The impact of artificial intelligence in marketplace management services
The potential for harnessing the transformative power of AI extends across every industry and business function, offering a remarkable opportunity for growth and innovation. By embracing AI, organisations can unlock new realms of efficiency, productivity, and strategic decision-making, propelling themselves ahead in a highly competitive landscape. From streamlining operations to uncovering valuable insights and creating personalised experiences, with the potential of AI, the possibilities are boundless.
A McKinsey report says that by 2030, 70 percent of companies might have adopted at least one type of AI technology and front-runners who have adopted AI faster than others can create larger economic gains.
According to a simple explanation of what a good AI use case looks like, the top ingredients of a good AI use case are:
- The need for decisions of a repetitive nature.
- The existence of a measure for the success of a specific task.
- Access to relevant data for training.
A good thumb rule to follow is that AI is most useful when it is easier to do a task than explain how to do it.
Going by this list, E-commerce fits the bill for having great use cases of AI.
Features of marketplace management services and AI’s impact on them:
- Brand Governance:
- Catalogue Management
- Marketing Operations:
- Customer Support:
- Reporting and Analytics
AI-powered solutions can be leveraged to ensure marketplace platforms maintain brand consistency and compliance, and perform tasks related to reputation management. Technologies like NLP and computer vision can analyse product descriptions, images and customer reviews to ensure adherence to brand guidelines. Content moderation can be powered by AI. It can identify and flag any content that violates brand standards thereby protecting the reputation and integrity of the marketplace. Marketers can benefit by using AI to improve SEO and build a better brand strategy.
It is a complex task to manage a vast catalogue of products. AI can automate and accelerate various catalogue management activities. Machine learning algorithms can categorise and sort products, extract attributes, and enrich metadata. Generative AI can be leveraged to create market copy. AI can analyse customer data on behaviour, preferences and purchasing patterns to make product recommendations, thereby increasing conversions and revenue. Finally, AI can help optimise catalogues for search engines by creating SEO-friendly keywords to improve product discovery.
AI offers immense potential for marketplace platforms to optimise marketing campaigns, streamline processes and deliver personalised experiences to customers. AI can uncover valuable insights from vast amounts of customer data to create targeted campaigns, sending tailored promotions and recommendations. Additionally, AI-driven ad targeting can ensure that marketing budgets are allocated effectively to reach the most relevant audience and maximise ROI.
In today’s world of instant gratification, technology is an integral part of people’s lives. Customer support is a prerequisite for a brand to succeed. The efficiency with which brands provide customer service decides the brand loyalty of consumers. AI solutions can offer 24/7 support for customers. Several customers’ problems can be resolved by AI-powered chatbots. AI can provide faster response times by promptly answering common questions and addressing basic concerns. Large sets of consumer data can be analysed to anticipate customer needs and offer personalised recommendations. One of the frustrating aspects of customer support is consumers having to repeat themselves. AI-powered bots can keep track of the conversation history and provide support without hassles. Customer service agents are overworked in most cases and are highly likely to make mistakes contributing to a poor experience. Augmenting their services with AI can help reduce employee burnout.
Modern businesses, specifically online marketplaces generate massive quantities of transactional data, customer behaviour data and other types of data. This is a perfect ingredient to make a good use case of AI. AI can process vast amounts of data and make sense of them by finding patterns and discovering trends. Algorithms can analyse these trends to generate actionable reports and predictive analytics. AI can uncover hidden opportunities by analysing unstructured data in the form of reviews, comments, and social media posts. AI-driven dashboards provide real-time visibility into key performance indicators, helping marketplace managers to make informed decisions.
By harnessing the power of AI across various aspects of marketplace management, we can unlock operational efficiencies, elevate customer experience and make data-driven decisions.
For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.