The accessibility of AI tools like ChatGPT has empowered individuals worldwide, revealing the remarkable capabilities of these tools.
From answering questions and crafting poetry to generating texts in the styles of renowned authors and facilitating translation, the possibilities seem endless.
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.
- Shopping behavior: The Rise of the Gen Z consumer
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Q1 2023 Benchmark Report: Click HERE to see how your store compares to the industry average.
FOOT TRAFFIC INDEX
FOOT TRAFFIC TRENDS
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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.
Click HERE to learn more about all the ways ChatGPT can be used in your store.
The Rise of the Gen Z Consumer
As the oldest members of Gen Z move into their mid-20s and the youngest enter their teen years, personal finance concerns are high on their list of worries.
A recent report found that 48% of Gen Z frequently shop at discount stores, with 20% prioritizing dollar stores.
Financial concerns also affect how Gen Z pays for things: 45% use debit cards, 21% prefer cash, and credit cards come in third at 17%. Buy now, pay later (BNPL) options are at the bottom of Gen Z’s preference list, at only 3%.
Despite Gen-Z being digital natives, physical stores are still a fan favorite. virtually all (97%) of the 1,000+ consumers surveyed in March 2023 shop in brick-and-mortar stores — and almost the same number, 95%, also shop online.
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