There’s a lot of excitement around chat bots and the progress we’re making in native language recognition for AI. This is empowering a new shift towards (unproven) conversation-based commerce (currently taking place via a Chat UI) and some of the early players are already reporting hits and misses.
Ankur Singla, Founder & CEO of HelpChat just wrote a blog post about moving away from chat based support where they found that their retention cohorts with chat users were much worse off than others. It boiled down to too many taps needed to achieve a task as opposed to a user doing it themselves on the platform.
Other companies like Sonar (All in one solution for mobile messaging) are seeing fantastic growth and reception with chat based UI. Sonar has been able to seriously move the needly on sales, leads, and customer support for a spectrum of companies and they’re really succeeding in qualitative leads.
The natural next-step for conversational commerce is to break out of its existing chat-based UI, and evolve towards voice commerce UX.
Voice commerce is still in late “novelty” stage for as far as implementation is concerned, but where it is poised to evolve commerce is in the paradigm shift it will create with advertising and customers.
Marketing currently exists as a push mechanism, where media is pushed to users through open channels — now we’re shifting towards a pull mechanism where users will focus on qualified channels.
This shift towards pull media will defined by voice commerce, which will play a role in the rise of voice payments.
Payments will replace advertising.
Content application program interface providers desire branding, to sell advertising, and/or to sell access to restricted content. Data providers and data curators want recognition, payment for all content, and/or payment for enhanced or premium content. Transaction providers desire branding and transactions via selling of some good or service. Advertisers desire traffic from qualified end users. A single person or organization may play more than one of these roles. (source)
The most advanced payments companies are not thinking about a paradigm shift, and are currently enjoying monopolized market shares with small player disruption, which is going to create an huge opportunity for startups in the future.