According to Gartner’s recent report, a market research firm, 75% of business-to-business (B2B) sales organizations will be utilizing AI-Powered Marketplaces by 2025.
In a 2020 news release, the company said that sales leaders have been more often investing in AI, including machine learning, to look into data and recommend the following best actions. According to various leaders, that’s a response to the pressure from the massive volumes of data available and “revitalized budgets.”
AI has been providing the maximum sales boost to different businesses in every relatable aspect. This article will review how AI sales are affecting the marketplace scenario.
What are AI-powered marketplaces?
AI-driven technologies offer significant improvements for modern businesses. Moreover, according to Salesforce, 49% of high-performing marketing teams extensively use predictive intelligence to track customer interactions to enhance the user experience with their brands.
AI-driven marketplaces are basically online markets. Furthermore, they rely on Artificial Intelligence technologies to get comprehensive insights. Insights into large volumes of data and accelerate operations to deliver an enhanced user experience with personalized and real-time services.
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Advantages of using AI-Based Marketplaces
The market for AI services will exceed 5.5 trillion dollars by 2027. A medium ruling this market could have almost unlimited growth potential. This certainly means that AI-based marketplaces have the upper hand. Some of the significant advantages that they provide are as follows:
1. Access to foreign data
AI marketplaces allow organizations to acquire data from different sources. This data is a step up for external organizations, so it tends to be clean and has extensive metadata.
2. Faster insights and product development:
Institutions can consume more time on data processing than data collection.
3. Secure data sharing:
With the help of blockchain technology, organizations and customers can share their data with trust.
How to drive more sales with AI-powered marketplaces
Some of the most essential ways to drive sales with AI-powered marketplaces are as follows:
1. Personalised and Improvised customer integration
AI solutions contribute to the development of online marketplaces primarily within the personalization and customization of the customer experience. Furthermore, marketplaces cater to vast grids of customers motivated by different requirements, expectations, and conditions.
They can use customer segmentation, and digital marketplace businesses to segregate groups into smaller, targeted segments of customers sharing common characteristics. The same can serve every person on an almost individual level.
2. By providing recommendations
Shopping recommendations are one of the cornerstones of a thriving online marketplace. Zalando, the top European online fashion portal, generates 40% of online sales. Further, companies can create an AI-powered outfit recommendation engine to provide tailored fashion advice to over 27 million customers online. The algorithm suggests items to buyers based on their wish list, past purchases, and current trends that match individual tastes.
3. Advertisement automation for sellers
Marketplace sellers focus on their products and how they sell in the marketplace. Avid offshoot creators, especially small and medium-sized businesses selling products in online marketplaces, are not known for their practical marketing aptitudes.
It would be unreasonable to assume that they can create ad campaigns from scratch, say in Google Ads, and track those campaigns to optimize them. So by creating automated advertisements, one can boost their sales records with powerful AI, such as by using Online or google ads.
4. By Anticipating Customer Behavior
Personal recommendations are closely tied to pattern recognition algorithms, which look into all available customer data to identify recurrent patterns in human behaviour and extract standard features.
In particular, Machine Learning, and Deep Learning, examine the human context and infer how a prospect feels about products and services available on a marketplace platform. Additionally, this knowledge can then be applied to enhance the customer experience for the existing marketplace users and improve customer acquisition scores.
5. Creating Chatbots
AI-based chatbots help businesses recognize the needs of their customers. Moreover, customers prefer to solve their queries using chatbots. Additionally, chatbots are combined with home automation, and virtual assistants make it easier for people to shop online. It is a trend that will only get stronger, AI chatbots will continue to help e-commerce markets.
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In conclusion, Artificial Intelligence offers new opportunities for digital marketplaces that would like to build and maintain a competitive advantage by unlocking actionable data insights. While in the past, AI-enabled solutions used to be restricted to large enterprises only, now it’s no longer the case.
Google’s £400 million purchase of artificial intelligence startup DeepMind, an artificial intelligence company, specialising in algorithms and machine learning for positive impact, is just one of many pending acquisitions as the potential of such technology becomes a reality.