Can Shopify's AI Assistant Drive Higher Sales?
(NYSE: SHOP) stock is on fire this year. After falling off a cliff in 2022, it's now up 77% so far in 2023. Not only is the company demonstrating continued momentum with sales increasing double digits despite the retail slowdown, but it's also making sustained efforts to become more efficient and drive profitability. That's a great formula for investor confidence.
It recently launched a new artificial intelligence-powered shopping assistant that it's touting as an incredible opportunity to generate higher sales for merchants. Is this just another attempt to jump on the ChatGPT bandwagon, or could this seriously affect Shopify's business?
It's almost unreal how quickly ChatGPT has captured Americans' fascination and become a go-to tool for everything from stock picking to recipe curating. According to Motley Fool research, a staggering 47% of American adults have used ChatGPT to get advice about investing, and 69% said they would consider using it in the future.
Source Fool.com
Shopify Inc Stock
The stock is one of the favorites of our community with 23 Buy predictions and 1 Sell predictions.
With a target price of 75 € there is a slightly positive potential of 18.0% for Shopify Inc compared to the current price of 63.56 €.
