ChatGPT and Retail: Reality, Hype, What's Next, and How to Prepare
ChatGPT, a language model developed by OpenAI, has fast become one of the biggest buzzwords in retail. The model, launched as a prototype in November 2022, is the latest iteration of the AI technology promising to revolutionize ecommerce. But retailers remain cautious over its potential pitfalls, especially concerning direct interactions with customers. So where exactly will ChatGPT, and generative AI broadly, have the greatest impact in retail, and what are the most and least promising use cases for the technology?
Generative AI is set to have far-reaching implications for the $5.920 trillion global ecommerce sector. The most sizable impact is expected to be seen in the areas of mobile commerce, social commerce, voice commerce, and other top channels such as personalization and product design.
Looking into the future, the most viable and valuable use cases are believed to be chatbots, product descriptions, personalized product recommendations, content creation, automatic translation, data analysis, and product development. However, the not-so-promising use cases for generative AI in retail are in customer service and enhanced search.
Generative AI's rise may seem sudden given the current media frenzy, but it's been evolving for some time. It still has some way to go before it can deliver on its promises, and different retailers are at different stages in terms of understanding its potential. Want to delve into the future of generative AI and provide actionable steps for retailers and brands to prepare for its rise? Click here to purchase the full report and use code CHATGPT100 for $100 off.
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