This presentation introduces Master's Thesis on value creation potential of voice assistants in the context of conversational commerce.

1. Value creation potential of voice assistants
case: conversational commerce
Elsa Ahlfors
Master’s Thesis:

2. Introduction

3. Creating concepts and services that add value to consumers
by saving their time and effort is becoming crucial and cost-
efficient to achieve through technology.
Time is a scarce resource.

4. Voice brings speed utility, and creates
efficiency that we have never seen before.
”
- Gary Waynerchuk

5. Importance of the topic
1. The voice user interface (UI) used in voice assistants predicts a paradigmatic shift in human-
machine-interaction, and can have a broader impact on the business, social and societal arenas
(Accenture 2018).
2. Market adoption for voice-activated devices is growing at significant speed (Capgemini 2018)
3. …And that, combined with a growing tendency to use such devices for shopping, suggests
that voice commerce will be the next major disruptive force in the retail industry (OC&C 2018)
4. Driven by time pressures, consumers value quick-and-easy shopping excursions. They expect
retailers to meet their needs, not the other way around (Seiders, Berry & Gresham 2000.)
5. Through the rise of voice technology, the power is truly shifting to customers (Deloitte 2018)

6. The purpose
This research seeks to describe and analyze the value creation potential of
new technological innovation – AI powered voice assistant – in the context
of conversational commerce.
Research questions:
1. Describe the ecosystem and platform-based business model of voice assistants
2. Describe perceived customer value of voice assistants and the factures effecting on it
3. Analyze the emerging value creation potential of digital assistants compared with the
value creation of established technologies

7. Theoretical framework

8. Theoretical framework
The theoretical framework of the research is built from three streams of
literature. The literature elucidates the grounds for customer value and explains
how technological advancement affects value creation processes both by
generating new sources of customer value and exploiting new business
models.
1. Customer value (hedonic & utilitarian value dimensions)
2. Technological advancement as a source of new customer value and
new customer segments (disruptive innovation & job-to-be-done)
3. Platform as a new business model for value creation (multisided
platform business model & long tail -logic)

9. Customer value
• Overall assessment of the utility of an offering according to perceptions of what is received and
what is given (Zeithaml 1988)
• Sacrifices – what you give: price, different transaction costs, learning cost and risk (Kumar & Reinartz
2016)
• Benefits – what is given: results of buying and consuming the offering (Kumar & Reinartz 2016)
• Every business would benefit from asking itself: “What one dimension of sacrifice, if eliminated,
would create the greatest value for our customers? ’’ (Pine & Gilmore 2014)
• Customer value is traditionally categorized by hedonic and utilitarian value (Holbrook & Hirschman
1982; Hirschman & Holbrook 1982; Brown 1990; Babin et al. 1994; Rintamäki 2016).
• Hedonic ”shopping as a goal”: reflects the value received from the multisensory, fantastic and emotive
aspects of the shopping experience (Hirschman & Holbrook, 1982)
• Utilitarian ”shopping with a goal”: consumer seeks to maximize utility, which is typically measured in
money, time and effort (Rintamäki 2016)

10. Customer value dimensions
Hedonic customer value
Experimental SymbolicExploration
Utilitarian customer value
Economic Functional
Convenience Product info Product offerings

11. Convenience
Type of convenience
Time convenience product may be provided at a time that is more convenient for the customer
(Brown 1990)
Place convenience product may be provided at a place that is more convenient for the customer.
(Brown 1990)
Use convenience product may be made more convenient for the customer to use; (Brown 1990)
Search convenience the speed and ease with which consumers identify and select product they
wish to buy (Seiders et al. 2000)
Decision convenience consumers’ received time and effort associated with the decision as to
whether to use a service or not, and to make choices between competing
services. (Farquhar 2009)
Transaction convenience consumers’ perceived expenditures of time and effort to effect a transaction or
exchange that typically involves payment (Farquhar 2009)
Execution The most obvious convenience is simply having someone provide the product
for the consumer. (Brown 1990).
Convenience is a judgement made by consumers according to their sense of control over the management, utilization and
conversion of their time and effort in achieving their goals associated with access to and use of the service. (Farquhar 2009)

