Voice shopping is expected to jump to $40 billion by 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% today. Amazon is poised to dominate the new channel with the largest market share, currently more than twice that of its nearest competitor.
- Three tech behemoths lead the in-home virtual assistant space in the US – Amazon Echo (10%) Google Home (4%) Microsoft’s Cortana (2%)
- Only 39% of consumers trust in the “personalized” product selection of smart speakers.
- 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%.
John Franklin, Associate Partner, OC&C