Artificial intelligence has played a major role in transforming the retail industry. According to a 2023 McKinsey report, the retail and consumer packaged goods sector will have an expected economic impact of $400 billion to $600 billion annually. Additional analysis and estimates from McKinsey estimate that generative AI will bring $310 billion in added value to the retail industry by enhancing marketing and customer-facing performance.
Klarna has been at the forefront of integrating AI as consumers look to more personalized shopping and businesses strive to improve the customer experience. The company was the first European company and fintech company to launch a ChatGPT plugin.
OpenAI, the artificial intelligence research company that transformed the space with ChatGPT, has published a new case study that reflects its relationship with Klarna.
OpenAI reports that its integration into the Klarna platform for AI-assisted shopping experiences will enable consumers to have a more seamless shopping experience. Customers using the ChatGPT plugin can have conversations about the products they're looking for and get suggestions from the software. Product links direct consumers to Klarna's search comparison tool for price comparisons.
Martin Elwin, Senior Director of Engineering at Klarna, said: “We are proud to partner with OpenAI on a range of initiatives that will truly improve the shopping experience for millions of people around the world. At the same time, it increases the efficiency of our employees.”
Additionally, Klarna's AI shopping assistant, powered by OpenAI, powers the shopping payment experience for 150 million consumers around the world. This assistant is available 24/7 in 35 markets and can manage tasks ranging from servicing refunds and returns to multilingual customers in over 35 languages.
An OpenAI case study found that within the first month of the technology going live, the AI conducted 2.3 million conversations. This equates to two-thirds of Klarna's customer service chats. The customer used to take him 11 minutes, but now he can solve the errand in less than 2 minutes. Klarna saw a 25% reduction in repeat inquiries. The report estimates that Klarna's 2024 profits will increase by an estimated $40 million.
Notably, Klarna’s AI integration isn’t just limited to customer experience. The company has also adopted ChatGPT Enterprise for use by its employees around the world. Klarna is currently seeing a variety of use cases, including building software and streamlining customer service. According to OpenAI's report, 75% of Klarna's employees use generative AI tools.
Sebastian Siemiatkowski, co-founder and CEO of Klarna, said: “As Klarna continues to discover applications for his OpenAI technology, it has the potential to take our business to new heights. We aim to improve both the customer experience.”
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