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On September 20, 2024
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Klarna's AI Assistant Now Offers Chat-Based Shopping Experience | PYMNTS.com
"For decades, the tech industry assumed that the online shopping experience was tied up by a small number of massive tech players, which led to underinvestment," David Fock, chief product and design officer at Klarna, said in the release. "That's created an opportunity for companies like Klarna, and we are enlisting AI to challenge the incumbents." Klarna's AI assistant now provides a chat interface that helps shoppers search for specific products or brands, access key product insights and identify products based on their preferences, according to the release. The AI assistant also helps shoppers compare products; research activities like skiing or rollerblading and discover recommended products; and find products that match the shopper's requirements in terms of pricing, availability and delivery, per the release. "Klarna is at the forefront of seizing the potential of AI to deliver tangible benefits to customers," Brad Lightcap, chief operating officer at OpenAI, said in the release. "We're excited to continue collaborating and showing the power of AI at scale." Klarna said in March 2023 that it was working with OpenAI to use ChatGPT as a personal shopping assistant. Generative AI is poised to transform the retail experience for consumers, according to the PYMNTS Intelligence and AI-ID collaboration, "What Generative AI Has in Store for the Retail Industry." The report found that 77% of retailers rank generative AI as the most impactful emerging technology. Klarna also uses AI assistants to handle customer service tasks and to answer employees' questions. The company said in May that its internal AI assistant, Kiki, was being used by 85% of its employees; was answering 2,000 employee questions per day; and had responded to more than 250,000 inquiries since it was launched about a year earlier. Klarna has another AI chatbot that fields two-thirds of its customer service chats; contributes to consumers resolving their issues in less than one-fifth the time it took previously; and takes on the labor of 700 employees.
[2]
Klarna adds features to AI-powered assistant
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The AI assistant now offers a chat-based shopping experience, helping users spend less time and supports them in finding the right goods at the right price. The AI assistant provides personalized product recommendations, expert advice, category and brand comparisons, and access to customer reviews -- streamlining the path from inspiration to purchase. Klarna's AI Assistant now helps you to: These new features support Klarna's vision to become the ultimate tool for all your financial needs. From helping customers pay and manage finances to finding the right products at the right price, Klarna is there to support customers every step of the way. "For decades, the tech industry assumed that the online shopping experience was tied up by a small number of massive tech players, which led to under-investment. That's created an opportunity for companies like Klarna and we are enlisting AI to challenge the incumbents," said David Fock, Chief Product & Design Officer at Klarna. "We've combined the intelligence of LLMs, the knowledge of Pricerunner and the Klarna UX to build a smoother and more intuitive, chat-based shopping experience." "Klarna is at the forefront of seizing the potential of AI to deliver tangible benefits to customers. We're excited to continue collaborating and showing the power of AI at scale," said Brad Lightcap, COO of OpenAI. The launch builds on Klarna's earlier AI initiatives, such as its AI assistant for customer service, which within weeks of its January 2024 debut was handling the equivalent workload of 700 full-time agents.
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Klarna, the Swedish fintech giant, has upgraded its AI assistant with chat-based shopping capabilities and additional features, aiming to revolutionize the online shopping experience.
Klarna, the Swedish fintech powerhouse, has significantly enhanced its artificial intelligence (AI) assistant, introducing a chat-based shopping experience and a host of new features. This move marks a substantial step forward in the company's efforts to revolutionize online shopping and financial services 1.
The newly upgraded AI assistant now allows users to engage in a conversational shopping experience. Customers can chat with the AI to discover products, compare options, and make informed purchasing decisions. This interactive approach aims to mimic the experience of shopping with a knowledgeable friend or personal stylist, bringing a more human touch to online retail 1.
Klarna has introduced several new features to enhance the AI assistant's functionality:
Personalized recommendations: The AI can now provide tailored product suggestions based on user preferences and shopping history 2.
Price tracking: Users can monitor price changes for specific items, ensuring they get the best deals 2.
Budget management: The assistant helps users set and stick to shopping budgets, promoting responsible spending 2.
Gift suggestions: The AI can recommend suitable gifts based on recipient information provided by the user 2.
These enhancements are designed to make online shopping more intuitive, efficient, and personalized. By leveraging AI technology, Klarna aims to bridge the gap between traditional retail experiences and e-commerce, potentially setting a new standard for the industry 1.
As with any AI-powered service handling personal and financial information, questions about data privacy and security arise. Klarna assures users that it adheres to strict data protection regulations and employs advanced security measures to safeguard user information 2.
The introduction of these advanced AI features by Klarna could potentially spark a trend in the fintech and e-commerce sectors. As consumers become more accustomed to AI-assisted shopping, other companies may follow suit, leading to widespread adoption of similar technologies across the industry 1 2.
Reference
[2]
Swedish fintech company Klarna has reported a significant reduction in customer service staff thanks to the implementation of AI chatbots, highlighting the growing impact of artificial intelligence on employment in the financial sector.
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JPMorgan Chase introduces an AI-powered assistant to enhance productivity for 60,000 employees. The tool, based on OpenAI's ChatGPT, aims to streamline various tasks and improve efficiency across the organization.
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China's Ant Group has launched an AI-powered life assistant called Tongyi Wanxiang. This new tool aims to revolutionize daily tasks and enhance user experiences across various Alipay mini-programs.
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Amazon introduces Rufus, an AI-powered shopping assistant, to enhance the online shopping experience. This new feature aims to provide personalized product recommendations and answer customer queries efficiently.
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