Generative AI tools can produce content in near real time, enabling organizations to produce content to better educate their stakeholders. However, the limitations of using these models are evident in the business sector. Erroneous information can lead to biases, potentially exposing reputational and legal risks associated with the content.  

In the paper ‘AI Revolution: How Data Can Identify and Shape Consumer Behavior in e-commerce’, the digital revolution in the past five years has shown the need to offer more differentiated services than physical stores when consumers cannot try and touch products.   

AI can aid online retailers in delivering optimized customer experience websites by using collected business and customer data to make better business decisions and more accurately predict the future.  

Generative AI has influenced the e-commerce space in the form of no-code reporting, image generation, SEO, personalized product recommendations, and chatbots. The ability to create new content and data aids sellers in growing their businesses. 

Generative AI and e-commerce 

Research from CBInsights shows that 2022 was a record year for investment in generative AI startups, with equity funding topping $2.6B across 110 deals. Vala Afshar surveyed to understand the impact of generative AI on improving the customer experience. 

From Michael Maoz, Senior Vice President of Innovation Strategy at Salesforce, he found that in the next five years, generative AI will blend with traditional CRM to create a future of intuitive customer-business engagement that has never been possible before.  

Where does India stand? 

ChatGPT was a milestone innovation of 2022. Avatars in our social media feed and the prevalence of text-to-image tools show how generative AI has recently gained public attention. Numerous tech startups are working around generative AI models in India.  

In this context, Indian financial technology company Velocity has introduced an Indian version of ChatGPT. The model named Lexi provides users with a personalized and intuitive chat experience integrated into its existing analytics tool, Velocity Insights. In addition, the model will send a daily business report to e-commerce brands on WhatsApp.  

How does Lexi work? 

Lexi is powered by GPT-3 language model. This allows Lexi to understand and respond to user requests with high accuracy in a conversational manner. Users can interact with the model using natural language, and the chatbot can answer questions, make recommendations and complete tasks, among other things. 

One of the key features of Lexi is its ability to learn from user interactions and provide personalized experiences. The chatbot uses ML algorithms to analyze user data and improve its performance over time. This means that the more user interaction, the more accurate and helpful it becomes.  

Lexi’s impact  

The launch of Lexi marks a major landmark in the development of generative AI in India. The model received overwhelming feedback from the tech industry, with many praising its advanced AI capabilities and its potential to revolutionize how we interact with technology.  

According to the CEO and Founder of Naturepro, Mohit Mohapatra, Velocity Insights has helped the brand monitor revenue and market spending. Some experts believe that the development of AI chatbots like Lexi will play a key role in shaping the future of technology and enhancing the user experience.