Apple, Amazon, Microsoft, and Alphabet have shown us that AI isn\u2019t as far in the future as we may have thought. These first movers are currently investing significant resources to capture market share at this early stage. They are driving huge advancements in artificial intelligence and machine learning.<\/p>\n\n\n\n
But the field isn\u2019t only dominated by the usual suspects. Other surprising entrants are making their way into the market<\/p>\n\n\n\n
\u2022 \u00a0Samsung<\/strong> recently announced the launch of their own voice-enabled assistant by the name of Bixby<\/a><\/span>.<\/p>\n\n\n\n \u2022 \u00a0<\/strong>China\u2019s leading search company, Baidu<\/strong>, has been running an AI-focused lab for a while and was able to significantly improve in technologies such as voice recognition and natural language processing. The company is building Xiaoyu Zaijia<\/a><\/span> (\u201cLittle Fish\u201d), a family robot, designed to give recommendations and make purchases online.<\/p>\n\n\n\n \u2022 \u00a0Nokia<\/strong> is rumored to be working on the introduction of the company\u2019s digital assistant. The company has registered a trademark<\/a><\/span> with The European Union Intellectual Property Office (EUIPO) describing Nokia\u2019s Viki as \u201csoftware for the creation and monitoring of mobile and web digital assistants working with knowledge and combining all data sources into a single chat and voice based interface.\u201d<\/p>\n\n\n\n It\u2019s palpable. Businesses are gearing up in anticipation of virtual assistants and AI becoming commonplace in the consumer world.<\/p>\n\n\n\n Is it time to make your move?<\/p>\n\n\n\n According to Gartner\u2019s hype cycle<\/a><\/span>, machine learning is right at the tippy top and is expected to hit the mainstream in 2-5 years.<\/p>\n\n\n\n Gartner\u2019s 2016 Hype Cycle for Emerging Technologies<\/p>\n\n\n\n We are also at the peak of frenzied talk and inflated expectations<\/em> about the technology\u2019s possibilities, trying to figure out how it can and will impact our lives. The current hype will inevitably lead to a sense of disappointment and backlash if the big breakthroughs don\u2019t happen or don\u2019t happen fast enough.<\/p>\n\n\n\n However, one thing is clear. A change is on the way.<\/p>\n\n\n\n \u201cWe always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don\u2019t let yourself be lulled into inaction.\u201d Although the technology is still very raw today, companies need to be thinking about how the emergence of virtual assistants will impact business in the future. How will customer expectations change? Which new jobs and roles will be needed? How will it shape customer service? How will it impact loyalty? How will the new shopping journey look like? More complex, that\u2019s for sure.<\/p>\n\n\n\n Preparation is everything.<\/p>\n\n\n\n For example, Google and Walmart recently announced their partnership<\/a><\/span> that will enable voice shopping through Google Assistant and should put both in better positions to compete with Amazon. They\u2019re banking on the fact that conversational commerce will not only be a gimmick but something consumers will come to expect and brands will have to offer. The two companies said the partnership was less about how online shopping is done today, but where it is going in the future.<\/p>\n\n\n\n \u201cWe are trying to help customers shop in ways that they may have never imagined,\u201d said Marc Lore, CEO of Walmart<\/p>\n<\/blockquote>\n\n\n\n Picture this scenario: <\/strong>A consumer in need of a new mattress starts a conversation with their voice-enabled assistant. It asks questions, interprets responses, and combines all this information with known preferences to recommend and order the most suitable mattress.<\/p>\n\n\n\n No more clunky (mobile) shopping sites and experiences; no more browsing through dozens of web pages, reading countless blog entries and comparing a handful of options to make a decision.<\/p>\n\n\n\n Sounds interesting? Watch this: https:\/\/www.youtube.com\/<\/p>\n\n\n\n And now, imagine it for purchasing everyday items such as dog food, household supplies, groceries and food, personal care and more.<\/p>\n\n\n\n Virtual assistants free the hyper-connected smartphone user from the slow clumsiness of virtual keyboard input, making voice the new, primary interface.