Original article was published on Artificial Intelligence on Medium
Voice Search E-Commerce + Review Miner: A match made in heaven
Juniper Research shows that voice commerce will grow to reach more than $80 billion per year by 2023. By 2022, 55% of all American households will own a smart speaker with voice shopping.
~Izzy Kiver, Harvard ALM 2019 Ecommerce, NLP & Marketing Pro
Data Collection: The sneaky little elf running the machine
As voice search and voice commerce grows. So will the voice data aggregated by every AI assistant on the market. Using Review Miner’s progressive semantic analysis and cutting edge NLP technology, aforementioned companies will be able to process the power of customer voice search data and increase conversions through advanced personalization systems that can match ideal products to consumers based on actual user experiences and users’ interaction with the products (reviews). Removing a barrier in the customer journey and shortening the sales cycle (more $$$ for companies).
Imagine a world where products get to know you
That’s a world where Review Miner joins+Alexa/Bixby/Siri/Cortana/Google Assistant ***Buyout Alert***
For voice commerce to be successful we need two components at play: a) strong knowledge of the customer b) strong knowledge of the product and how it matches the customer’s persona. When a user’s bio is compiled based on purchase history, cookies, and self-submitted data, Review Miner can narrow down the exact product type and fit for the customer with precision accuracy, bringing more convenience to the customer by automating the research process. With Review Miner + Alexa for example, a customer just needs to say “Alexa, order me a new purse” and review Miner will know what materials, brands and colors to suggest narrowing it down to 2 choices, based on the similarities and sentiments in the product’s user reviews matching the buyer’s persona. A truly revolutionary technology!
Us Vs Them
In the traditional buyer’s journey, a customer will perform systematic research before buying a product. This includes product comparison, brand comparison, skimming product reviews, and finally making a decision based on aggregated data, often heavily leaning on other customer experiences who expressed through their reviews how the product solved the specific need/problem the customer was looking to solve at an affordable price point. With Review Miner the buyer can allow AI to replace and automate the tedious research process instantly presenting a narrow selection of products in order of preference for the customer to make a selection from. Demonstrated case studies can indicate through trials and test groups how Review Miners semantic algorithm recommends the exact same product immediately, which a traditional buyer will conclude to buy after 10–20 hours of research.
Making Dollars From The Data — For Your Consideration
• Ecommerce is expecting to triple in the coming years, with 24 million ecommerce stores globally.
NUGGET OF WISDOM: Retail is moving online and online is moving to voice.
• Nearly 85% of voice shoppers are confident in the recommendations given to them by their digital assistants. -Forbes
NUGGET OF WISDOM: Review based voice recommendations and shopping personalization is the future of commerce.
• With Covid on the rise 2/3 shoppers have moved their buying behavior to online, including ‘buy online pick up in store’.
NUGGET OF WISDOM: Covid has accelerated the usability of online/AI and with the right positioning from someone that can lead you to success, you’re in for a very big win.
• Online reviews impact purchasing decisions for over 93% of consumers reports suggest.
NUGGET OF WISDOM: Move quickly and inject a comprehensive solution to aid in buyer’s decision-making process. Buyers will thank you; merchants will praise you.
• Gary Vaynerchuck who predicted the rise of Amazon & Uber predicts voice enabled products will be next and Consultants predicted that voice-enabled products will grow to a $40 billion industry by 2022
NUGGET OF WISDOM: Strike now and take a piece of the voice market pie.
Additional links and resources for your entertainment