Tools like ChatGPT have put the capabilities of AI at the fingertips of everyone — and people all over the world are now recognizing that these tools can do incredible things.
It can answer questions, write poetry, create texts in the voices of specific authors, do translation, and more.
This week we look at how new technologies have the potential to have unique use-cases for retail stores.
THIS WEEK’S HIGHLIGHTS
- ChatGPT meets retail: Inside the latest boom.
- Livestream shopping: Why US consumers are not picking up on the popular trend.
- 30 Under 30: Meet the young entrepreneurs who are reshaping the retail industry.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
ChatGPT: Retails next big tool
Tools like ChatGPT have put the possibilities of AI at the fingertips of everyone — and people all over the world are now recognizing that these tools can do incredible (and useless) things.
ChatGPT can answer questions, write poetry, create movie scripts with the tone of specific authors, do translation, and more.
The chat also has the potential to have unique use-cases for retail stores. ChatGPT can be a valuable tool for conducting retail market research. By analyzing customer data, ChatGPT can provide insights into buyer behavior, including which products are most popular, which marketing channels are most effective, and what factors drive customer loyalty.
Livestream shopping struggles to take form
Despite livestream shopping events skyrocketing in popularity in China and many companies in the US dedicating resources to virtual events, consumers in the US struggle to see the value.
A recent report by Morning Consult found that Nearly 80% of US adults have never participated in a live shopping event, and less than a third of U.S. adults have seen, heard of, or read about live shopping events overall.
Among the reasons why, 35% of respondents said they were concerned about product quality, seller integrity, and shipping concerns, and 54% of respondents said they were not comfortable shopping through social media platforms.