Generative AI service ChatGPT is writing its own headlines – figuratively and perhaps literally – as the service shifts from cult status to giving the tech sector a much needed shot in the arm that, in turn, could boost ecommerce.
Analysis of SimilarWeb data by digital adoption magazine Digital-adoption.com, reveals 672 million users visited the viral AI chatbot in January 2023. Visits have exploded to more than 36 times the amount since ChatGPT’s release at the end of November 2022, going from 18.3 million in just two months as the new language model continues to make headlines.
And it is not all just students getting it to write their essays.It is now starting to tentatively find uses in the business world. Just this week JD.com in China announced that it is integrating some of the aspects of ChatGPT into its product services, while rival Alibaba Group is also developing a ChatGPT-style artificial intelligence (AI) tool that it said was undergoing internal testing.
Meanwhile, the first ChatGPT-powered ‘Google killer’ app, AiBuddy, went live, offering businesses that use the app the ability to leverage the AI to create human-like crisp and clear answers to complex questions in real-time, high-converting marketing materials and more.
There are currently 24 million average daily visits to OpenAI.com due to ChatGPT, making ChatGPT the fastest-growing app in the world, according to investment bank UBS, which reported the chatbot reached 100 million monthly active users by January.
More than a fifth of all visits are from India and the US, with around 11% traffic share each, or an estimated 73.9 million visits per country over the last month. Other main countries visiting are France, Canada, and Germany.
A spokesperson at Digital-adoption.com commented on the findings: “SimilarWeb traffic shows that OpenAI is quickly becoming one of the biggest websites in the world after going viral. ChatGPT has been named ‘Google killer’ and an ‘AI revolution’, gaining notorious buzz. There is no denying how its popularity has caught on like wildfire, skyrocketing the company into global ranks within two months. Internet users are discovering new purposes for the chatbot daily, and along with it comes questions around regulation.”
Key to boosting investment?
The rise of ChatGPT has been a shot in the arm for the tech sector and could well also be a much needed boost for all industries that rely on tech, especially retail.
According to Claire Trachet, M&A expert and CEO/Founder of business advisory Trachet, the sheer impact of the technological innovation sparked by Chat GPT will not only set a new standard for the world of tech and AI but will redefine the way we interact with technology based on the broad applications demonstrated by users around the world.
Less than quarter into the year, AI companies have already raised or are in the process of raising more than $700 million, excluding the Microsoft – Open AI deal. Between 2020 and 2022, generative AI – which uses refined computer programs to generate videos, art, conversations, and other works – has seen a 425% increase in VC investments, she says.
In addition, a list cultivated by Homebrew AI Club – a group that acts as a meeting place for AI workers – has listed over 150 startups in the space in talks to complete a deal. Last week, Google announced a deal for stake of around 10% of Anthropic – founded by ex OpenAI developers and creators of Claude, ChatGPT’s main contender. The new funding will value the San Francisco-based company at around $5 billion – a real eye-turner for the tech investment community.
Serving as testament to this, Bratin Saha, vice president of machine learning and AI services at Amazon said, “there’s a lot of innovation yet to be done here and we will be partnering with a lot of companies to enable that innovation for our customers.”
Trachet concludes: “ChatGPT and other advanced AI technologies have already sparked innovation and investment in the field – however, the recent attention brought forth by the international community – outside of tech – will shed a new light on the gloomy path to recovery laid out for this year. As these technologies continue to evolve and mature, it’s likely that they will drive even more innovation and investment in the future. Companies and investors are recognizing the tremendous potential of AI to transform a wide range of industries and are eager to capitalize on this opportunity.
“There is now a growing number of investors who are sat on a dry powder pile having deterred investments in 2022. This means there are significant opportunities on the horizon, and now is the moment to prepare and get deal ready as optionality will increase in H2 of this year.
“Indicators suggest early-stage startups will have an advantage in this current market, as growth investors are seeking to invest in earlier stages, from seed to series A, with smaller amounts of capital to sustain their businesses. These startups have a lower burn rate, giving them the potential to come out as dominant competitors if they can withstand the challenges.”