AI comes to the High Street: Klarna’s new products will find physical products for cheaper

11 October 2023, 11:19

A new AI product will help shoppers carry out price comparisons on physician items
A new AI product will help shoppers carry out price comparisons on physician items. Picture: Klarna and Alamy

By Sam Rucker

Buy now, pay later giant, Klarna, will help High Street shoppers carry out instant price comparisons with their new AI products.

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Among 13 new features, announced today by Klarna, is an option to allow consumers to scan barcodes in physical shops, helping them find the same product for a better price online or in another colour or size.

The update also gives users access to product reviews.

Another new feature, Shopping Lens, allows shoppers to find products on the Klarna app by taking pictures of real items around them.

Read more: Predictions of death of the high street ‘overstated’, says John Lewis

Klarna’s CEO, Sebastian Siemiątkowski said its new AI products were trying to help their consumers “find the best price”.

“AI gives everyone access to intelligence,” he added. “We’re using this to bridge the gap between the physical and digital world.

“I’m super proud that Klarna is leading this revolution in retail.”

New feature allows shoppers to scan physical items and compare prices online
New feature allows shoppers to scan physical items and compare prices online. Picture: Klarna

Klarna has been a mainstay of most popular online shopping platforms for several years.

The company claims to have 150 million active users across more than 500,000 online merchants, offering customers the chance to buy products immediately and pay in instalments later.

Its new offering will speed up the AI "revolution" in retail as their own research shows 8 out of 10 consumers now “look forward” to using AI in their shopping experience.

The launches come as part of a raft of new services being unveiled by Klarna, also including the rollout of its shoppable videos service - which has been available in the US since last October - across the UK, Germany and Sweden.

Klarna will now let app users shop directly from videos from brands and its base of global creators.

“We're thrilled to partner with Klarna to offer in-app shoppers an immersive way to discover our extensive range of jewellery,” said Ruth House, Head of Paid Media, at Pandora UK&I.

The shoppable videos enable a much more personalised and intuitive journey to help customers find their perfect Pandora piece.”

The group also launched a new in-app cashback program in the UK, offering buy now, pay later shoppers the chance to earn back up to 10% of their purchase amount, which can be applied as a discount on their next purchase via Klarna across a number of brands.

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