Let’s take a look at how we can use AI to improve marketplace apps.
Chatbots are computer generated messages to solve customer issues on a website. They are used for customer service, i.e. to analyse their queries, needs and preferences. Chatbots are programmed to gather knowledge from customers and put them together to determine patterns and issues that are faced by them.
Most businesses realise customer feedback is what help makes their apps better and more user friendly. Hence, chatbots are great way to derive data straight from the horse’s mouth.
Finding Quality Leads
Potential leads are the key for any marketer to make new deals or to enter a new market. It would take a person ages to aggregate this data manually, and even if done, the statistics would change with every passing day. But with the help of AI, the system can keep producing live data of new markets emerging and potential buyers for a particular product.
This type of data is gathered by computers through social media channels and CRM. Advanced systems like Node and Einstein can gather potential data and CRM details respectively and use them as strategies to close a potential marketing deal. For instance, a clothing e-commerce app can target customers of a certain age group or a geographical area to market their product.
Data-driven Forecasting
Gathering sensitive data can make or break a company. Using traditional tools to gather data might lead to finding inconsistent or wrong data. Instead, opting for AI allows you to filter a huge amount of data and make you aware of current statistics and market needs for your product.
This can also save a lot of human effort which in turn can be used to make an effective marketing strategy instead. Numbers, data and facts are influxes of data that come from various sources and the AI technology can convert it into useful information that can be used in marketplace apps for potential sales.
Advertising
Did you know that every time a marketing agency buys Google AdWords they are doing that with the help of AI? Automated buying and selling of advertisement inventory goes through the AI technology which basically constitutes the whole process of programmatic advertising.
AI can be used to understand the market space and understand new potential advertising channels that otherwise would remain undisclosed to the market. It helps you to optimise targeting. For instance, if your app sells travel bags, you can advertise your content on any site that has to do with travel. This will help you find your target audience and open new avenues never thought before.
Personalising Marketing
Getting a generalised email that is sent to thousands of other customers would annoy the customers, let alone read them. With the advent of AI, these emails can be personalised with the person’s name and other information gathered through AI data systems.
Artificial Intelligence allows the marketers to target potential buyers on the basis of their search words and recent searches. Marketing automation can be greatly improved by predictive analysis, semantic analysis and cognitive filtering.
Inventory Management and Sales Forecasting
Creating milestones and targets in a meeting is easy to do, but what data is it based on? AI can help you calculate and forecast more appropriately the sales of a particular product. This information is based on:
- Identifying the most and least popular products during an exact period of time
- Suggesting products that can be successfully promoted on a given date
- Predicting how upcoming sports and cultural events impact sales
- Calculating probability of a purchase to give short-term views on turnover
This information is based on historical data about past purchases on the application which helps the sales and marketing departments to drive to conclusions.
Curbing Fake Reviews
Customer reviews play a huge role in affecting the sales of a particular product. Sometimes a product that is not as good has been given 5-star ratings, whereas, a better product is rated poorly. This happens due to fake reviews given by peers or other marketing agencies. AI is capable of analysing large volumes of user-generated content by learning algorithms to analyse reviews and weed out the fake ones from the real ones.
For instance, in 2015 Amazon changed their rating system. They ensured that the rating system is an aggregate of all the reviews about a particular product. Hence, a single negative review can change the rating of the product. AI also makes sure that these users are verified for authenticity which brings reliable reviews in the front.
Wrapping It Up
Artificial Intelligence is a great technology to improve marketplace applications. They are based on actual data that is aggregated through the customer interaction, decision empowering data, predicting recommendations and providing unique customized experience to each and every client.
If you wish to get more information on integrating AI technology in your marketplace app, you can contact the App Scoop mobile app developers: https://app-scoop.com/contact-us.html
