ChatGPT, an open language model, is set to become a game-changer in the retail industry, according to a new report by Juniper Research. The report predicts that the model will drive retail spend growth, especially among small and medium enterprises. Open language models consist of large neural networks that are trained on online information and learn through low levels of human supervision. They automate functions such as marketing, customer support, and payment processing and thus help retailers cut costs. The report states that the implementation of chatbots for smaller retailers was previously expensive, but ChatGPT has lowered it significantly, making it a more affordable solution.
According to the research, Asia Pacific is forecast to account for 85% of global retail spend over chatbots by 2028, despite only representing 53% of the global population. The region’s popularity with messaging apps, including WeChat, Line, and Kakao, has led to high levels of trust in chatbots as a retail channel. Although North America and Europe are trailing behind Asia Pacific, the report predicts that their implementation of chatbots will increase, causing an estimated 66% of spend to be attributed to Asia Pacific. To maximize revenue outside of Asia Pacific, the report calls for vendors to target online retailers in these two regions.
Frequently Asked Questions (FAQs) Related to the Above News
What is ChatGPT?
ChatGPT is an open language model that uses large neural networks to automate functions such as marketing, customer support, and payment processing for retailers.
How does ChatGPT help retailers cut costs?
By automating functions such as marketing, customer support, and payment processing, ChatGPT helps retailers cut costs.
Was implementing chatbots previously expensive for smaller retailers?
Yes, implementing chatbots for smaller retailers was previously expensive.
Has ChatGPT made implementing chatbots more affordable for smaller retailers?
Yes, ChatGPT has significantly lowered the cost of implementing chatbots, making it a more affordable solution for smaller retailers.
Which region is predicted to account for 85% of global retail spend over chatbots by 2028?
Asia Pacific is predicted to account for 85% of global retail spend over chatbots by 2028.
Why is Asia Pacific predicted to account for such a large percentage of global retail spend over chatbots?
Asia Pacific is predicted to account for such a large percentage of global retail spend over chatbots because of the region's popularity with messaging apps, including WeChat, Line, and Kakao, which has led to high levels of trust in chatbots as a retail channel.
Will North America and Europe also implement chatbots more in the future?
Yes, the report predicts that North America and Europe will increase their implementation of chatbots in the future.
How much of the global retail spend over chatbots is predicted to be attributed to Asia Pacific and North America and Europe combined?
The report predicts that 66% of the global retail spend over chatbots will be attributed to Asia Pacific and North America and Europe combined.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
