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The need of the hour is to encourage research on topics with newness and novelty. In this context, this article discusses multidimensional benefits and potential pitfalls of using artificial intelligence‐based Chat Generative Pre‐trained Transformer (ChatGPT), and provides numerous ideas for future research in consumer studies and marketing in the context of ChatGPT. ChatGPT provides algorithm‐generated conversational responses to text‐based prompts. Since its launch in the late 2022, ChatGPT has generated significant debate surrounding its hallmarks, benefits and potential pitfalls. On the one hand, ChatGPT can offer enhanced consumer engagement, improved customer service, personalization and shopping, social interaction and communication practice, cost‐effectiveness, insights into consumer behaviour and improved marketing campaigns. On the other hand, potential pitfalls include concerns about …