But are you ready to reassure and deliver the anticipated value to your consumers?
To realize the full potential of being a leader in conversational commerce and building the resulting trust-based relationships with consumers who are early adopters, more than tactical investments in technologies are needed. Conversational Commerce should be looked at as a new line of business with impact and value creation across stores, E-Commerce, marketing, and supply chain. It demands that retailers and brands for the first time invent their physical voice, learn how to acquire and engage customers through voice, manage the related data and analytics, leverage advanced technologies such as AI, investigate how to incorporate voice into their stores, explore hardware and software solutions, and more. The potential is great, but focused effort is required to not only evolve the technology, but also the surrounding business.
How can Capgemini help?
Capgemini recognizes the value of Conversational Commerce in driving deeper, more human connections at scale. It has the potential to a different level of relationship, engagement, and brand affiliation. Rather than being a threat to existing operating models, Conversational Commerce is an opportunity to create new value for consumer-focused industries. We help you by blending together end-to-end capabilities on Conversational Commerce, with an approach that starts small, demonstrates value, then scales the capability, and expands into tangible business growth opportunities.