UK’s Voice Shopping Industry to Grow to £3.5bn by 2022

Millennials are increasingly adopting the new voice-based shopping trend that’s now made possible via voice-activated gadgets like the Google Home and Amazon Echo. Market experts are even predicting that this may be the next blooming trend in online retail. A noteworthy example is the research by OC&C Strategy Consultants suggesting that by 2022, UK will be spending a whopping £3.5bn in the voice commerce industry.

OC & C compares this to what the surfacing of smartphones did to the mobile commerce market. This sales method— made possible by smart speakers—commenced in 2014 with the launch of Amazon’s Echo and has been gaining popularity since then. Almost 10 percent of households in the United Kingdom already have a smart speaker— a number that’s projected to increase to 5 times by 2022.

This study shows that in 2017, 45 percent of homeowners made a purchase using their gadgets – a figure that surprisingly beat the expectations of many. Currently, voice shopping is valued at £0.2bn, which is 0.1 percent of total e-commerce revenue but is anticipated to shoot to £3.5bn in the coming five years as more buyers familiarize with the tech.

According to OC&C, voice technology has developed to an extent consumers can use it as their primary means of shopping for purchases of low-priced goods like groceries. Up to now, Amazon Echo is at the top of the list of voice shopping.

The surveyors also feel that the only way brands can grow in the voice commerce sector is to use Amazon’s approach— providing a range of items to pick from every time a customer calls. Because buyers are most likely to purchase goods recommended by Amazon, therefore being able to provide different choices have helped them triple their volume of sales.

Conclusion

In a nutshell, the essence of voice commerce is to further ease frictionless shopping one step further by reducing a customer’s need to ‘research’  for items themselves thus simplifying and making quick the purchase process. Just as predicted by the above survey, voice commerce will grow due to the increasing acceptance of smart speakers and merchants should realize the massive potential this selling strategy has.

Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who also enjoys writing, playing guitar and camping. Bestpaymentproviders is the best credit cards uk company, serving both traditional and high-risk merchants.