12. Disruptive innovation
PERFORMANCE+PRICE
Customer needs
Sustaining innovation: brings a
better performing product into
established market
Low-end disruption: addresses
over-served customers with a
lower cost business model
Sustaining
innovation overshoots
customer needs
New market disruption:
compete against non-
consumption
DIFFERENTMEASUREMENT
OFPERFORMANCE
TIME
TIME
Non-consuming
(Christensen 1997;
Christensen et al. 2002 )

13. Jobs-to-be-done
• The theory of jobs to be done was developed in part
as a complement to the theory of disruptive
innovation
• It explains that customers don’t buy products or
services because of the type of person they are but
because they have a job to be done
• When customers find that they need to get a job
done, they “hire” products or services to do the job.
• This means that companies need to understand the
“jobs” that arise in customers’ lives for which their
products or services might be “hired”.
Customers don’t
want a quarter-
inch drill. They
want a quarter-
inch hole.
(Levitt 1960)
”
(Christensen & Raynor 2002; Wessel & Christensen 2012;
Christensen 2016)

14. Multi-sided platform business model
These three functions are essential to a successful
platform:
1. Pull: The platform must pull the producers and
consumers to the platform, which enables interactions
among them. This happens through different types of
network effects.
2. Facilitate: Platform doesn’t control value creation –
instead it creates an infrastructure in which value can be
created and exchanged, and lay out principles (tools &
rules ) that govern these interactions.
3. Match: It must match producers and consumers
effectively by using information about each to connect
them in ways they will find mutually rewarding. This is
done with effective algorithms that find the best
matches from the long tail.
(Hagiu & Wright 2015)
(Parker et al. 2016)

15. Theoretical framework
The factors
effecting on value
creation potential
of a new
technological
innovation:
Creation of new customer
value (what?)
Reaching new customer
segments
(to whom?)
Exploiting a new business
model (how?)
Realization of value
creation potential

16. Methodology

17. Methodology
• Qualitative case study
• Data collection
• Primary data
• collected through semi-structured expert interviews (n=10) conducted during autumn 2018
• interviews focused on the international developer group of voice assistants that includes
entrepreneurs and specialists from different industries
• All interviews were recorded and fully transcribed
• Secondary data
• Used first to gain pre-understanding of the topic and later as a complementary material in order
discuss with the collected primary data
• Consisted of earlier research literature, market researches & reports, statistics, news and official
company webpages relevant for the phenomenon
• Different types of triangulation are used to ensure the validity and reliability of the
research (theoretical, data source, methodological triangulation)
• Deductive data analysis

18. Voice assistants

19. People have wanted to talk to computers almost
from the moment the first computer was invented.
Just a few decades ago, the idea of having
meaningful conversation with a computer seemed
futuristic, but today it is possible due to the
recent technological advances in the field of
Artificial Intelligence, Machine Learning and
Natural Language Processing.
(Hoy 2018)

20. Simply put, voice assistants are the realization of the science
fiction dream of interacting with our computers by talking to
them. Voice assistants are software agents that can interpret
human speech and respond via synthesized voices. They run
on purpose-built speaker devices or smartphones.
”
(Hoy 2018)

21. How does it
work?
1. The software constantly listens for a key word to
wake it up. (Attention detection)
2. Once it hears that key word, it records the user’s
voice and sends it to specialized server, which
processes (speech-to-text) and interprets it as a
command (text-to-meaning)
3. Depending on the command, the server will
supply the voice assistant with appropriate
information to be read back to the user (text-to-
speech), play the media requested by the user, or
complete tasks with various connected services
and devices.
(Hoy 2018)

22. The big four of voice assistants:

23. Voice assistant market share on…
smartphonessmart speakers
Apple
Siri 44 %
Google
Assistant 30 %
Amazon
Alexa 17 %
Samsung
Bixby 4 %
Microsoft
Cortana 1 % Other 1 %
Apple 4,5 %
Google
19,6 % Amazon
64,6 %
Other 11,3 %
(Kinsella & Mutchler 2018)

