AI opportunities are applied in every industry and business function to increase sales with the power of Modern AI. Presently, 77% of consumers are using Artificial Intelligence regularly on one or more devices. McKinsey predicts that by 2030, 70% of all companies might have adopted AI-driven solutions to simplify operations and enhance productivity. These figures signify that it’s the perfect time for online businesses, marketplace included, to embrace the power of AI.
However, with remodeling comes a challenge. Numerous virtual marketplace owners are afraid of getting a move on with AI for fear of inhibition charges, technology sophistication, or inadequate resources. Unnecessarily so. Since its first applications in business, scalable AI services and results have been advancing at a rapid pace to become available to every organization, regardless of its size. Nowadays, even small businesses can afford to add AI power to their virtual marketplaces by using cloud-based AI and hiring a specialist AI consulting company.
So, if you own a digital marketplace or plan to launch one, keep a touch with us to discover the secret of AI adoption in virtual marketplaces, and find out how AI can help boost your sales in marketplaces.
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?
In this blog post, we are focusing on the application of 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.
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, as well as 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 (their presentation starts at 29:50).
While Booking.com and Zalando are industry front runners with a global reach and small marketplaces aren’t left behind. They can plug into subscription-based, cloud AI solutions to apply substantiated product recommendations. For illustration, Singaporean Snaphunt embraces Artificial Intelligence to give candidates with curated job recommendations and real-time updates on their operations.
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 desired ROI?
TheOnlineSales.ai monetization stack brings this ambition to marketplace dealers using deep learning, natural language processing, and other artificial intelligence approaches to life. The solution is 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 from as well as popular ad platforms like Google Ads, Facebook Ads, etc., without any knowledge of digital marketing.