With the eCommerce industry’s growth, it has become essential to use Artificial Intelligence or AI and machine learning to enhance business activities and improve customer engagement. Some of the methods by which AI can completely revolutionize your business, especially when it comes to marketplace development, are as follows:
- Voice search
If you can add voice search options to your eCommerce portal, customers can easily find the product they are looking for. When you are thinking of marketplace development, you could think of introducing something like voice search optimization. This will enhance your customers’ experience.
- Pricing tool
You can use AI and machine learning to predict the price of products. Predictive pricing is also dependent on the prices of the products of competitors. You can evaluate the expected price range of the various products retailed by your competitors, and accordingly, you can price the products retailed by your firm.
- Faster page loading
With the help of AI, you can evaluate how fast the pages on your website load. This will help you gain a precise understanding of the user experience. You can then identify the issues that customers are facing with your company’s website and accordingly make the changes.
- Install chatbots
AI is essential to marketplace development as it can help you to install something called ‘chatbots.’ These are like virtual assistants that can answer some of the basic queries that customers usually have relating to selecting products, payment options, and delivery. If they want, then the chatbots can connect the customer care executives to solve more serious problems.
- Analysis tools
With the help of AI and data analysis, you can evaluate your marketplace’s performance, and you can also evaluate the changes you need to make to enhance the performance. This is another primary application of AI in marketplace development.
- Visual search
AI can help customers streamline their search with the help of visual search optimization. Based on color, texture, shape, and other such details, AI can help customers narrow down the search and produce the desired result at a much faster pace. It enhances the customers’ experience and makes the website user-friendly.
- Makes better sales
AI can help evaluate the customers’ reviews and help you identify better methods of improving sales. It can also help with data analysis by filtering fake reviews. This can help improve your sales. Fake reviews can prevent you from achieving the targeted sales which AI can prevent, by removing the reviews.
AI can improve cybersecurity and provide improved payment gateways. This is important because your customers will depend on you to provide safety as they share their banking details with your marketplace. With the help of the latest AI, you can provide them with better cybersecurity.
- Augmented reality
When a customer visits a brick-and-mortar store, he can physically check out a product. With the help of augmented reality, which is the latest addition of AI, a customer can enjoy the same but in the virtual world. A customer can now try out a shirt or even ride a car with augmented reality.
- Performance evaluation
When you think of marketplace development, you need to evaluate the performance of the eCommerce platform. With the help of AI and machine learning, you can evaluate its performance by considering various parameters in a single algorithm and running it.
Thus, AI can completely change how the online marketplace and eCommerce are perceived. It can prove to be extremely helpful in evaluating and improving an eCommerce platform’s performance and even ensuring that it provides adequate security to its customers.