24. 1640 1939
3001
5217
8560
12121
15793
0
2500
5000
7500
10000
12500
15000
17500
2015 2016* 2017* 2018* 2019* 2020* 2021*
MarketvalueinmillionUSD
*estimate
(Tractica, ks. Statista 2016)
Voice assistant market

25. Device
annual growth in the first five years
TABLETS (20%)
SMARTPHONES (286%)
SMART SPEAKERS (653%)
(Capgemini 2018, 8)

26. • OC&C (2018) estimates
that 13% of US households
and 10% of UK
households had a smart
speaker in December
2017.
• These percentages are
estimated to grow to 55%
in the US and 48% in the
UK by 2022. (OC&C 2018)
Smart speaker market adoption
13%
55%
10%
48%
0%
10%
20%
30%
40%
50%
60%
2017 2022
US UK

27. 390
504
710
1016
1376
1643
1831
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2015 2016* 2017* 2018* 2019* 2020* 2021*
Millionusers
*estimate
(Tractica n.d., see Statista 2018)
• Younger consumers (18-24-year
old) are driving adoption, but they
are statistically more likely to use
their voice assistants less than their
older counterparts (PwC 2018)
• 25-49-year old are using them
most often and are statistically
more likely to be considered
“heavy” users. (PwC 2018)
• Those who own a smart speaker
tend be wealthier, and more likely
to live in “family” households with
children (OC&C 2018)
Growth of unique active users

28. PLAYING MUSIC (53 %)
WEATHER (51 %)
ANSWER BASIC INFORMATIONAL QUERIES (50 %)
SET TIMERS, REMINDERS (43 %)
EMAILS AND MESSAGES (37 %)
NEWS AND TRAFFIC UPDATES (37 %)
HOME AUTOMATION (32 %)
JOKES (30 %)
SHOPPING (28 %)
SPORT RESULTS & GAMES (27 %)
RESTAURANTS & SERVICES ( 19 %)
+ THIRD PARTY APPS
Voice assistants are mainly used for..
(Statista 2017, 24; Merritt 2018)

29. Voice shopping

30. The addressable market
through conversational
commerce will be $20–35
billion in sales by 2020
$2
$6
$18
$35
$41
$60
$90
$120
$125
$135
$-
$20
$40
$60
$80
$100
$120
$140
$160
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Conversationalcommercemarketvaluein
billion(USD)
(Capgemini 2018)
”

31. It is estimated that in the US,
1.8 billion USD was spent
through voice commerce by
the end of last year.
(OC&C 2018)
$1.8
BN
2017

32. … and the number is estimated
to grow to $40bn (in the USA)
by 2022, which represents 6%
of all online spend.
(OC&C 2018)
$40
BN
2022

33. Voice enabled purchases are mainly standard,
low-value, ”better” known products
”
(OC&C 2018)

34. GROCERIES (20%)
ENTERTAINMENT (19%)
ELECTRONICS (17%)
CLOTHES (8%)
OTHER (36%)
As a result, the most
common categories
purchased using voice are:
(OC&C 2018)

35. When it comes to e-commerce, the one thing
that will really help to fast track this is the
combination of screen and voice so the new
iterations do have a screen alongside the
speaker, cause if you do search the pair of
trainers you want to buy, you are not going to
buy them through voice results, you are going
to need something visual to see how they look.
”
- Kevin Gibbons, interviewee

36. Voice shopping examples

37. Shopping with Amazon Alexa
… from Amazon.com
User Amazon.com
Amazon
Alexa
”Alexa, buy toothpaste”
Value creation
Amazon.com
1. Order history / Shopping cart
2. Amazon’s Choice
3. Most popular organic search result

38. Shopping with Amazon Alexa
…. from third party voice app
User
3rd party
application
(Kotipizza)
Amazon
Alexa
”Alexa, open Kotipizza game”
Value creation
Amazon.com

39. Shopping with Google Assistant
…. from Google Express shopping service
User
3rd party
application
(eBay)
Google
Assistant
”Hey Google, buy toothpaste”
Value creation
Google Express
Walmert, Costco,
Target etc.

