How Online Marketplaces Use Artificial Intelligence to Promote Sales?
Machine intelligence is already bearing fruit for progressive online brands, putting them on the buyers’ radar, and delivering the tools for profit optimization. The AI-driven technologies offer similar significant enhancements for modern businesses according to Salesforce, 49 of high-performing marketing teams say they extensively use predictive intelligence to track customer interactions and enhance the user experience with their brands. Big data scientists, paired with predictive algorithms and AI automation, enhance the monitoring and analysis of user behavior, deliver insights into purchase metrics, and help virtual marketplace businesses create highly individualized interactions that drive greater sales. With these capabilities in mind, how can machine intelligence help virtual marketplaces?
Increasing Relevance by Customer Segmentation by using AI in Marketplaces
AI solutions contribute to the growth of online marketplaces primarily within the regions of personalization and customization of the buyer experience. Marketplaces cater to vast networks of customers motivated by different needs, expectations, and necessities. With customer segmentation, digital marketplace businesses can break this monolithic group into smaller, targeted segments of buyers sharing familiar characteristics, to serve every person on an almost individual level.
Accurate customer segmentation helps marketplace owners upgrade marketing messaging on social media and in email and PPC campaigns, and achieve advanced response and conversion rates. However, without AI automation, efficient segmentation of thousands of marketplace visitors is practically impossible. The manual process involves considerable human effort, cannot be easily scaled, and is prone to stereotyping and bias. Artificial Intelligence lifts all limitations of traditional market segmentation and allows marketplaces more targeted communication with buyers and sellers by associating hidden patterns and trends.
Delivering Shopping Recommendations with AI
Shopping recommendations are one of the keystones of a successful online marketplace. Zalando, the top European online fashion portal, generates 40% of online sales.
The company has built an AI-powered outfit recommendation engine to give customized fashion advice to over 27 million of its customers online.
The algorithm suggests items to buyers based on their wish list, past purchases, and current trends that match separate tastes.
AI-powered recommendations are also fundamental to the business strategy of Booking.com.
In this video, Jonathan Poelsius, Principal Data Scientist, and Rares Mirics, Software Developer at Booking.com,
unveil how the booking portal uses advanced data analytics to deliver users with sophisticated filtering capabilities to find the room that best meets their exact necessities.
While Booking.com and Zalando are industry frontrunners with a global reach, small marketplaces aren’t left behind. They can plug into subscription-based, cloud-based AI solutions to apply substantiated product recommendations. For illustration, Singaporean Snaphunt embraces artificial intelligence to provide candidates with curated job recommendations and real-time updates on their operations.
AI-powered ad automation for sellers
Avid product creators, particularly small and medium-sized businesses selling products in online marketplaces, aren’t known for their effective marketing skills.
It would be unreasonable to assume that they can make ad campaigns from scratch, say in Google Ads, and track those campaigns to optimize them.
Marketplace dealers focus on their products and how they’re sold in the marketplace.
However, what if sellers can launch ad campaigns across channels with a single click, sit back, and watch the ad perform well, resulting in accelerated sales and the desired ROI?
The OnlineSales.ai monetization stack brings this ambition to marketplace dealers using deep learning, natural language processing, and other artificial intelligence approaches to life. The solution was formerly used by renowned marketplaces and aggregator networks around the world, such as Swiggy, Souq, Livingly, Maruti Suzuki, Haravan, Konga, Sendo, Daraz, Shopmatic, etc.
In simple terms, the stack helps merchants place ads directly on the marketplace they’re dealing with, as well as on popular ad platforms like Google Ads, Facebook Ads, etc., without any knowledge of digital marketing.
