Buy now, pay later (BNPL) platform Klarna has integrated OpenAI’s ChatGPT in order to enhance the shopping experience with AI-powered product recommendations.
Klarna has inked a new partnership with OpenAI to use its protocol to build an integrated Plugin for ChatGPT that would level up the shopping experience, the platform said in a Thursday blog post.
The new integration would allow Klarna to offer a personalized shopping experience that provides product recommendations when users ask for shopping advice, inspiration, and product links via the platform’s search tool.
“Not sure what to buy your unicorn-loving niece for her birthday? Just ask Klarna through ChatGPT and be presented with a selection of the very best unicorn-themed present ideas,” the company said.
How to Use AI-Powered Klarna for Better Shopping?
In order to use the AI-powered Klarna, users need to first install the Klarna plugin from the ChatGPT plugin store.
Once installed, users can simply ask what type of product they want and put in their budget to receive a selection of product links relevant to their request.
If users tap on a product link, they can also navigate to the product page on Klarna’s search and compare tool to compare prices across its 500,000 retail partners, the company said.
“I’m super excited about our plugin with ChatGPT because it passes my ‘north star’ criteria that I call my ‘mom test’, i.e. would my mom understand and benefit from this,” Sebastian Siemiatkowski, co-founder and CEO of Klarna, said.
“And it does because it’s easy to use and genuinely solves a ton of problems – it drives tremendous value for everyone.”
The company noted that it will initially roll out the new plugin to a selection of ChatGPT Plus subscribers in the US and Canada, and gradually more users and regions over time.
Klarna is one of the many big tech players that have jumped on the AI bandwagon in a bid to use this new technology for a better user experience.
Just recently, Canva, an all-in-one design platform, unveiled a raft of new AI tools and branded workspace features aimed at helping businesses streamline their content creation processes.
Similarly, Microsoft has launched an artificial intelligence-powered image generator that incorporates OpenAI’s DALL-E to create images based on text prompts.
Klarna Hopes to Return to Profit this Summer
Last month, Klarna released its earnings report for the last quarter and fiscal year 2022, reporting wider losses for the entirety of last year but a better performance in the fourth quarter.
The Swedish payments company posted a full-year operating loss of 10.5 billion crowns ($1 billion), compared to 6.6 billion crowns in the earlier year.
However, the company’s operating loss shrank to 2.0 billion crowns from 3.5 billion the year before in the last quarter, with GMV up 19%.
Klarna said the United States became its largest market by revenue in December, adding that it hoped to return to profitability by summer.
“The U.S. and the UK is growing at a very high pace, pushing up the average growth number for the whole company,” Chief Executive Sebastian Siemiatkowski said.
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