40. Shopping with Google Assistant
…. from third party voice app
User
3rd party
application
(eBay)
Google
Assistant
”Hey Google, ask eBay to…”
Value creation
Google Express
Walmert, Costco,
Target etc.

41. Findings

42. Theoretical framework with findings
The value creation
potential of voice
assistants stems from:
Creation of new customer value: human-
like technology enables convenient user
experience simultaneously engaging user
in social way
Reaching new customer segments: voice
technology expands the accessibility of
digital services for users of different age,
skill levels sensory and motor impairments
Exploiting a new business model: voice
assistants exploit multi-sided platform
business model
Realization of the
value creation
potential:
Disruption of traditional
customer value categories
Change in consumer
behavior
Paradigmatic shift in
human-computer
interaction
Rise of a new social
innovation
The value creation potential of voice assistants

43. Short term
utilitarian value
1. Voice brings convenience in
standard tasks
2. Routine task automation
3. Reactive
Long term
hedonic value
1. Voice engage users in an emotional and
social way
2. Scalable, personal & humanlike service
encounter
3. Proactive
Robotic Q&A Basic dialogue Playful conversation Personal assistance» » »
Customer value now and in the future
Voice technology might be blurring the lines between the traditional utilitarian and hedonic value
dimensions by providing convenience and monetary savings simultaneously with engaging socially and
emotionally in a human-like interaction.

44. It’s about time.
Voice assistants ensure a
convenient user experience by
saving time and effort, and
removing friction from routine
and standard daily tasks.
However, this highly depends
on the job that user is trying to
get done, and the problem one
is trying to solve.

45. Filtering the product. Voice makes
the long tail content reachable
efficiently.
Voice assistant assists the consumer in finding the
relevant products and information from the long tail by
filtering the endless online offering and making
personalized recommendations.
With voice tech, the search and findability of products
becomes more efficient as AI assistant can ask
specifying questions and map the products for the
consumer.
However, voice search gives a very limited amount of
results, which limits the consideration set of the
customer. The limited consideration set can be seen as
a time saving feature that facilitates the consumer's
decision-making but also as a means to lead consumer
decision-making in order to achieve business
objectives, which raises questions especially from a
consumer protection point of view.

46. The real hands-free experience
Voice UI works the best in situations where user’s hands are
more or less tied:
“It’s easier, if you’re just about to leave your house and
putting a coat on, to shout out to Alexa ‘what’s the weather’
than it would be to grab a phone and to type it.“

47. Voice UI enables a more natural and intuitive user experience than web- and
mobile applications, which usually requires some learning or previous
experience. This way voice expands the accessibility for new user groups and
thus opens up new markets.

48. Disruptive force for social
innovation?
This research shows that due to the natural voice user interface voice
assistants are capable of delivering significant new kinds of customer
value, embodying both of the disruptive innovation mechanisms outlined
by Christensen (1997).
First, voice assistants have created a new market by enabling consumption
in non-consumer segments that have not been served by previous
alternatives. The voice interface eliminates many bottlenecks in existing
technologies, opening up a whole new consumer market through new
customer segments and products. The voice UI greatly expands the
accessibility of digital devices and services to diverse and non-specialist
users which drives the potential for a new social innovation.
In addition to creating new markets, voice assistants target low-end
markets by responding to the needs of an over-served customer group
with a less expensive, simpler and more user-friendly interface.

49. The future is multimodal
The average writing speed is 40 wpm, speaking speed 130 wpm and reading speed 240 wpm.
The combination of different modalities enable the most efficient user experience.

50. Future business model of voice
assistants
The revolution of voice assistants is still in its infancy, and the future
holds many alternative development paths for the business model.
So far, voice assistants are heavily managed by the platform provider,
like Google or Amazon, and tied to services provided through the
platform either by platform provider or 3rd parties. In the future
however, we might see alternative solutions that are not as highly
dependent on the platform company, but offer more freedom of
choice for user.
One potential development path is to have a broad variety of
different voice assistants available on a variety of different platforms,
working as well as a regular web site but not run through algorithms
controlled exclusive by Amazon, Apple or Google.
Indeed, voice assistants are becoming the operating system of variety
of different smart home devices to easily access, connect, and control
numerous devices and services.

