A one-size-fits-all approach no longer works. Almost 52% of your target audience will switch to your competitors if they don’t get personalized services. Fortunately, Artificial Intelligence and Machine Learning have revolutionized the way eCommerce stores operate. From being a part of sci-fi movies to becoming a reality, AI has become a new trend for eCommerce industries.
AI and machine learning can help speed up your business growth. The technology has grown to a point that it can help bring efficiency in the eCommerce industry. In fact, AI and machine learning can facilitate better marketplace development.
In this post, we have mentioned a few ways of how machine learning and AI can be used for marketplace development. Let’s take a look:
Personalizing Search Results
The easiest way to apply Artificial Intelligence to an eCommerce business is by introducing personalized product preferences. AI collects insights into your customers’ buying behaviour and recommends them the most relevant products.
Based on the purchase history and personal profile of the user, artificial intelligence can discover the products the customer is interested in. The more a customer shops from a platform, the more information your system will store.
Marketplaces are all about lending your essentials or place to a stranger. An online marketplace accepts different vendors. However, the responsibility of these merchants is limited to finding customers and selling their products. The marketplace, on the other hand, has to secure the platform for vendors and customers. AI and machine learning can help prevent fraudulent activities in an eCommerce marketplace.
The technology can track transaction history or accumulate information from other platforms to detect irregularities in customer buying behaviour. Based on these insights, it can terminate the user’s account from the marketplace or ask for verification. Machine learning is capable of preventing a range of frauds, such as fake reviews, duplicate accounts, and spam messages.
Improves Customer Support
If research is to be believed, then 85% of customer interaction will not involve humans in the coming years. It will reduce the workload of human support assistants. Bots will be able to answer an extensive range of questions and handle the technical issues seamlessly.
The bots will help businesses save on unnecessary customer support costs. This means you will no longer need to hire a support assistant, issue them a paycheck every month, and pay for their rents and basic requirements. Chatbots have the potential to interact with multiple customers simultaneously. Besides, bots cannot make mistakes. They will offer the best support experience to your customers.
Not every visitor that comes to your marketplace will buy goods. They must be visiting the marketplace to check some latest products. Maybe, they are looking for some interesting products but are not ready to buy them yet. You can’t track each visitor that visits and explores your marketplace, but don’t purchase anything.
However, machine learning and AI can do it for you. Using this technology, you can remind the user of the product they were looking for. This will help you bring them back to your website and complete the purchase.
Analyze the Latest Trend
You cannot thrive in the competitive market if you don’t keep your marketplace up-to-date with the trends. It is important for businesses to watch the latest marketplace trends and implement them as soon as possible.
Machine learning can help you find your target audience, their expectations, needs, and the latest trend they are following. AI helps you gather customers’ profiles, demographics, and buying patterns. You can use these insights to discover trends in your industry.