PINDROP BLOG

Answering Your Questions About the Conversational Economy

What do we mean by the conversational economy?
This is an economy driven by interaction. Currently, that means always-on internet connectivity, access to products and services anytime/anywhere through a plethora of devices, and platforms that allow people to engage directly with businesses and other consumers.

Businesses already participate in the conversational economy when they immediately respond to customer complaints on social media, engage with prospects through chatbots, or provide seamless omnichannel buying experiences for customers across physical stores, the internet, and the phone. 

Why has voice become so popular with consumers?
Ease. Voice is the most natural form of communication and the first one we learn how to use, and it’s ironic that technology has only just now caught up to the rich intricacies of voices. Now that computing resources, internet bandwidth, and technological innovation can handle voice well, we predict that voice applications have become the current gold rush—just as we saw a gold rush with touch-enabled devices (starting with the iPhone)—and spawn an entirely new economy. 

Voice already dominates customer interactions and grows exponentially each year. Currently, 78 percent of all customer interactions are by voice. One estimate suggests that voice shopping will increase from a $2 billion industry in 2018 to a $40 billion industry in 2022. 

How has the adoption of voice assistants grown?
The adoption of voice assistants and voice activities is also starting to really accelerate. Over 25 percent of the US population has access to a smart device, and a large percentage of people anticipate more voice interactions going forward – such as on cell phones or using voice assistants for shopping. Voice tasks encompassing a variety of situations will increase in adoption over the next 18 months and especially over the next five years – for inside the home, outside the home, and work tasks. 

For more answers – download the full Voice Intelligence Report here