While consumers are using smart home speakers to listen to music and answer questions, they’re also increasingly using them to buy things.
Voice shopping is already a $2 billion business and projected to grow to $40 billion within four years.
Online retail giant Amazon is projected to dominate the home speaker market, which will grow from 13% to 55% of homes, according to a study comprising a survey of 1,500 smart speaker owners conducted by OC&C Strategy Consultants.
Three tech giants lead the virtual assistant AI space in the U.S. Amazon’s Echo has 10% penetration, Google’s Home 4% and Microsoft’s Cortana 2%. Apple just recently launched its high-end HomePod smart speaker.
There are some twists in voice commerce, however:
However, Amazon still has the upper hand. A large majority (85%) of consumers select the products Amazon suggests.
That Alexa is one smart voice retailer.
$2b annually for voice shopping IS a big number.
But when you think about it, there is around 7.6 b people on the planet so that works out to be just over 26 cents per person per annum - one cent a fortnight. Not such a big number eh.
Yes, when you break it down, John. Though not eveyrone on the planet has one, of course.
True Chuck. But with the current hyperbole surrounding voice shopping it seems like everyone must have by now, or if not, then real soon.