What’s new: A wave of AI powered tools are now available to the average consumer.

Why does it matter: AI has long been predicted to transform the retail industry - by using data to improve the customer experience via chatbots or streamline backend processes such as logistics, pricing, supply chain management, and inventory management.

But 2023 will see consumers become super-powered with a host of AI powered tools such as:

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·     ChatGPT -  a bot that can instantly answer complex questions,write essays, poems and even code accurately.  

·     DALL·E 2 - built on similar foundations can create realistic images from written descriptions.

·     DoNotPay - is a legal services AI that essentially flips the chatbot model around – putting it in the hands of consumers to communicate with organisations on their behalf. It can fight parking fines, make complaints to brands, request refunds and even negotiate discounts. All the consumer needs to do is prompt it.

In the near future, there will be two classes of business. Those are using AI to streamline operations, and those who aren’t.

The disruptive changes will be as big the arrival of the internet or social media.

The time savings from the automation not just of basic tasks – but more complex ones such as marketing – is creating a growing call for universal basic income to mitigate the socioeconomic impact of automation on jobs.

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