The AI revolution: How Generative AI is going to change the game!

Why is AI the Talk of 2024?

Last week, I found myself in a specialist's office, reviewing scans of my very bent nose. As you do, we engaged in some small talk, which quickly turned into a geek-out session about AI in 2024. And it got me thinking: why is AI generating so much buzz this year?

Until recently, I was the biggest skeptic out there. I mean, sure, ChatGPT was impressive, but I couldn't see how it would fit into our daily lives in a truly useful way. Then, Microsoft invited my team to their Retail Research Centre, and my perspective did a 180.

My Lightbulb Moment

So there I was at Microsoft's Retail Research Centre, having my mind blown by all the cool AI stuff they’re working on. Suddenly, it all clicked. My perspective broadened significantly as I realised how these AI use cases could rapidly revolutionise our world.

I needed to physically be able to use the technology in a “fake” but “real-world application” for me to truly understand its usefulness.

A lot of folks are still skeptical, and I get it. "AI" has been a hot topic for a while, often feeling like the boy who cried wolf. We’ve all heard that AI will change our lives forever, but so far, it’s been more like asking Siri for the time or setting a timer. Not exactly earth-shattering.

The Long and Winding Road of AI

To show just how long AI has been around, I asked ChatGPT for a history lesson:

Its response, after a few changes to make it shorter and give it personality:

• 1950s-1960s: Alan Turing and the Dartmouth Conference lay the groundwork.
• 1970s-1980s: Expert systems like DENDRAL and MYCIN start popping up.
• 1990s: Machine learning takes the stage. Remember IBM’s Deep Blue beating Kasparov? Epic!
• 2000s: AI starts sneaking into consumer products.
• 2010s: Boom! Deep learning, Big Data, and AI everywhere.
• 2020s: OpenAI, Gen AI, AI goes mainstream.

Despite this rich history, it's no wonder people are still doubtful. AI has been around for decades, but it hasn't really knocked our socks off—until now.

What’s Changed?

Generative AI, its the diamond in the rough. Why? Because it’s:

• Useful: It’s actually good at what it does immediately.
• Accessible: Available to everyone, from big businesses to curious individuals.
• Affordable: You don't need to be a tech mogul to start playing with it.
• General: It has a general understanding of, well, everything, making it versatile for almost any task.

So let's take a little look at the difference between Machine Learning and Gen AI:

Generative AI, like ChatGPT, creates content on the fly. Unlike “traditional” AI, which relies on pre-set responses, Generative AI can come up with unique answers, content and respond in real time.?

Real-Life Examples

Let’s dive into some real-life examples to see how this actually plays out. Consider retail, my home turf where I’ve successfully built a business. If I’m shopping for a suit jacket for a wedding to match my navy blue pants, here’s the difference:

Traditional AI:?

1. Visit a website.
2. Click on suit jackets.
3. Apply filters, search, and scroll through options. (some AI on pages merchandising)
4. Open multiple tabs to compare. (some AI on products showing similar)
5. Google off-site for styling advice.
6. Find the right size, often struggling, reading size charts.
7. Finally, make a purchase.

In this scenario, you may not even know the AI is there, which some people think is better, however I would always argue it's not as the shopper has no idea you are actually being helpful, rather just sees things as random or sorted by something simple and hence not relevant to them.

Compared to, Generative AI:

1. Visit a website.
2. Tell the AI, "I need a suit jacket for a wedding to match my navy blue pants."
3. AI asks follow up questions and suggests the top three options.
4. Ask the AI directly for sizing or styling advice.
5. Confidently make your purchase.

Its obvious to see the difference. Generative AI turns online shopping into an experience closer to in-store assistance, guiding you like a personal shopper. And it does this as it can “Generate” and "understand" content, therefore it can converse!

This is going to be huge for both retailers and their customers. Imagine the potential of having “human” level reasoning and conversations with all your companies data including; blogs, product, shipping, reviews, etc memorised and understood. It could do virtually anything, answer virtually any question, help in virtually any scenario. It could recommend, provide advice, compare, educate, negotiate, and completely personalise the entire experience on a 1 to 1 level. Like your own “personal shopping assistant”!

The Hype is Real—So Why Isn’t It Everywhere Yet?

Generative AI is clearly superior in lots of scenarios, so why isn’t it in every corner of our lives yet? Simple: it’s still new. The most useful models are barely a year old, GPT4 (March 2023). Vendors need time to develop applications (like preezie for retail), make them affordable, and get businesses comfortable with using them. This process takes time, but in the next 12 to 18 months, you’ll see Generative AI cropping up everywhere.

Generative AI has already started changing our lives from a consumer perspective due to ChatGPT and similar. Over the next few years, it’s going to revolutionise our homes and workplaces, making all those AI promises a reality. Buckle up—the AI revolution is just getting started, and it’s going to be one heck of a ride!

If your keen to learn more or follow our journey of building a Gen AI product for retail follow me or join our circle community here: https://community.preezie.com/join?invitation_token=54017418b04a1dbd05536264a745889140c8832d-21648184-cfec-48ee-8903-115c8e84ab8e