Frontiers: ChatGPT Referrals to E-Commerce Websites: How Do LLMs Compare Against Traditional Channels?

Abstract

This is a descriptive study reporting financial and engagement metrics for 973 e-commerce websites, comparing organic large language model traffic (oLLM) with traditional digital channels.We investigate organic large language model traffic (oLLM) versus traditional digital channels in e-commerce. Analyzing 12 months of first-party data from 973 websites with $20 billion combined revenue, we examine more than 50,000 transactions from ChatGPT referrals alongside 164 million transactions from traditional channels. Using regression models that account for data sparsity, we assess financial metrics (conversion rate, average order value, revenue per session) and engagement metrics (bounce rate, session duration, page views). Results are consistent across extensive robustness checks. One year after launch, oLLM exhibits conversion rates and revenue per session above paid social but below all other traditional channels. Product complexity moderates the effects: oLLM’s financial outcomes and traffic shares are stronger in complex product categories. Engagement metrics show favorable bounce rates but lower session duration and page views. Temporal analysis shows increasing conversion rates but declining average order values, yielding only moderate revenue-per-session gains over time. Cross-website analyses support growing consumer LLM proficiency as the underlying mechanism. The descriptive study positions oLLM as a new and developing channel. With low volumes and modest revenue per session, oLLM currently serves niche informational needs of proficient consumers and does not yet function as a broad conversion channel.History: Puneet Manchanda served as the senior editor.Supplemental Material: The online appendices and data files are available at https://doi.org/10.1287/mksc.2025.0489 .