Online marketplace business saw several developments in the recent years due to the advances in technology and the coming years too would witness revolutionizing changes brought about by technological innovations. When the world turned digital in almost every sense, the shopping patterns of the people changed with it and more people depend on online stores now. Here are some of the technological innovations that can change the face of online markets.
Blockchain Technology in Mobile Payments
Digital money grew popular with the growth of online marketplaces and people prefer making payments using card to paying in cash. Online payment services like Googlepay have helped a lot in making the payment easier and faster, saving the customers from spending so much time filling out the details that often led to cart abandonment.
Online payment services usually use blockchain technology that enables the real time conversion of cash with no restrictions on time and location.
Increasing the ease of marketplace online selling plays a great role in boosting the sales and voice commerce is the suitable candidate that helps in achieving the objective. Using voice search makes the shopping process a bit easier than searching by typing and the option increases the user number by making it easy for visually impaired people.
AI has great potential to improve the online marketplace shopping experience by automatically categorizing goods, translating messenger conversions and item descriptions. AI helps in improving the sales by showing a list of recommended products to the customer according to their previous searches.
How Does AI Revolutionize Marketplaces?
AI is a tool that helps in building search engines with intelligence and when the search engines are powered by AI, they can keep track of the user’s browsing patterns and help the customer find the exact product they are looking for.
Retargeting with AI
Sometimes a customer might spend a lot of time studying the specifics of a product and exit suddenly without purchasing it. The considerably high amount of time spend on the product is an indicative of customer interest and using AI we can store this information to retarget the person during the next visit to the site.
Offering Recommendations to the Customers
AI is a powerful tool that can study the customer behavior well and using this feature, AI can give the customers significant recommendations.
The online market place wouldn’t have come into existence without technology and the technological innovations are taking online marketplace to the next level.