Summary
- Walmart said that through its partnership with OpenAI, purchases of products directly on the ChatGPT platform are possible.
- Walmart's stock closed at 107.21 dollars, up 4.98% on the New York Stock Exchange on the news.
- The instant checkout feature operates with fees charged by OpenAI on completed transactions, and is expected to become a new revenue source.
U.S. retail giant Walmart's stock surged on news that it has teamed up with OpenAI, the developer of the AI ChatGPT.
Walmart's stock closed at 107.21 dollars on the New York Stock Exchange on the 14th (local time), up 4.98% from the previous day. Walmart said, "Through the partnership with OpenAI, its customers can complete purchases of Walmart products directly on the ChatGPT platform." The company added, "Whether meal planning, replenishing household essentials, or finding new products, customers can just talk to the chatbot and make a purchase," and "Walmart will handle the rest."
Doug McMillon, Walmart chairman and chief executive officer (CEO), said, "For years, the e-commerce shopping experience has been built around search bars and long product lists," and "Now that is changing: a multimedia-based, personalized, context-aware AI experience is coming."
However, Walmart did not disclose when this feature will actually be available. OpenAI first announced the 'instant checkout' feature at the end of last month, stating that the feature will initially be executed for single items on U.S. e-commerce platform Etsy and Canada-based e-commerce platform Shopify. The instant checkout feature is expected to become a new revenue source for OpenAI, as OpenAI will receive fees on completed transactions.
Mansu Choi reporter bebop@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
