If artificial intelligence is the broader field of teaching machines to reason in complex scenarios, then generative AI is its most recent advancement. Generative AI refers to the algorithms and models that allow computers to create new content like images, text, and audio. The explosion of ChatGPT in the last few years may be to blame for the recent buzz, and for good reason. How we all live and work may be drastically changed by this technology—and some would argue that it already has.  

ChatGPT launched in 2022 after the rapid advancement of pre-trained transformer technology. Transformer technology refers to models that can understand context when processing language. This technology was then pre-trained on specific datasets to improve the output of specific tasks. In the simplest of terms, generative pre-trained transformers (GPT) are models that can create new content thanks to their ability to process language and learn from deep and vast data sources.  

ChatGPT isn’t the only generative AI tool on the market. Other generative AI models include Bard, DALL-E, Synthesia, Jasper, and many more. More critically, today’s leading technology, data, and information service providers are embedding generative AI technology into their current products to improve the accuracy and efficiency of client tasks. 

AI has and will continue to improve consumer shopping experiences around the world. We’ve already seen retailers replicate in-store environments in augmented realities, allowing shoppers to virtually try on products from home or on the go. But this is just the start. Consumers will grow to expect highly-personalized brand interactions and retail experiences, ranging from virtual shopping assistants to real-time product recommendations based on their own preferences or health data. The possibilities, and opportunities for retailers and brands, are endless.

However, implementing these AI-driven growth strategies and consequently analyzing their performance is no small task. Expect to see current analysis tools evolve to more accurately forecast trends, monitor online consumer sentiments, better optimize pricing strategies based on real-time data, and so much more—all executed by integrated chat bot tools and AI functions.