AI tools are transitioning retail shopping and the business arena with generative models and natural language processing algorithms. Microsoft Bing is a prominent player in the market and has been introducing groundbreaking advancements with AI in business tools poised to reshape the user experience. Since its launch of the AI-powered Bing search engine and Edge browser on February 7, 2023, the new Bing has grown to exceed 100 million daily active users. Its next-generation OpenAI model takes key learnings and advancements from ChatGPT and GPT-3.5, making it faster and more accurate than other search engines.
Interestingly, according to Statista, retail e-commerce sales were estimated to exceed 5.7 trillion USD and are expected to grow continually. Among various search engines, As per Backlinko’s report, Microsoft’s Bing currently holds a 2.47% market share in the United States with a noteworthy 9% of the global search market. While this may initially appear modest, it would be unwise to underestimate the potential of this platform for retail shopping.
With projected worldwide retail e-commerce sales surpassing a staggering trillion-dollar economy, the new AI-powered Microsoft shopping tools technological breakthrough couldn’t have arrived at a more opportune time. The introduction of these AI chatbots and shopping tools indicates an unprecedented transition in the world of e-commerce, where Google already dominates the market.
Microsoft Edge and the “Search with Bing” features are redefining how users explore, compare, and procure products online, with AI-tools applied to core search algorithms. It will be interesting to see how Microsoft’s new AI-powered shopping tools on Bing and Edge will contribute to the growing retail economy with a more personalized and efficient retail shopping experience.
How Microsoft’s Shopping Tools Are Impacting User Experience?
Microsoft has introduced innovative AI tools for retail shopping across Bing, Edge, Microsoft Start, and Outlook. It is designed specifically for its updated Edge and Bing search engine. These AI-powered tools, integrated into the Edge sidebar, offer significant benefits in terms of navigation and search feasibility.
With AI-powered Shopping tools, users can not only save time but also cut costs. Microsoft Edge, in particular, facilitated a staggering $3.7 billion in savings for global shoppers last year. This remarkable achievement can be attributed to the built-in shopping functionalities like coupons, cashback, price history, and price comparison.
With AI-powered online shopping features, American shoppers can save an average of $400 annually.
Why Do You Need The User Guide?
Microsoft employs the power of AI tools within Bing’s search engine, precisely its GPT-powered capabilities. It provides users with automated buying guides. By simply entering queries like “winter collection,” “makeup essentials,” or “college supplies,” Bing’s AI system generates thorough buying guides. These guides curate products within each category, presenting their specifications with information on where to purchase them.
To access these buying guides, users can navigate to the Edge sidebar or the Bing Chat feature. Currently, buying guides are available in the United States, and Microsoft plans to introduce them to other markets gradually. Moreover, the global rollout of buying guides within the Edge browser has already commenced. This AI-powered shopping assistance will ensure that a wider audience can benefit.
Integrating AI tools, generative models, and natural language processing algorithms has allowed Microsoft to improve the retail shopping experience. Online shopping has never been this easy for users.
Save Money In Online Shopping With Summarized Reviews
Microsoft has also introduced an AI-powered review summary as a new feature. It aims to provide brief summaries of online product reviews to make informed purchasing decisions. Choosing the right product can be challenging with the wide range of prices and specifications. However, now users can ask Bing Chat to summarize the opinions of existing customers. And it will generate a quick overview of a particular product, helping the decision-making process.
Additionally, Microsoft’s Price Match tool is another excellent feature. It allows requesting price matches from retailers even after the price has dropped. This feature ensures that consumers receive the best prices for their desired products. Moreover, Package Tracking within the Edge sidebar allows users to monitor their purchases conveniently. Now they do not need to search through email inboxes for shipping confirmations and tracking numbers.
Microsoft has stated, “We’ve partnered with top U.S. retailers with existing price match policies and will be adding more over time.” The specific details regarding these partnerships and retailers are not disclosed yet.
By incorporating such AI tools into retail shopping, Microsoft is enhancing convenience and affordability with a seamless purchasing journey. Such AI in business tools is streamlining the decision-making process for consumers worldwide with automated assistance.
Experience the thrill of smart browsing and saving with Microsoft Shopping’s innovative features in Bing and @MicrosoftEdge. https://t.co/sz2k5loEAs pic.twitter.com/maAA7SHPLR
— Bing (@bing) June 29, 2023
ChatGPT, Google Bard, or Microsoft Bing – Which One’s Better?
Comparing these AI models can be challenging due to their different stages of development and distinct features. ChatGPT, launched by OpenAI in November 2022, quickly gained popularity, becoming one of the fastest-growing applications.
Microsoft Bing is powered by an upgraded version of ChatGPT’s AI technology. It offers Bing Chat as an integrated and tailored approach to searching for information, making it a valuable research assistant. While Google Bard, currently in an experimental phase, utilizes a lightweight version of the LaMDA model.
ChatGPT relies on a fixed dataset, pre-processed by OpenAI, without access to new information. If you want to learn how to use ChatGPT, check out our comprehensive ChatGPT tutorial for beginners.
On the other hand, Bard, which is one of the leading ChatGPT alternatives, is trained on a massive dataset of text and code. It also leverages web crawling through Google Search to respond consistently with real-world information. Furthermore, Microsoft Bing relies on the web for its responses primarily. It explicitly never mentions the curated dataset set by its creator.
Depending on specific needs, the choice of an AI tool may vary. Users may note that ChatGPT excels in generating creative content, while Bing AI is suitable for language translation tasks. For comprehensive and informative responses, Google Bard emerges as a promising option. You may employ any of these AI tools based on your needs.
AI Tools Transforming Retail Shopping and E-commerce Business
Microsoft’s AI tools in retail shopping and business have demonstrated a commitment to innovative solutions for customers’ evolving needs. AI tools from Microsoft Bing have reshaped online shopping and streamlined decision-making power with personalized assistance.
With a growing user base and notable market share, Microsoft Bing is only growing as a prominent player. They have indeed given a new face to the online shopping experience by leveraging natural language processing. Now users can benefit from transformative AI capabilities, enhancing convenience, and seamless purchasing with financial benefits.
Generative models and natural language processing revolutionize business operations and customer experiences. At this rate, retail e-commerce sales might exceed 5.7 trillion USD with the ease of AI tools like Microsoft. It will be interesting to witness how competitors will respond to Microsoft Bing’s Shopping Tools in the coming times. If you want to stand ahead of the crowd, it’s time to build a generative AI model for your business. Inferenz experts can help you build ChatGPT-like chatbots for Windows, iOS, or the Web, and tap into the AI world.
