Velocity launched India’s first ChatGPT powered AI assistant
Bengaluru, February 13, 2023: Velocity.in, a Bengaluru based fintech has launched India’s first 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 India’s largest eCommerce analytics platform that is trusted by 3000+ Indian eCommerce brands to make informed business decisions. Brands that utilize 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.
Velocity Insights currently provides advanced analytics that contains information about an eCommerce business’s sales and marketing performance. Velocity Insight’s users can double click into metrics that matter like repeat sales, cost of acquisition and return on marketing in a frictionless manner. Founder’s claim that leveraging the platform to track metrics frees up as many as 3 hours from their day that can instead be spent on business critical functions.
Taking things a step further, Velocity has also integrated ChatGPT in the same Whatsapp interface. This integration empowers eCommerce founders by giving them the ability to leverage AI to make business decisions in a frictionless conversational manner.
Speaking about the product, Abhiroop Medhekar, Co-founder and CEO of Velocity.in said, “At Velocity we strive to provide leverage to eCommerce founders. Ever since ChatGPT launched, our product teams have been brainstorming on how it can be leveraged to benefit our founders. Since Velocity customers already use Insights on a daily basis, we integrated ChatGPT with the same interface that they leverage for driving business decisions.”
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.
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.
Speaking about Velocity Insights and the ChatGPT integration, Mohit Mohapatra, CEO and Founder of Naturepro added, “Since its launch Velocity Insights has helped my brand monitor revenue and marketing spends. Now with the ChatGPT integration I am also able to leverage AI as a personal assistant whenever I need help with my business. For example, I have been leveraging the integration for writing copy as well as collating answers to questions related to performance marketing on a daily basis.”
While data analytics has traditionally been the playing ground for conglomerates, this critical business function remains an enigma to smaller businesses. Larger companies end up hiring departments of employees for this function and incur significant cost on licenses to support the same.
Velocity Insights levels the playing field and democratizes access to analytics for Indian eCommerce businesses. Insights leverages India’s largest eCommerce database to provide analytics and has sent over 6 lakh analytics reports in a short 1.5 years.
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.