Establishing a successful marketplace model can be challenging. You will obviously need to generate buyer interest in your platform, but a successful marketplace platform also necessitates interconnection between your vendors and users, as well as engagement with the products and content presented within.
Your marketplace’s operation is dependent on a growing user base and a continuously updated catalog. A thriving platform relies on well-designed online marketplace architecture. Actionable data is key to your architecture’s effectiveness.
How rich catalog data boosts the success of your marketplace architecture:
Real-time data to enable growth
For an online marketplace framework to succeed, it must possess the ability to onboard vendors and products continuously while maintaining accuracy and customer trust. You need to provide consistent and complete data about products sold by each of your vendors, even though they fluctuate regularly.
How to go about it:
AI-based marketplace APIs enable you to acquire complete product intelligence on each and every item in real-time. In addition, a Product Identification API gathers a list of products that match a search term, allowing grouping of identical and similar items as well as sorting by demand.
Prevent mismatching and disgruntled customers
Sometimes different vendors provide incomplete data about their items, leading to customer frustration and abandonment. It is crucial to provide all of the most relevant product information consistently in order to enable accurate product identification and easy comparisons.
How to go about it:
Neural network modelling automatically captures both similarities and differences, enabling effective e commerce marketplace management. Regardless of the type of data provided by the vendor, you are able to feature a complete set of information about each product, boosting sales and customer loyalty.
Ensure prices are within range
At times, vendors set product prices outside of the current price range. This kind of overpricing must be avoided as it can put off customers permanently. However, keeping up with fluctuating prices is a difficult task considering the huge inventories handled by marketplaces.
How to go about it:
Smart outlier detection techniques enable the identification of vendor set prices that are outside the current range. Using AI-based price modelling tools, automated pricing can be applied to products as they are being uploaded by vendors.
Display products based on demand
Sometimes, the customer may not have the precise name of the product they are looking for. As a result, they may just search for the name of the brand rather than the exact item they want. In order to boost sales and increase customer satisfaction, items in demand must be displayed prominently on the product page. But how can you tell which products are most relevant at any given time?
How to go about it:
Using specific search criteria, machine learning algorithms enable the ongoing ranking of products based on demand and attractiveness. The items that have the greatest appeal for the buyer will be displayed prominently based on a confidence score. According to research, accurate product assortment leads to a 5% increase in the add-to-cart ratio.
To learn about additional ways extensive catalog data can enhance your online marketplace architecture, schedule a demo now.
