9 Stats That Support Making Voice Your Channel Of Choice
Why should you invest in Voice? Well, how much time have you got?
For real, though – let’s talk truth. It’s not a matter of, “Should we invest in Voice?” It’s a matter of, “Why the heck haven’t we yet?”
To be crystal-flipping-clear we’re not talking about your standard IVR. We’re talking Voice as a channel. Take a look – the numbers don’t lie.
- A study by Accenture found that voice automation can reduce call center costs by 30%.
- A survey by PwC estimated that by 2023, the share of consumers using voice assistants to purchase products would grow to 55%.
- Fortune Business Insights reports: In 2021, AI in the retail market was valued at $4.84 billion and is expected to grow at a CAGR of 30.5% from 2021 to 2028.
- Fortune Business also states that Global AI in the retail market alone is predicted to be valued at $31.18 billion in 2028.
- Another study by Juniper Research estimates that voice automation will save businesses $18 billion annually by 2023.
So there’s that.
But beyond your bottom line, there are a whole lot of compelling arguments for making Voice the channel of choice at your org. Take, for example, accessibility.
Flip CX CMO James Gilbert recently sat down with an extraordinary expert on the subject for our Spamming Zero Podcast. And we left with eyes even more wide open to the potential impact of Voice.
Josh Basile is a C4-5 quadriplegic, power wheelchair user, disability rights advocate, and lawyer. He’s also the Community Relations Manager at accessiBe. Essentially, there’s no better source for what it means—and what it takes—to make accessibility a massive priority.
Want to change the lives of individuals?
Today’s tech makes what used to be impossible quite simple – and the results are life changing.
As Josh says, “It’s been more game-changing in the last ten years having those types of technologies with the voice and being able to control my environment, help my kids. It feels powerful to be able to throw on the movie or make that search with your voice and get that answer you need… If you can make it easy for somebody with a significant disability, you’re going to then give that option for every other person down the line. It’s where we need to be at with the services that we provide.”
Want to change the world?
Voice is already on it.
“That voice control technology, “ says Josh, “that started with the disability population. And the more usability, the more accessibility that you bring to the world, it’s not only benefiting people with disabilities. Assisted technology – accessibility best practices – benefits the whole world.”
In his conversation with Josh, podcast host and Flip CX CMO James Gilbert also shares some personal stories – all about the impact Voice technology had on his life when he was blind (yes, you read that correctly).
And that’s a challenge dealt with by more than you might think. 32.2 million adult Americans struggle with their eyesight. Globally, that number reaches 2.2 billion.
“Those people are a fraction of the folks that – in the next five years – are also going to have issues with their eyes and need Voice to be accessible,” says James. “All of us as consumers of products and shopping experiences almost don’t even realize how much we use Voice to complete the experiences that we have… You take away Voice altogether, and it actually creates a lot of pain. We rely on it now, more than ever.”
Want to get back to the numbers?
Hey, we don’t judge. Here are some more stellar stats to consider.
- A survey by Accenture found that 63% of consumers said they would be more likely to purchase from a company that offers voice-activated customer service.
- Another survey by PwC revealed that 45% of consumers said they would be more likely to shop with a brand that offers voice-activated shopping.
- Gartner reports 30% of web browsing and searches were done without a screen by the end of 2020.
- And 40% of people use the voice search function at least once every day, according to Location World.
Then there’s this mind-blowing stat: Over one fourth of the entire US population is living with a disability. And that’s just the people with the disability.
Many of this community are, in Josh’s words, “the friends, the family, the industries, the health care providers, you name it – we’re talking millions upon millions of people. When you get down to the numbers, we’re talking about billions of dollars in spending power and disposable income.”
So, aside from it just being – ya know – the right thing to do, you’ll have one fourth of the entire US population ready to sing your brand’s praises.
Because, as Josh points out, “The disability community – we are natural advocates. We truly are the most brand loyal community, based on statistics and studies. When we’re taken care of—when we’re welcome—we come back again and again and again as repeat customers.”
That’s a whole lot of potential – a whole lot of good happening – and Voice AI is what will help your brand be at the center of it. In truth, we’ve only skimmed the surface of what Voice can do. But it’s a damn good start.
To check out our full conversation with Josh Basile, listen to Episode 32 of Spamming Zero. And, if you’d like to learn more about what Flip CX’s Voice AI can do for your business, we’d love to chat. Click here to schedule a quick meeting.