Alexa is moving to speakers beyond the Amazon Echo (AMZN)

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Anker, a hardware accessory manufacturer, will introduce a new, Echo Dot-sized smart speaker with Amazon’s Alexa voice assistant built in, according to The Verge.

The new speaker, which will go on sale August 16 for $35, will give consumers a new way to add an Alexa-enabled speaker to their homes and is an early example of Amazon’s plan to move Alexa beyond just its own hardware.

Amazon is looking to make Alexa widely available to give consumers a wide variety of device options. It wants consumers to regularly use the voice assistant in their everyday lives, including for e-commerce, which will drive Amazon’s core business.

The Echo speakers are meant to be an access point to Alexa rather than a major revenue driver themselves. This is why Amazon has made its Alexa Voice Service available to developers, allowing them to build Alexa directly into devices.
Anker’s new smart speaker could cut into the Echo Dot’s market share, but every Alexa-enabled speaker means a new opportunity for Amazon. The e-commerce giant has been working to make it easier for consumers to buy devices with Alexa built in, working with developers at Ecobee to integrate the assistant into its smart thermostats and light switches. Companies also announced plans to build Alexa into smart fridges, robots, and cars.

So far, 22% of Echo owners have used their devices to make a voice purchase, according toexclusive survey data from BI Intelligence. But BI Intelligence expects that voice payments will grow rapidly in the coming years, with 31% of US adults making voice payments by 2022. Amazon wants to ensure that it is able to secure a large share of that growing segment, and is creating opportunities for partners to provide the hardware that will let that happen.

A revolution in payments and banking is beginning as virtual assistants like Siri and Alexa gain the abilities of cashiers, personal shoppers, and bank tellers.

Already, Siri can help users make peer-to-peer (P2P) transfers with Venmo, Alexa can pay off Capital One credit card bills, and Google Assistant can let users shop with their voice from nearby stores.

This is just the beginning. Today, 18 million US consumers have made a voice payment, and BI Intelligence projects that figure will quadruple over the next five years.

Dan Van Dyke, senior research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on voice payments that:

Shares current and projected adoption of voice payments.
Outlines voice payments and banking integrations on the market.
Examines growth drivers and barriers to consumers' voice payments adoption.
Provides strategies for successfully deploying voice interfaces.

To get the full report, subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND more than 250 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> Learn More Now

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