ChatGPT, a language model developed by OpenAI, has quickly become one of the biggest buzzwords in retail. The model, launched in prototype form in November 2022, is the latest iteration of AI technology promising to revolutionize e-commerce. But retailers remain cautious about its potential pitfalls, especially regarding direct customer interactions. So where exactly will ChatGPT, and generative AI in general, have the biggest impact on retail, and what are the most and least promising use cases for the technology?
Generative AI is expected to have far-reaching implications for the $5.920 trillion global e-commerce industry. The greatest impact is expected to be seen in mobile commerce, social commerce, voice commerce, and other leading channels such as personalization and product design.
Going forward, the most viable and valuable use cases would be chatbots, product descriptions, personalized product recommendations, content creation, machine translation, data analytics, and product development. products. However, less promising use cases for generative AI in retail are for customer service and enhanced search.
The rise of generative AI may seem sudden given the current media frenzy, but it has 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 of understanding its potential. Want to dive 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.