Shopify Inc. (NASDAQ: SHOP) and Etsy, Inc. (NASDAQ: ETSY) shares are trading higher on Monday after OpenAI announced its “Buy it in ChatGPT” feature with instant checkout.
What To Know: OpenAI announced it’s rolling out Instant Checkout, powered by the Agentic Commerce Protocol, enabling U.S. ChatGPT users to purchase directly from U.S. Etsy sellers without leaving the chat. Over a million Shopify merchants — including Glossier, SKIMS, Spanx and Vuori — are slated to be added “soon.”
When a user asks for a product like "best running shoes under $100," ChatGPT will display relevant items and, if Instant Checkout is supported, let users confirm payment and shipping and complete the purchase in the chat. The merchant handles fulfillment while ChatGPT acts as an AI agent, securely passing info to the merchant's backend.
“We've been working with @OpenAI for quite some time so people can search and buy products in chat, and it's something we've had a hard time keeping quiet,” Shopify CEO Tobi Lutke said in a post on X.
OpenAI announced that it will open-source the technology that powers Instant Checkout. Shares of PayPal Holdings, Inc. (NASDAQ: PYPL) moved off their highs for the day on the news as investors weighed potential competitive risks from OpenAI's entry into payments and checkout.
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Price Action: At the time of writing, Etsy shares were up 14.38% at $73.49 and Shopify shares were up 5.64% at $148.36, according to data from Benzinga Pro.
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