ChatGPT and Retail: Reality, Hype, What's Next, and How to Prepare
ChatGPT, an AI language model developed by OpenAI, has quickly become a buzzword in the retail industry. This generative AI technology promises to revolutionize ecommerce, but retailers are cautious about its potential pitfalls, especially when it comes to direct interactions with customers. What is the reality of ChatGPT in retail, and where will it have the greatest impact? Let's take a deeper look.
Generative AI is expected to have a profound impact on the global ecommerce sector, which is valued at $5.920 trillion. Its most significant impact is expected in mobile commerce, social commerce, voice commerce, personalization, and product design.
Looking ahead, the most promising use cases for generative AI in retail are chatbots, product descriptions, personalized product recommendations, content creation, automatic translation, data analysis, and product development. However, customer service and enhanced search are not considered promising use cases for generative AI in retail.
Although its rise may seem sudden given the current media frenzy, generative AI has been evolving for some time. There is still a long way to go before it can deliver on its promises, and different retailers are at different stages in terms of understanding its potential.
To prepare for the rise of generative AI, retailers and brands must understand its potential and take actionable steps. Want to delve into the future of generative AI and learn how to prepare for its rise? Purchase the full report here and use code CHATGPT100 for $100 off.
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