Your chatbot might be a smarty-pants, but Retrieval Augmented Generation (RAG) takes it from AI bot to know-all genius.
Why it matters
In the land of small business, RAG is a game-changer.
This tech allows your AI to answer super-specific questions by accessing the latest info on your business, no retraining required.
It’s like having a chatbot that actually knows what’s up in your store right now.
The big picture
Turns out, 51% of businesses are either using or planning to use RAG to make those AI models hit new heights of accuracy and up-to-dateness (Forrester Research, 2023).
That means you're potentially up against companies using cutting-edge tech.
Time to grab your slice of this pie!
By the numbers
- RAG can reduce those pesky AI hallucinations by up to 50% compared to older language models (MIT Technology Review, 2024).
- The RAG market is set to grow to $2.7 billion by 2026, expanding at a robust 32.5% CAGR from 2023 (MarketsandMarkets, 2024).
This isn’t just a trend; it’s a booming industry.
Overheard at the water cooler
“Guess what! My AI chatbot finally got my shoe store's return policy right without guessing. I almost asked it for stock tips just to see what it’d say!”
The bottom line
With RAG, your chatbot won't just guess which Jordans are on sale.
It'll tell you what's in stock faster than you can say "size 10."
Don’t let your AI stall at 2023—get them up-to-date with RAG and let the know-it-alls work for you.
