Innovation of the Week is a subscriber-only series highlighting retail initiatives that have caught the eye of our team. Every week, we will bring you new ideas and case studies across consumer, technology, sustainability, economy, policy and industry.
What is it?
Global payments service Klarna is enhancing its offering with new features added to its AI assistant powered by OpenAI, including a chat-based shopping experience for customers.
The AI assistant now helps customers better search for specific products or brands within a single chat interface, while letting shoppers explore reviews and price history.
Another feature recommends products based on an individual customer’s preferences or behaviour.
For shoppers who want to compare products or categories, the assistant will break down your questions to give relevant suggestions through an AI-generated summary of the pros and cons of each item.
The assistant is also able to find the right price for millions of products along with stock availability and delivery information.
Why does it matter?
With Klarna amassing around 150 million global active users, the AI-powered assistant can bring a personalised experience to each customer.
The company said the features will bring “relevance” and “satisfaction” to a shopper’s experience.
“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 Klarna chief product and design officer, David Fock.
Strategic implications
The introduction of the new AI tools is another step in Klarna’s plan to become the “ultimate tool for all your financial needs”.
It builds on a host of AI initiatives implemented by the company and caters to consumer needs of a seamless, helpful shopping experience.
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