- CAPABILITIES
This article has been written, dare we say, using ChatGPT.
In recent months it has been impossible to spend a day without reading something about ChatGPT, with businesses and individuals experimenting with its possibilities, experts talking about trends and endless interpretations of what can and cannot be done with it.
Retailers can use ChatGPT in conjunction with their e-commerce platforms to enhance their customers’ shopping experiences.
1. Research phase
Retailers can use ChatGPT to create chatbots to assist customers during their research, and shopping experience. Chatbots can help customers locate products, answer questions about products, and provide recommendations based on other users’ feedback. In other words, virtual sales assistance, on-demand 24/7.
2. Shopping phase
ChatGPT can be used to generate accurate and engaging product descriptions. This can help retailers stand out from their competitors and provide a more informative shopping experience for customers. Leading to increased satisfaction and loyalty. And shorter sales cycles.
3. Personalized recommendations
If you can and wish to share the data, ChatGPT can analyze a customer’s shopping history and provide personalized product recommendations. This can be done through a chatbot or by integrating ChatGPT into the retailer’s e-commerce platform to provide real-time recommendations as the customer browses the website.
4. Post-sales
Retailers can use ChatGPT to improve their Customer Service by providing instant responses to customer inquiries. Chatbots powered by ChatGPT can quickly answer FAQs, leaving customer service representatives free to handle more complex cases at a faster response time avoiding escalated issues.
5. Merchandising
Retailers can use ChatGPT to personalize their marketing campaigns. By analyzing customer data, ChatGPT can recommend products that the customer is most likely to purchase, resulting in higher conversion rates.
Advice:
“ChatGPT’s ability to manage natural language processing, puts the asker at the center of every interaction, focusing on contextualizing the need and providing the most accurate response or questioning in a near-human way to guide the asker to their answer.
This massively impacts the speed of research for buyers and the more complex the offering the more powerful a trained ChatGPT becomes, which can then begin to influence conversion rates.
Jamie Smith | VP of Composable Solutions and Technology | Akinon
ChatGPT does have some drawbacks, the more sensitive information you input the more it stores in its database. Is this safe?
1. Sensitive data
Sharing sensitive/confidential (competitive) data publicly via AI. Just as with any other area where you need to provide background information or even data, asking ChatGPT may imply it accessing confidential information. Even if not shared publicly, this data will most likely be used by AI to continue learning, so you need to be mindful of which information you share with ChatGPT to get answers to your questions. And be sure that you have got permission to do so if you intend to provide ChatGPT with personal or identifiable information.
2. Integration considerations
Before jumping into any potentially complex integrations of your systems with ChatGPT, you must consider the potential gains, whether there are other easier options, and, most importantly, whether you will be able to justify the ROI in the mid-term. Technology moves fast and you may find that your costly project has become a standard available feature in many systems, rendering your investment useless before it has proven any return.
3. It is not 100% accurate
Aside from any current limitations – which will be fixed – ChatGPT or any other AI may not be fully accurate. You don’t know where the data used comes from (i.e. you need to be aware that data sources may not be the ones you would naturally consider acceptable). And also you may be infringing IP / copyright laws (you may not be allowed to use these data legally). Either due to a lack of data or due to algorithm shortcomings. Regardless of the reason, you need to be aware that results or recommendations from AI can save you time as long as you know how accurate they are. Otherwise, you may consume more time correcting it than actually doing the job.
4. Risk of repeating mistakes
If you haven’t reached perfection in one process, using chatGPT will only repeat the mistakes and you will have larger problems.
5. Lack of human-touch and personal views
ChatGPT has limitations when it comes to comprehending context, particularly sarcasm, and humor. While ChatGPT is adept at processing English, it occasionally has trouble understanding the finer points of interpersonal communication. For instance, if a user inputs comedy or sarcasm in their message, ChatGPT might not understand the intended meaning and may instead respond in an unsuitable or irrelevant way. ChatGPT is trained on a vast library of text data, which may contain biases or preconceptions depending on stored input. As a result, the AI may occasionally produce responses that are unintentionally prejudiced or discriminating.
Advice:
“ChatGPT’s and AI’s issues are improving as adoption increases, but are still very real. Data privacy is the biggest because Data is Data to even today’s supercomputers and if no detailed controls are in place to prevent the BOT from sharing the processed Information, private data quickly become public information.
The training rules and security protocols are only part of the story, however, and are the easiest things to overcome.
Jamie Smith | VP of Composable Solutions and Technology | Akinon
Using ChatGPT provides definite benefits to your trading business by rapidly supporting customer questions and advising on products they are researching while learning to allow you to take your trading AI to the next level. It however doesn’t solve all of your customer interaction problems or drive up your revenues overnight.
The latest version GPT-4 has enhanced conversational AI natural language responses, introducing more atmosphere in real time to make users far more comfortable, and like the body of this article provides rapid ghostwriting abilities when the content is available. As an example, the one we have used to generate some of this article (duly reviewed and edited) – has delivered the facts based on its knowledge base, but still lacks the creativity of people. Yet, it can simplify a lot of the tedious search work that you otherwise had to do manually. Bear in mind, there are strings attached.
In any case, your customers are using ChatGPT to search for your items, and you must at least ensure this new channel is not working against you.
