ChatGPT, developed by artificial intelligence giant OpenAI, is one of the most talked-about technologies currently sweeping through the ecommerce world. The prototype was first released in November 2022, and it seems to have become the latest revelation in AI technology, aiming to revolutionize the way we shop online. Still, retailers remain suspicious of its drawbacks, especially when it comes to direct customer interactions. So what are the most and least viable uses for generative AI in retail and which areas could it benefit the most?
The global ecommerce industry, with its revenue projected to reach a whopping $5.920 trillion by the year 2023, is prime target for the disruption of generative AI. Experts predict major changes, especially in private and social ecommerce, voice commerce, mobile commerce, and top drivers such as personalization and product designs.
Generative AI has a lot of potential uses in retail, the most promising being the implementation of chatbots, generation of product descriptions, and tailored product recommendations. It can also become incredibly useful for creating natural language content, automated translation, data analysis, and product development. On the flip side, AI still has a long way to go, before it can be applied to customer service issue or advanced search capabilities.
Although AI technology has made huge steps towards becoming a mainstream retail solution, merchants should be wary of overhyping it. It takes careful preparation and contemplation on their part, to properly recognize and understand generative AI’s full potential. To stay ahead of the competition, ecommerce businesses should consider performing in-depth analyses of the technology, allowing them to tap into predictions and understand what transformations in their industry this new development could bring.
