Voice Commerce is the Future of Retail

By Philippe Duchene, Head of Marketing and Communications; Ingenico Enterprise Retail

One of the greatest transformations in retail in the next few years will occur in the eCommerce customer experience, particularly when it comes to the payments process, driven by voice assistants like Amazon’s Alexa, Google Home and Apple’s Siri.

Voice commerce is already attracting consumers, with $2 billion being spent via voice in the US alone in 2018. In the UK, 10% of households have a smart speaker and, of these, 44% have used it to buy products, and 16% use it regularly for their shopping. And the channel is growing quickly – voice commerce is projected to be worth $40 billion by 2022.

A challenge to be overcome is ensuring consumer trust by meeting the two-factor customer authentication requirement of the Second Payment Services Directive (PSD2). Such authentication is not 100% reliable via voice commerce now. However, companies like Ingenico are working to address this issue.

Ingenico Labs, for example, is harnessing its technological prowess and reputation for security to develop innovative “free speech user authentication”. This will, one day, enable a true 100% voice commerce solution, where secure customer authentication can be achieved by voice recognition alone.

The company is also piloting an innovative solution through Google Home that uses mobile phone ultrasound technology to ensure accurate identity verification and optimum security. This state-of-the-art approach will power secure customer authentication without leaving the voice commerce channel, allowing merchants to offer a frictionless, yet PSD2-compliant user experience.

Given the competition in the sector, eTailers need to stand out from the crowd. Voice commerce offers merchants an exciting way to distinguish themselves from competitors. With solutions like “free speech authentication” set to enable optimum payment security, true in-voice payments will revolutionise the eCommerce customer experience, transforming retail for years to come.

 

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