How ChatGPT helps consumers make better purchasing decisions
ChatGPT has gained popularity in recent months due to its research capabilities. A CBS research showed that ChatGPT reached 100 million monthly active users within two months, beating most social media platforms. It has been the talk of the Internet because it is a powerful tool for generating human-like text depending on the input it receives.
Access via an HTML-5 browser makes it easy, fast and efficient for most internet users. If you can use a smartphone, you can definitely use ChatGPT. Today, more and more people are using it to make purchasing decisions, further increasing its popularity. But what is ChatGPT and how can it benefit consumers?
What is ChatGPT?
ChatGPT is a research tool that has steadily grown in popularity since its launch in November 2022. However, its journey began in 2015 when OpenAI came to light as an artificial intelligence research company. The company was founded by a group of entrepreneurs and researchers, with names in the list including Sam Altman. Other investors on the list include Microsoft and Sequoia Capital.
How does ChatGPT work?
If you ask many people about ChatGPT, most will tell you that it only requires a prompt to output data. ChatGPT works through its Generative Pre-trained Transformer or GPT. The GPT uses special algorithms to identify patterns in data sequences to give you the most likely answer.
ChatGPT originally ran on the GPT-3 model, but has since moved to GPT-3.5 and GPT-4. The 3.5 version is free and has gone through a fine-tuning process for its algorithm. ChatGPT Plus, on the other hand, uses the GPT-4 version, which is faster and uses Internet plug-ins. This allows it to handle more complex tasks, such as describing photos, generating captions and giving more detailed answers.
Avoid inaccuracies when using Chat GPT
ChatGPT relies heavily on your ability to use the right prompt and provide accurate details. If a user enters vague information, the results are likely to be less efficient than someone who has understood how to prompt the system. Whilst it is great to be polite when entering prompts, you will always get the best results by giving commands to ChatGPT.
How does ChatGPT influence consumer decision making?
Now that you know how ChatGPT works, you’re probably wondering ‘how does it change consumer patterns and behaviour? Research shows that many consumers have turned to ChatGPT for research, especially when making purchases. They consult the tool first to gain insight before embarking on their shopping spree. How is this happening? Read on to find out!
Make a product comparison
Comparison plays a vital role in the purchase decision. A consumer must first examine and compare the available products from different brands. This can include colour, price, functionality, effectiveness and personal preferences.
For example, if a consumer wants to buy a shoe, they will consider comfort, price, additional features and cushioning. If they have two or three options, they will narrow it down to those features. With the ChatGPT tool, they can simply type in a prompt and request a comparison of the three brands of shoes they are considering.
By using the right prompts, the system provides them with the information they need to make a decision. Some of the details that a consumer may need to enter into ChatGPT for better performance include the type of ground they will be using the shoes on, their preferred level of comfort, the additional features they want, and how often they run.
With this information, ChatGPT can give you a breakdown of what each shoe is good for and the best option for you based on your selection. All of this information makes it easier to make a purchase decision.
Get expert advice
ChatGPT works by synthesising information from a variety of sources into coherent answers that are relevant to your preferred topic. These answers simulate those of a knowledgeable human. Because it is a natural language tool, the information a consumer receives is easy to understand.
If you are a consumer looking for expert advice, chances are you will have to sift through tons of articles on your search engine. This can be time consuming and tiring.
For better results, you need to ask ChatGPT to act as an expert. In this example, a consumer wants to know how to quickly heal a twisted or sprained ankle. The best approach would be to ask ChatGPT to act as an expert physiotherapist and give expert advice on how to fix it.
The above prompt is much better than just typing ‘how to fix a sprained ankle’. By asking the system to act as an expert and provide more information, you allow it to be more human and provide actionable ways to approach the problem.
If a consumer is considering two knee braces, the ‘act as’ prompt will help them know which one is best depending on the extremity of the injury. Along with the recommendation, it will also advise them to physically visit a physiotherapist for more insight.
Get answers to precise questions in seconds
There is nothing better than getting answers to your questions within minutes. If you are in a shopping centre and are torn between buying product A or product B, the last thing you want is to wait more than 5 minutes to know what to choose. Or if you are navigating a large application like TEMU, some help can be very welcome.
ChatGPT works in seconds and ensures that consumers get answers when they want them. This makes the purchase decision easier and simpler. Let’s take the example of a person in a grocery store who can’t decide whether to buy organic or non-organic bread.
Since you have easy access to the system on your phone, you can quickly type in ChatGPT and get a list of the pros and cons of each option. With the right prompt, you can use the tool to research the ingredients used and get accurate details in seconds.
The future of ChatGPT
ChatGPT has huge potential to revolutionise industries around the world. The system has incredible natural language processing capabilities and has become a great tool for both consumers and businesses.
For consumers, the system can provide insight into a particular service or product within seconds. This influences their decision making process, as their decision to buy or not is based on their insights.
For businesses, it enables them to improve communication, accelerate growth and innovate more. As a business, you need to understand the shift in consumer behaviour and up your game to stay competitive. If consumers have to wait more than a minute for a response from your customer support team, you are more likely to lose them as ChatGPT and other AI technologies provide answers in seconds. Your best bet is to embrace it and integrate it into your systems so that you can increase efficiency and customer satisfaction, while empowering them to make informed decisions. There are also applications that use AI intelligently, such as monday.com.
Conclusion
ChatGPT started with its 3.0 version and has been making regular updates and releases. It is changing the way consumers behave, not least when it comes to shopping.