51. The main finding of the study is the broader disruptive potential of voice assistants. Voice assistants have the potential to renew
and disrupt the existing value creation models as they have functionally, socially, and fundamentally disruptive features at both
micro and macro levels. Voice assistants have comparative advantages over traditional purchase channels or technologies such as
a brick-and-mortar store or online store, especially in functionality aspects. These functional benefits come from the overall
convenience and exploiting the long-tail offering time-efficiently.
According to the research, the primary customer value of voice assistants stems from the convenience aspect which removes
friction and provides time-efficiency. However, experts believe that in the long term development, voice assistants are also
creating emotional and social value (hedonic value dimensions) through longer, more human—like and personalized
conversations. Therefore, it can be stated that voice technology can be blurring the lines between utilitarian and hedonic value
dimensions being able to provide both convenience and monetary savings simultaneously engaging with users socially in an
emotional human-like interaction.
The value creation logic of voice assistants, in turn, is based on the platform-based value creation mechanisms specific to the
digital age. Voice assistant platforms are using modern and sophisticated AI techniques, which allow the service to be
personalized according to the individual needs and preferences of the user – making more relevant matches between content
and users.
The utilization of AI techniques in voice UI expands the accessibility of digital devices and services to diverse and non-specialist
users through a simpler and more user-friendly user interface. The rise of the voice interface suggests a paradigmatic shift in
human-computer interaction. Based on these findings, it can be stated that voice assistants have a fundamental disruptive
potential at the academic, business, and broader societal and socio-cultural levels. Such disruptive potential may reflect the
emergence of a new social innovation.

52. Based on these findings, it can be stated that the disruptive potential of
voice assistants operates not only as a technological and commercial, but
also as a social innovation, whose effects can have a deep and profound
impact on organizational and socio-cultural structures in our society.
It is thus essential to acknowledge and understand the future potential of
voice assistants and the ways it could affect businesses across industries.
To conclude…

53. Future challenges

54. Challenges in realization of the customer value
potential 1(2)
• Advancement of AI
• Voice assistants can already execute many routine tasks very efficiently. However, being able to make
voice assistants scalable for all use cases, businesses and contexts would require the development of
general AI.
• Language resources
• A major limitation is the fact that most NLP resources and systems are available only for high-resource
languages, such as English, French, Spanish, German, and Chinese. In contrast, many low-resource
languages—such as Indonesian, Punjabi, Swahili or Finnish—spoken and written by millions of people
have no such resources or systems available. (Hirschberg & Manning 2015, 261.)
• A future challenge for the language community is how to develop resources and tools for hundreds or
thousands of languages, not just a few.
• Chicken-egg problem: no services – no users, no users – no service providers.

55. Challenges in realization of the customer value
potential 2(2)
• Trust
• Transparency in the product recommendations
• Security
• One of the main issues with these voice-activated devices is security. Anyone with access to a voice-
activated device can ask it questions, gather information about the accounts and services associated with
the device, and ask it to perform tasks. This poses a major security risk because these devices will read out
calendar contents, emails, and other highly personal information. (Chung, Park & Lee 2017; Hoy 2018)
• Privacy
• Privacy is another major concern for voice assistant users. By their nature, these devices must be listening
all the time so that they can respond to users. Amazon, Apple, Google, and Microsoft all insist that their
devices are not recording unless users speak the command to wake the assistant, but there has been at
least one case where a malfunctioning device was recording at all times and sending those recordings
back to Google’s servers.

56. References

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61. Photo references
• Photo 1 (Starwars): https://pixabay.com/fi/photos/r2d2-robotti-t%C3%A4htien-sota-figuuri-2697680/
• Photo 2 (Amazon Echo): https://www.amazon.com/Echo-Plus-built-International-Version/dp/B075RXH7BW
• Photo 3 (Shopping bag): https://www.alibaba.com/product-detail/Custom-Printing-Eco-Friendly-Brown-Kraft_60684739522.html
• Photo 4 (Amazon Echo Show): https://mashable.com/review/amazon-echo-show-second-generation/?europe=true

62. Elsa Ahlfors
elsa.ahlfors@gmail.com