The AI-Based Assistants Are Ready To Disrupt Smartphone Shopping [STUDY]

Must Read

Net Worth Of Jeff Bezos Is More Than Combined Net Worth of India’s Top 10 Richest People!

Jeff Bezos and the phrase 'World's Richest Person' has become synonym to each other. But after the...

Search Engine Optimization In Digital Era: Look Beyond Traffic

Search engine optimization, aka SEO, plays a vital role in today's online world, especially if it's about...

After Banning Apps, India To Clamp Down On Startup Investments From China

The recent border conflict between India and China has led to the Indian Government to actively take...

The e-commerce revolution combined with the gigantic smartphone industry has altered the retail reality giving an ultimate facelift to the shopping experience. Online marketplaces have taken significant measures to shorten the buying journey for the customers through portals and apps. But perhaps, pushing buttons on the app didn’t suffice the requirements or say greed of the e-tailers and that gave rise to the next big wave of AI-based assisted shopping which is disrupting the online shopping ecosystem.

Smartphone shopping will continue to surge globally over the next few years, as per the latest Ericsson Consumer & IndustryLab Insight report. But the rise of smart shopping assistants will undoubtedly change the way people shop online. The report has highlighted two major disruptive changes in shopping behaviour:

  1. Mobile Shopping has evidently reached mainstream: When the Chinese retailer Alibaba’s Singles’ Day on November 11 last year reported sales worth US$25 billion, of which 90% of transactions were made through mobile. Beyond China as well, smartphone shopping will continue to make strides as the stores have literally found a way to the consumers’ palms.
  2. Trusting digital shopping assistants: Smartphone users have adopted the unorthodox methods of shopping online as they are heavily relying on digital assistants for aspirational personal shopping support. Moreover, the AI-based smart speakers have been gaining popularity as it easily handles the routine household purchases. Shopping through digital voice assistants is expected to top US$40 billion by 2022.

If you bought something online, there is more likely a high probability that you did it through an app or from your smartphone instead of a computer. Even if you made a small purchase through a conventional retail store, chances are you paid through your smartphone and not in cash. Smartphone shopping has clearly triggered more smart shopping. And looks like smart assistants have initiated an uncontrolled chain reaction. Very Soon, choosing the right assistant might be more important than the actual purchasing choice.

Advertisements

Important Key Findings:

The Rise In Smartphone Shopping

  • Out of all, 43% are smartphone shoppers and make purchases directly using their phone every week.
  • 67% of them regularly pay with their phone in stores.

Digital Shopping Assistants 

  • 47% of smartphone shoppers would prefer a service that could automatically restocks everyday items. Home restocking assistants are meant to make automated purchases convenient.
  • 63% of them think that in 3 years most people will have a personal shopping advisor. A Personal Shopping Advisor will provide high-involvement shopping.
  • 48% of smartphone shoppers want help in making shopping decisions easier and 63% want help with price comparison – most likely role of a digital shopping assistant.

Figure 2: Tasks for a home shopping assistant

Physical Stores Should Be Cheaper

  • 36% of smartphone shoppers believe that they should pay lower prices in stores than online if they take the trouble going there.
  • 66% of the respondents consider flexibility as the key benefit of smartphone shopping, not better value.

Stores May Vanish If Not Transformed

  • 69% of AR and VR users think that technology will give smartphones all the benefits of stores in 3 years time. While 64% of AR and VR users think that physical stores will disappear entirely in 3 years as all shopping will take place only through smartphones.

Figure 3: Preferred way to shop across 11 categories

  • Only 15% prefer renting cars to owning them. While 70% think, mostly everyone will rent cars in 3 years. 34% of the respondents think owning too many things is a hassle.

The findings have been reported through an online survey carried out by Ericsson ConsumerLab in January 2018. The sample size was 5,048 which comprised of internet users aged between 15 and 69, in 10 cities around the world.

Voice assistants are pushing customers away from physical stores and will continue to do so in future. According to the study released in Jan 2018 by Capgemini, in next three years, 40% of consumers will use voice assistant instead of company’s website or app or any physical shop.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

How People Set Their Passwords: 123456 Is The Most Common One [STUDY]

Do you know why hackers quickly gain access to your system or online accounts? 

Will The Ban On TikTok Be Revoked?

The ban on TikTok is the talk of the town. All hell broke loose for Tiktok when the popular short-form video platform...

Global 5G Chipset Market: $22.41 Billion By 2026, Driven by 5G Smartphones

As the world has started shifting from 4G to 5G era, the global 5G chipset market has started attracting the eyeballs of...

Launch Of JioMeet Will Make Zoom To Be The 60th Chinese App To Get Banned In India?

Today as soon as the launch of JioMeet was formally announced by Mukesh Ambani, the frontman of Reliance Industries, people quickly found...

Intel Invest in Jio Platforms: A Chance For Redemption In The Smartphone Market?

If you thought Mukesh Ambani was finally going to stop the stake selling spree in Jio Platforms after RIL was recently announced...

With The Launch of JioMeet Reliance Sets Its Eyes On Video Conferencing Market!

The race to dominate the video conferencing market has just become more interesting. As we are going through the...

In-Depth: Dprime

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

Fantastic 4: Four Day Work Week A Flashpoint Of Innovation?

It has been an idea that has been mooted by many, perhaps also somewhat sceptically. From being a dark horse to becoming...

TikTok Is Facing The Wrath Of People Who Love It The Most

Ever since the popular social media app TikTok entered India, it has been growing very aggressively in terms of users. Within a...

More Articles Like This