GPT-4 is helping CPGs find answers in data

Author

Stephen Babcock
April 12, 2023

According to a study out today from IBM, 77% of CPG executives believe that investing in sustainability can drive overall business results. As a result, operations and sustainability are increasingly part of the same conversation. Tech is key to putting environmental goals into practice, and budgets for solutions like AI and automation are set to increase 34% as a result.

The rise of ecommerce will continue to result in a decline of brick-and-mortar stores. According to UBS, a 5% reduction in retail stores is expected across the country by 2028 as a result of rising operations costs and share gains for ecommerce. Clothing and consumer electronics stores are expected to bear the brunt, while auto parts and home improvement retailers are more likely to survive. –Business Insider

Inside CPGs, data issues have moved from scarcity to abundance. Now, AnswerRocket believes the need to find what's in the data presents a use for generative AI. Employing the engine that powers ChatGPT, Max allows users to ask questions, then digs through a company’s data to find answers, and performs analytics. “It's designed to be used as you would converse with an assistant,” AnswerRocket’s Alon Goren told The Current.

Consumers are showing more willingness to wait for ecommerce orders to be delivered, especially when items are highly sought or offered at low prices. This could upend the logistics arms race among platforms and carriers to ship items ever-faster. In this new paradigm, accuracy of delivery times is increasingly taking priority over speed. – The Wall Street Journal

Price increases slowed significantly across the economy in March. In a sign that the Fed’s rate increases were taking hold, the inflation rate measured by the Consumer Price Index was down markedly from 6% in February. Still, food and rent prices remained high, so households continued to feel the impact.

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