Tag is: the Store

ChatGPT will now be able to buy something for you after you sign with payment giant Visa

by the Logistics TransportIn the the General Assembly

Payment giant Visa has embedded its network within ChatGPT’, allowing the chatbot to shop independently and complete transactions on behalf of users, in a move that marks a significant expansion in AI-powered commerce.

This link means that AI agents can not only recommend products, but also complete purchases at any merchant that accepts Visa’. Previous attempts at this type of technology were limited to a single retailer or a small group of registered merchants.

OpenAI will provide technology that allows agents to interact, make decisions, and initiate purchases through ChatGPT. Visa, the world's largest payment network outside of China, will handle payment authorization and fraud monitoring.

Jack Forestell, the company's chief product and strategy officer at “, said that as AI representatives become active participants in the economy, Visa’'s focus is to ensure transactions are reliable, secure, and flawless.

How did it work?

Speaking at a company event in San Francisco’ on Wednesday, Forestell gave an example of a customer asking ChatGPT’ to find wireless headphones for under $150 (€136). The chatbot would find a suitable pair and buy it on behalf of the client.

Users will connect their Visa card to ChatGPT’ to make shopping possible; take security measures to protect consumers and minimize fraud, including spending limits, necessary approval steps, and a list of approved vendors.

Forestell said Visa’ will handle disputes using the same rules that it enforces in other transactions, such as making sure the consumer intends to buy and whether the seller processes it correctly.

This is not OpenAI’'s first attempt at e-commerce. The company launched Instant Payment ’ late last year, allowing ChatGPT’ to scan the internet for specific items. However, this feature was open to errors and %It was not widely adopted by sellers who opposed the 4’ transaction fee and was deprecated in March.

Visa and OpenAI have not disclosed the financial terms of the new regulation or detailed any fees for merchants or customers.

Will people trust that?

Forestell acknowledged that it would take time for consumers to fully trust AI representatives to make their purchases. Because agents send notifications before completing a purchase, most early transactions still require human approval.

“I think we're at a point where most people are pretty comfortable with shopping in general, ” said, and “ added that switching to autonomous buying requires a completely different level of trust.

Visa’'s biggest competitor, Mastercard, is also developing its own AI shopping features, albeit on a smaller scale.

Its offer targets businesses rather than consumers and allows AI representatives to purchase services such as advertising on behalf of a company.

French luxury retailer Galeries Lafayette closes its store in Beijing’ 13 years after its opening

by the Logistics TransportIn the the General Assembly

French luxury store Galeries Lafayette, China, closed its first flagship store in ’ on Wednesday (May 27th), thirteen years after its opening. The retailer cited falling sales in recent years as the reason for its closure.

While the luxury market experienced strong growth in the middle of the 2010’s, especially thanks to the rise of the middle class, the Covid-19 pandemic and the real estate crisis in China’ became a turning point that suddenly stopped domestic consumption of China’, forcing the industry to adapt to new economic realities.

“ChinaWe have been seeing growth in the luxury industry in ’ for ten years. Over the years, the Chinese consumer has matured greatly. Now they understand luxury consumption and brands much better. They became familiar with this world, and their tastes became more refined and sophisticated.”Lisa Nan, editor of Jing Daily’, explains this.

“When we look at today's young consumers, we can now see that not only brands, but also immersive pop-up stores and many marketing initiatives in China’ can be of interest.He adds.

Lisa Nan said the French retailer has already announced its intention to reassess its entire real estate portfolio in China’. “So I think this decision is more about an internal selection because the positions of these areas were quite unfavourable.”Before adding it, he says: It is true that the retail industry faces a major challenge in China“, and this applies not only to Galeries Lafayette, but also to Lane Crawford.’

The presence in China’ remains strong

On Tuesday, the day before closing, a steady flow of customers took place to capitalize on the latest offerings as employees collected unsold products and mannequins.

Qian Linlin, who works in finance and whose office is only a few steps away from the flagship in Beijing’, said she was surprised to learn that the store she visited occasionally during lunch breaks closed. “ I realized there weren't a lot of customers, but I never thought it would suddenly close down one day.”He said it. “ was an iconic building when it first opened, and we young people used to come here for shopping. All we can do now is hold on to those memories. - ”

Located three kilometers west of the Forbidden City, this six-story 48,000-square-foot store was stripped of bags, clothes, shoes and children's toys before closing its doors indefinitely.

But Galeries Lafayette China does not permanently leave the capital of ’. “Don't worry, this isn't goodbye. See you soon Beijing”The French group wrote in a statement. On the contrary, the retailer now plans to offer more functional stores with a greater focus on brand and product selection.

“Consumers' expectations for the traditional department store model have changed significantly. Modern shoppers are increasingly choosing comfort, better quality service, more meaningful experiences, and a stronger sense of well-being.”The group also wrote in a statement.

Galeries Lafayette also emphasizes that this closure does not lead to questioning its presence in China’. Shops in the special administrative districts of Shanghai, Shenzhen and Macau will remain open.

In China, it's: Galeries Lafayette Beijing closes shop in ’ after 13 years

by the Logistics TransportIn the the General Assembly

French luxury store Galeries Lafayette, China, closed its first flagship store in ’ on Wednesday (May 27th), thirteen years after its opening. The retailer explains this move by pointing to falling sales in recent years.

While the luxury market experienced strong growth in the mid-2010’s, especially thanks to the rise of the middle class, the Covid-19 pandemic and the severe real estate crisis marked a decisive turning point, abruptly halting China’'s domestic consumption and forcing the sector to adapt to new economic realities.

“ChinaWe have been seeing growth in the luxury industry in ’ for ten years. Over the years, the Chinese consumer has matured greatly. Now they understand luxury consumption and brands much better. They became familiar with this world, and their tastes became more refined and sophisticated.”Lisa Nan, editor of Jing Daily’, explains this.

“When we look at today's young consumers, we can now see that not only brands, but also immersive pop-up stores and many marketing initiatives in China’ can be of interest.He adds.

Lisa Nan said the French retailer has already announced its intention to reassess its entire real estate portfolio in China’. “So I think this decision is more about an internal selection because the positions of these areas were quite unfavourable.”Before adding it, he says: It is true that the retail industry faces a major challenge in China“, and this applies not only to Galeries Lafayette, but also to Lane Crawford.’

The presence in China’ remains strong

On Tuesday, the day before closing, a steady flow of customers took place to capitalize on the latest offerings as employees collected unsold products and mannequins.

Qian Linlin, who works in finance and whose office is only a few steps away from the flagship in Beijing’, said she was surprised to learn that the store she visited occasionally during lunch breaks closed. “ I realized there weren't a lot of customers, but I never thought it would suddenly close down one day.”He said it. “ was an iconic building when it first opened, and we young people used to come here for shopping. All we can do now is hold on to those memories. - ”

Located three kilometers west of the Forbidden City, this six-story, 48,000-square-kilometer store was stripped of bags, clothes, shoes and children's toys before closing its doors indefinitely.

But Galeries Lafayette China does not permanently leave the capital of ’. “Don't worry, this isn't goodbye. See you soon Beijing”The French group wrote in a statement. On the contrary, the retailer now plans to offer more functional stores with a greater focus on brand and product selection.

“Consumers' expectations for the traditional department store model have changed significantly. Modern shoppers are increasingly choosing comfort, better quality service, more meaningful experiences, and a stronger sense of well-being.”The group also wrote in a statement.

Galeries Lafayette also emphasizes that this closure does not lead to questioning its presence in China’. Shops in the special administrative districts of Shanghai, Shenzhen and Macau will remain open.