New AI powered shopping tools hit the market

Welcome back to another Daily Update! Today’s focus is AI powered shopping. Here’s what’s on deck:

🗞️ The Latest in AI: European companies denounce EU’s recently approved AI Act

🤖 AI Tool of the Day: inShop — the first shopping app tapping into the power of AI

📸 Business Spotlight: Microsoft releases AI powered shopping for Bing and Edge

🗞️ The Latest in AI: European companies denounce EU’s recently approved AI Act

Over 150 executives from companies like Renault, Heineken, Airbus and Siemens have signed an open letter urging the EU to rethink its plans to regulate AI. They claim that the Artificial Intelligence Act is ineffective and could negatively impact competition.

Companies are concerned that the legislation’s strict rules may encourage AI providers to withdraw from the European market entirely. They say that this could squash Europe’s opportunity to “rejoin the technological avant-garde.”

The AI Act in its current state would implement strict standards targeting generative AI models. Providers of AI models would be required to register their product with the EU, undergo risk assessments, and meet transparency requirements such as publicly disclosing any copyrighted data used to train their models.

OpenAI’s CEO Sam Altman previously warned that his company may pull out of the European market if it was unable to comply with EU regulations. The AI Act still has several negotiating phases to go through before it takes effect.

Click here to learn more.

🤖 AI Tool of the Day: inShop — the first shopping app tapping into the power of AI

inShop is like having a personal stylist in your pocket. Envision outfits by swiping left or right to receive smart suggestions from your AI stylist. The app features brands like Asos, Nordstrom, Urban Outfitters, Zara, Bergdorf and more, with new stores and brands added regularly.

AI learns from users’ past preferences and style choices to make new suggestions. inShop also offers notifications when prices drop on your liked products. The app features over 120,000 products from different online stores, so you don’t have to spend time shop-hopping from one site to the next.

Try inShop for free here.

📸 Business Spotlight: Microsoft releases AI powered shopping for Bing and Edge

Microsoft’s newest AI shopping tools in Bing and Edge are designed to simplify the online shopping experience.

Start with a Bing search, such as “college supplies,” and an AI shopping assistant will generate a tailored Buying Guide that offers product suggestions and shows similar items so that you can quickly compare options without jumping from website to website.

While shopping for an item, you can open Bing Chat in the Edge sidebar and Bing will suggest things to consider before making a purchase. For example, someone shopping for headphones may be given insight into different products’ sound quality, fit and device compatibility. You can also ask Bing Chat to summarize what people are saying about a product in online reviews.

Microsoft also introduced a Price Match feature that helps find the best price and time to buy. Bing Chat even helps apply coupons and cashback automatically when shopping online.

Click here to learn more.

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Jack

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