Artificial Intelligence & Machine Learning in E-Commerce
Machine Learning (ML) and Artificial Intelligence (AI) have been steadily growing in efficiency and gaining awareness for the last few years. And for good reason: they are both primed to impact us in nearly every aspect of daily life and business.
If you’re not familiar, AI is the concept of enabling machines to carry out tasks in a way that we would consider “smart.” Meanwhile, ML is an application layer of AI based on the idea that we can just feed machines data and let them learn on their own.
Whether you realize it or not, you’ve most likely seen both of these in action with Amazon’s personalized product suggestions or Facebook’s facial recognition for photo tagging. However, completely integrating both technologies into an E-commerce platform is a relatively new possibility.
The benefits are solid: it turns your store into an ever-evolving, ever-learning crystal ball that feeds consumers extremely relevant product information and listings. On the flip side, it will offer your advertisers unparalleled targeting capabilities and reporting.
This is why we are committed to AI and ML on the Vanig platform. It will enhance the experience for consumers and provide extra value for advertisers and merchants. Let’s take a quick look at how:
Advertisers and Retailers
Vanig uses Artificial Intelligence and Machine Learning to make advertising effective, to certify sellers and provide a customized shopping experience for retailers’ customers.
For advertisers, having access to an ad platform powered by ML will allow them to display their ads to the best audience possible. Furthermore, it will allow them to adjust ad spend on the fly, gain valuable insight from our reporting suite, and most importantly — increase their ROI with each campaign.
For retailers, ML will offer effortless onboarding to the platform. Our algorithm builds a list of ideal sellers for each product and our outreach team starts working on onboarding those sellers into our program using incentives like:
· Quick, hassle free import of inventory from their existing platform to Vanig
· Offering additional Vanig tokens as a bonus to onboard our platform
Consumers
Through the Vanig curated products program, we identify 200 top selling products from each of the top five e-commerce sites from a consumer’s region. Thanks to the ML/AI-powered algorithms, consumers will see products they are likely to be interested in and can feel confident knowing the product(s) they’re purchasing are high quality. Our algorithm factors in key points, including:
· The number and frequency of reviews by verified buyers
· Detection of paid reviews
· Checking the product reviews and customer questions to extract and catalogue issues faced by customers using Natural Language Processing
This will not only streamline the shopping experience but will increase consumer confidence by avoiding products with low or fake ratings.
We understand the difficulties inherent in searching tens of thousands of retail products and we aim to make your shopping experience easy and convenient. That’s why we use the decentralized file storage network to manage the updated databases of products listed on the Vanig platform. Through this, consumers use filters and product sorting to choose what they want to buy, and the platform’s algorithms show the best products for each individual consumer.
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Interested in learning more? Give us a follow here on Medium, Twitter, Facebook, and Telegram. Or, head to our site and read our whitepaper. Our public presale opens June 4, 2018 and we’ll have much more news and thoughts to share before then. So, keep an eye out for more to come and let us know what you think!
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