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Velocity.in, a Bengaluru based fintech has launched the chatbot tool that is integrated with ChatGPT. Velocity has integrated this latest advancement in artificial intelligence with its existing analytics tool - Velocity Insights.
Velocity Insights is an Indian E-commerce analytics platform that is used by 3000+ Indian E-commerce brands to make informed business decisions. Brands that utilise Insights receive a daily business report on WhatsApp. Further, these brands can also access benchmarks to evaluate their performance relative to other brands in the industry.
Taking things a step further, Velocity has also integrated ChatGPT in the same Whatsapp interface. This integration empowers E-commerce founders by giving them the ability to leverage AI to make business decisions in a frictionless conversational manner.
ChatGPT, a language model developed by OpenAI, broke records in terms of its size and language generation capabilities. ChatGPT is one of the largest language models ever created, with over 175 billion parameters. The model's size, which surpasses the previous largest models by several orders of magnitude, and its high performance has made it a popular choice among researchers and developers in the field of natural language processing. Microsoft has significant investment in it.
According to several reports, ChatGPT has reportedly reached 100 million users within two months and has clocked over 590 millions visits. This pace of adoption eclipses tech behemoths like Netflix, Facebook and TikTok that took 10 years, 4.5 years and 9 months respectively to reach similar scale.
Velocity.in is a Bengaluru-based startup that is reimaging financial services for India’s digital first businesses. The fintech startup offers a wide array of products including financing, credit cards, payments and analytics to Indian eCommerce businesses. Since commencing operations in early 2020, they have worked with over 3,000 e-commerce businesses and has made over 1000 eCommerce investments.