Swedish fintech company that provides online financial services such as payments for online storefronts and direct payments along with post-purchase payments Klarna, has recently integrated OpenAI ChatGPT into its platform to provide product recommendations to users.
According to the firm, the AI technology will go live with a highly personalized and intuitive shopping experience by providing curated product recommendations to users who ask the platform for shopping advice and inspiration, along with links to shop those products via Klarna’s search and compare tool.
Commenting on the integration of ChatGPT into its products, the CEO and co-founder of Klarna wrote, “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. And it does because it is easy to use and genuinely solves tons of problems, it drives tremendous value for everyone.
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“Klarna is in a unique position to leverage the best technology and data to help people discover new products and solve problems for consumers at every stage of the shopping journey, and we will continue innovating to bring these services to our 150 million consumers.”
Klarna disclosed that the plugin will first be available to ChatGPT plus subscribers in the U.S. and Canada, and will subsequently be rolled out to other regions as it is currently passing through a safe testing phase.
Klarna is the latest tech company to integrate ChatGPT into its product to enhance users’ experience. The fintech firm is on a mission to provide millions of users with a new, engaging, and intuitive way to discover products they love, while also creating opportunities for retailers to connect with broader audiences and acquire new customers.
How ChatGPT Will Work on Klarna
- Consumers can install the Klarna plugin from ChatGPTs plugin store
- After it has been installed, consumers can go ahead to ask ChatGPT for shopping ideas to get a curated selection of items relevant to their request. ChatGPT automatically chooses when to use the plugin based on the conversation
- Shoppers have the option to provide further prompts or request additional product recommendations
- By tapping on the product link, consumers can easily navigate to the product page on Klarna’s search and compare tool to compare prices across different brands.
Klarna’s core service is to provide payment processing services for the e-commerce industry, managing store claims and customer payments. The fintech firm is widely known as a “Buy now, pay later” (BNPL) service provider, offering customers credit on their purchases as part of the checkout process.
In 2021, the company reportedly handled US$80 billion in online sales. In the same year, Klarna 2021, emerged as Europe’s most valuable private tech company, with a valuation of $45.6 billion, however, it witnessed a massive decline to $6.7 billion in 2022.
ChatGPT’s new plugins. No longer limited to information in its training data ending in 2021, a small set of users now have ChatGPT plugins. At first, people will have access to 11 plug-ins for external sites like Expedia, OpenTable, and OpenAI’s own plugins, which can interpret code and pull information from the internet. OpenAI boasted about the variety of new use cases like browsing product catalogs, booking flights, or ordering food while also stressing that there could be negative consequences. “At the same time, there’s a risk that plugins could increase safety challenges by taking harmful or unintended actions, increasing the capabilities of bad actors who would defraud, mislead, or abuse others,” OpenAI said in an announcement post.