Shares of Etsy (NASDAQ:ETSY) and Shopify (NASDAQ:SHOP) spiked on Monday thanks to a partnership with OpenAI to launch Instant Checkout in ChatGPT, allowing shoppers to seamlessly discover and check out items based on a particular search.
“This marks the next step in agentic commerce, where ChatGPT doesn’t just help you find what to buy, it also helps you buy it,” OpenAI said on their website.
Shoppers can now ask a question and send ChatGPT on the hunt for the most relevant products from across the web. If a particular search item on Etsy (NASDAQ:ETSY) supports Instant Checkout, users can tap “Buy” to confirm their order, shipping, and payment details, and complete the purchase without leaving ChatGPT.
Shopify (NASDAQ:SHOP) merchants will be able to sell directly through ChatGPT conversations without links or redirects.
While the service is free for shoppers, merchants pay a small fee for the completed purchase. Additionally, the resulting search results are ordered by relevance to the query rather than by sponsored content.
The platform is built on the Agentic Commerce Protocol which provides the language that helps AI agents and businesses coordinate to complete purchases.
“AI will fundamentally reshape how our customers shop,” said VP of eCommerce at Steve Madden (SHOO). “Being on Shopify means we can automatically be wherever our customers are shopping—including inside AI conversations,” she adds.
Shares of Etsy (NASDAQ:ETSY) are up more than 9% to a 6-month high, with Shopify (NASDAQ:SHOP) snapping a four-day losing streak with a 5% gain.