ChatGPT has quickly become one of the hottest topics in the retail industry. It’s a language model developed by OpenAI that has been making waves in ecommerce since its prototype launch in November 2022. Retailers are excited about its potential to revolutionize the industry, but they’re also wary of the potential risks when it comes to direct interactions with customers.
So, what does the future hold for ChatGPT and other generative AI technologies in retail? Where will they have the biggest impact, and what use cases are most and least promising?
Generative AI is set to have a huge impact on the $5.920 trillion global ecommerce industry. It’s expected to transform mobile commerce, social commerce, voice commerce, and other top channels like personalization and product design.
When we look ahead, there are several promising use cases for generative AI in retail. Chatbots, product descriptions, personalized product recommendations, content creation, automatic translation, data analysis, and product development are all areas where we expect to see significant advancements.
However, there are also areas where generative AI might not be the best fit for retail. These include customer service and enhanced search, where direct human interaction is still essential.
It’s important to note that while generative AI has captured the media’s attention recently, it’s been evolving for some time. It still has some ways to go before it can fully deliver on its promises, and retailers are at different stages in terms of understanding its potential.
ChatGPT and generative AI have the potential to transform the retail industry in significant ways. While there are areas where it may not be the best fit, there are several promising use cases that retailers should be exploring to stay ahead of the curve.