<\/p>\n\n\n\n Without any doubt, the convenience afforded by virtual assistants can disrupt and completely change the retail experience, as well as that of multiple other industries. Virtual assistants have the ability to transform the standards of how consumers expect to be served.<\/p>\n\n\n\n It\u2019s the ultimate integrated Omnichannel experience in which the conversation could be carried across all channels and touchpoints, customizing the digital experience on the go.<\/p>\n\n\n\n According to Markus Linder, CEO of SMARTASSISTANT<\/a><\/span>, the leading Digital Advice technology provider, having virtual assistants that can assist shoppers with personal advice and help them make decisions will be one of the most important ways for businesses to deliver convenient, virtual experiences and differentiate:<\/p>\n\n\n\n \u201cWe are already seeing that the demand for Digital Advice solutions is growing quickly. Tip: Join us at our annual\u00a0Digital Advice Live!<\/a><\/span>\u00a0conference in London to see how Digital Advice will shape the customer experience of the future.<\/p>\n\n\n\n T3 conducted a national, representative survey of 5,000 consumers<\/a>,<\/span> which revealed that around 1 in 5 customers (17%) plan on purchasing a device like Amazon Echo in the next 6 months. The rate is even higher for Millennials: 27% of consumers under the age of 35 said that it was likely for them to purchase a device in the near future.<\/p>\n\n\n\n During Amazon\u2019s Prime Days in July 2017, the e-commerce giant saw a huge spike in Amazon Echo sales<\/a>,<\/span> making it the single highest-selling item on Amazon. Echo sales in 2017 are expected to be 7x higher than in 2016. Insiders at the company say that Echo devices are selling at a rate of \u201cthousands per minute\u201d.<\/p>\n\n\n\n And\u00a0Tractica\u2019s<\/a><\/span> recent report forecasts that unique active consumer virtual assistant users will grow from 390 million in 2015 to 1.8 billion worldwide by the end of 2021 \u2013 increasing the total virtual assistant market revenue from $1.6 billion to roughly $15.8 billion!<\/p>\n\n\n\n Tractica\u2019s report, \u201cVirtual Digital Assistants\u201d<\/p>\n\n\n\n The emergence of compelling use cases that alleviate people from time-intensive tasks, such as choosing the best product from thousands of options, will be the driving force behind the consumer adoption of virtual assistants.<\/p>\n\n\n\n To increase the perceived usefulness of virtual assistants, the three main players in the market are beginning to make it easier for third-party developers to integrate services in their AI ecosystem.<\/p>\n\n\n\n With the methods of AI, businesses can deliver hyper-personalized and fast customer-retailer interactions, which are the true value of a positive shopping experience. Many are already experimenting with virtual assistants and AI technology in an attempt to create more consumer-oriented solutions that will impress shoppers and attract a larger audience.<\/p>\n\n\n\n According to the BRP 2017 Customer Experience, Unified Commerce Benchmark survey of 500 executives at retailers in North America, with a focus on specialty retail, 45% of retailers plan to utilize artificial intelligence for customer service within three years. Already, 14% of retailers say they have implemented AI-powered solutions (digital assistants, chatbots, etc.) looking to gain a competitive advantage as early adopters.<\/p>\n\n\n\nVirtual Assistants are Gaining Traction in Both Consumer and Enterprise Markets<\/h2>\n\n\n\n
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\nBill Gates<\/p>\n<\/blockquote>\n\n\n\n\n
From Digital Transformation to Virtual Transformation in Retail?<\/h2>\n\n\n\n
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\nDigital transformation and the need for businesses to offer excellent, quick, convenient and hassle-free digital experiences have accelerated this trend. There is no way around it as consumers are increasingly looking to their preferred brands and retailers for guidance and advice that is useful, effortless and personal. The rise of virtual assistants will only make the need for Digital Advice more apparent.\u201d<\/p>\n<\/blockquote>\n\n\n\nWhat Do Consumers Say?<\/h2>\n\n\n\n
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What Do Executives Say?<\/h2>\n\n\n\n