In the latest tech news, Facebook on the second anniversary of its “Marketplace” has come up with artificial intelligence (AI) features to make transactions easier and faster. Since its inception in 2016, Facebook Marketplace allows users to buy and sell within their local communities.
AI has already been used to make Marketplace more efficient and help sellers connect with more potential buyers. This is done by performing a variety of tasks such as improving the quality of photos automatically and translating Messenger conversations, among others. The new features introduced this week use AI for price range suggestions and auto-categorization.
For example, if you want to sell a home, office chair, Marketplace’s novel AI will help you sell it faster by suggesting you price it between a range that is in the price range of similar chairs sold.
How Do These AI Powered Features Work?
The latest feature on the Marketplace would suggest a price range based on similar products sold on the platform. It would also automatically categorize the item under the correct category based on the photo and description. There is also a process of testing camera features that could use AI to recommend products customers might be interested in.
If some customer liked his friend’s headphones and wanted one for himself; he can snap a photo of the headphones and Marketplace’s technology would recommend similar listings for sale nearby.
Facebook claims that the auto-suggest feature should help bump up listings on Marketplace. Before the feature was enabled, 7 to 9 percent of sellers abandoned their listings before completing them, the company noted in a blog post.
Benefits Of The AI Powered Features
The feature supports detecting pictures and providing suggestions based on it. This makes matters easier for buyers as well as sellers to post and look for items of their desire, making the whole process simpler and faster. With auto-suggestion coming into the picture, the AI technology manages to detect and remove items that violate company policies. This detects images, content and contexts that are unnecessary. This feature has the ability to change the way people shop on digital platforms like marketplace. It has long-lasting, potential opportunities and many value-added benefits for buyers and sellers.
Facebook said Marketplace has seen a nearly 100 percent increase in consumer engagement with listings since its product indexing system was rolled out. In the future, AI could help simplify tasks like completing an outfit or home design project.
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