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ChatGPT Adds 'Instant Checkout' To Shop Directly In Chat

1 month ago
OpenAI unveiled Instant Checkout, a new ChatGPT feature that lets users buy stuff directly through its chatbot. Currently, the feature supports single-item purchases directly from Etsy sellers, but support for more than one million Shopify merchants is coming soon. It's also only available to U.S. ChatGPT Plus, Pro and Free users at this time. CNBC reports: OpenAI will take a fee from transactions that are completed through ChatGPT, which means Instant Checkout could become an important new revenue stream for the startup. OpenAI is not yet profitable, and is burning through cash as it works to scale up its computing infrastructure. The company declined to share specific details about how large the fees are since they are determined through confidential contracts with Etsy and Shopify. Instant Checkout is free to users and will not affect their prices, OpenAI said. "Our vision for ChatGPT -- and a lot of the technology we create, but especially ChatGPT -- is that it's not just providing you information, it is also helping you get things done in the real world," Michelle Fradin, OpenAI's product lead for ChatGPT commerce, told CNBC in an interview. The company plans to introduce multi-item carts and expand the regional availability of Instant Checkout moving forward. [...] Instant Checkout is powered by OpenAI's Agentic Commerce Protocol, which is the underlying technology that allows users to complete a transaction directly with a merchant through ChatGPT. OpenAI built the framework in partnership with the fintech company Stripe, which powers ChatGPT subscriptions. OpenAI initially decided to use Agentic Commerce Protocol for e-commerce, but Fradin said the company thinks it could be used to facilitate other types of purchases or payments as well. OpenAI is open-sourcing the framework to help merchants build integrations more quickly, and so that developers can explore different use cases, she said.

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Buyers of RadioShack Accused of Running $112 Million Ponzi Scheme

1 month ago
An anonymous reader quotes a report from CBS News: A pair of e-commerce entrepreneurs who bought a number of well-known retail brands -- including RadioShack, Modell's Sporting Goods and Pier 1 Imports -- out of bankruptcy are accused of running a Ponzi scheme. The Securities and Exchange Commission on Monday accused Alex Mehr and Tai Lopez, founders of the Miami-based Retail Ecommerce Ventures (REV), of defrauding investors out of approximately $112 million. Through their holding company, Mehr and Lopez acquired distressed brick-and-mortar companies in order to turn them into successful, online-only brands. Dress Barn and Linens 'n Things were also among their acquisitions. [...] The SEC's suit alleges that between 2020 and 2022, Mehr and Lopez, "made material misrepresentations" to hundreds of investors about the bankrupt retailers they had acquired. For example, to entice individuals to invest in their acquisitions, they said their portfolio companies were "on fire" and that "cash flow is strong." They also told prospective backers that money raised for a company would only be invested in that specific firm. That proved not to be the case, according to the SEC's lawsuit, which was filed Monday in the U.S. District Court for the Southern District of Florida. "Contrary to these representations, while some of the REV Retailer Brands generated revenue, none generated any profits," the suit states. "Consequently, in order to pay interest, dividends and maturing note payments, Defendants resorted to using a combination of loans from outside lenders, merchant cash advances, money raised from new and existing investors, and transfers from other portfolio companies to cover obligations." The SEC alleges that at least $5.9 million of returns paid to investors were actually Ponzi-like payments funded by other investors, as opposed to companies' profits. Additionally, the federal regulatory agency claims that Mehr and Lopez allocated $16 million worth of investments for their own use, according to the filing.

Read more of this story at Slashdot.

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