Voice ordering also offers brands more opportunities for user personalization—if and when the user opts in. The voice assistant can save past order histories for fast reordering, save filters and preferences, and make suggestions based on previous orders. This feature gives users a sense of individuality and convenience as the experience can be tailored to their preferences and eliminates the need to repeat information every time. By shifting how we think about e-commerce, voice assistants can open the door for a future of possibilities that will take the user experience to the next level while delivering a level of ROI previously unattainable.
Which industries are poised to generate revenue from voice assistants?
While monetization opportunities will be available for any company with a customized, branded voice assistant built on an independent platform, there are currently a few key industries already on the cusp of generating revenue from voice assistants. As with any new technology, companies across industries find themselves in various stages of adoption, and voice assistants are no different. Some may be just starting to realize the benefits while others are already working on creating an omnichannel experience. While the latest adopters may not be ready to jump into the voice commerce experiences in nascent stages, there are companies in several key industries with mature voice experiences that are nearly ready to launch voice commerce experiences to their users.
Based on our experiences and research, we have identified 3 key industries on the cusp on monetization:
- Automotive
- Media
- Retail/Restaurants
Automotive
Automotive is one of the earliest adopters of voice assistants, with OEMs actively seeking out voice AI to create the kinds of driving experiences that consumers wanted and in-car safety demanded. As consumers’ perception of value shifted from horsepower and engine performance to comfort, convenience and pleasant in-car driving experiences, automotive OEMs responded by designing connected cars with state-of-the-art infotainment systems and marketing them as differentiators. A key element of these systems is the voice assistant.
For those car brands that had the vision to create wholly-owned voice assistants, their infotainment systems are now creating a platform for monetization. From ordering food in-car to prepaying for parking, gas, or charging stations, the possibilities for monetizable moments are promising to simultaneously provide personalized and convenient services for their customers while generating real revenue for the OEMs.
Major car OEMs, such as Hyundai, are already envisioning a future where drivers can order and pay for food, gas, and parking by voice through partnerships and revenue sharing with the businesses that provide those services and products.
TV manufacturers, such as VIZIO, with their conversational AI remotes, have been quick to jump aboard the voice AI train. With TV’s complex catalogs of entertainment and the tiny buttons on a remote that make searching difficult, voice AI succeeds in creating an exceptional user experience by giving consumers hands-free access. The nature of entertainment is also an ideal gateway into the world of monetization, where users will naturally want add-ons to their viewing or listening experience, such as ordering food or other services and goods.
There is also the realm of mobile app-based media experiences, for example, Pandora’s streaming service on their mobile app. Unintrusive voice ads excel in this setting where proactive suggestions are made based on what the user is already searching for and interactive qualities delight and entertain users.
Retail
The boom of e-commerce and the decrease of visits to brick and mortar stores due to the pandemic has uniquely positioned retail to benefit from voice commerce opportunities. Already, retailers have seen success with voice-enabled mobile apps that give customers advanced filtering capabilities and personalized suggestions.
Adding voice-enabled kiosks and warehousing solutions is a natural next step for retailers who are beginning to realize the power of voice AI to create greater efficiencies, solve staffing challenges, and impact the bottom line with more ways for consumers to shop anywhere and anytime.
In the Quick Service Restaurant (QSR) and fast-casual dining industry, top-tier companies, such as Mastercard and Square, are designing and developing AI-powered solutions for their customers—bringing the convenience, efficiencies, and sales opportunities of voice assistants to small and medium businesses who may not be able to implement them on their own.
In the near future, there will likely be many opportunities for manufacturers to partner with providers of goods and services to offer food ordering or other buying opportunities as part of the voice experience and then share in the revenue streams created by these new avenues of commerce.
As the early adopters continue to expand their voice-enabled devices and take on new voice AI capabilities, other industries will begin to evaluate the benefits of conversational AI. It won’t be long before industries across the board are considering monetization as an effective and a way to add value and generate revenue.
The imperative to create unintrusive voice commerce
For any business considering adding voice commerce opportunities to their custom, branded voice assistant, the user experience must be the highest priority. The ads and buying options cannot interfere with the voice experience. Instead, it should enhance it by providing a service that’s helpful and convenient. Unintrusive voice commerce opportunities that deliver delight should occur within the user journey, be based on user intent, and offer personalization with customer consent.
Purchasing suggestions should happen naturally in the conversation and not pull the user out of the interaction with awkward and poorly-placed ads. A well-timed and incorporated suggestion based on user intent can delight the user by making them feel like the voice assistant knows exactly what they need.
