IADS Exclusive: Why ChatGPT is turning retail leaders’ heads

IADS Exclusive March 2023 Mary Jane Shea

OpenAI, a research laboratory based in Los Angeles dedicated to Artificial Intelligence technology,  is the parent company of groundbreaking AI technologies such as DALL·E 2 which creates original art and images based on a text description, and Whisper which is a speech-to-text AI solution that can very accurately transcribe speech across languages. 

ChatGPT is OpenAI’s latest release that has turned heads. ChatGPT is a chatbot technology that has the ability to generate human-like text, which could bring value to businesses that want to add a layer of sophistication to their digital communications. The solution offers human-like responses to a variety of questions, admits when it makes a mistake, and can even help write or correct code. 

ChatGPT has been creating a lot of buzz since OpenAI released the free version, and the company has also shared that they will be monetizing the tool by offering it as a cloud-based API (Application Programming Interface) that businesses and developers can integrate into their own applications and services. But what does this mean for retailers and businesses? Will such sophisticated chatbots bring added value to businesses in the short term or will the technology need more time to learn and be applied in a way that serves consumers and businesses without the fear of impacting brand image?

IADS provides its members with a weekly in-depth analysis on retail-oriented topics. This is an example of the themes the Association regularly addresses, and the topic of an article from the IADS members-only newsletter date 08 March 2023.

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