Haggling Chatbots

MESSAGE FROM THE PRESIDENT

August 19, 2024

AI and other technology are being developed and tested in many business sectors including retail. In a recent CNBC story and video titled, Online shopping AI chatbot helps customers find discounts, the host is seen negotiating with a retailer using a service called Nibble. The consumer/tv host is attempting to purchase a mattress and is negotiating a price with a chat bot. The bot, deployed by the retailer, has been programed to offer discounts within certain parameters.

There are many retailers who are using “gamification” to offer consumers discounts in an effort to build brand loyalty. And it’s working as several retailers have seen an uptick in returning customers and sales. The programmable negotiators are also moving faster than earlier renditions of this technology and filling roles employers are struggling with, while offering consumers discounts without having to sign up or discover coupons here or there. It’s an ever-evolving technology and will be part of our discussions at the October 2nd Developing Delaware conference. Register >

News You Can Use

This is a very important week as the Fed looks for economic signals ahead of its next meeting and decision about interest rates. We start the week with the release of U.S. leading economic indicators for July, and several Fed speeches over the next few days. On Wednesday, minutes from the Fed FOMC July meeting are published, while Thursday brings us existing home sales figures from July. We wrap up the week on Friday with remarks from Fed Chair Jerome Powell from Jackson Hole, and the release of new home sales from July.

Lowe’s kicks off the week with an earnings call on Tuesday, and is joined by Medtronic, Toll Brothers, and others. Wednesday calls and reports include Agilent Technologies, Target, Zoom Video Communications, TJX, and others. TD Bank, Intuit, Bill.com, Buckle, and B.J.’s Wholesale are among the companies with calls or reports Thursday and Friday.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

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