Velebit AI featured in Besedo 2021 Online Marketplaces Predictions
On December 9, 2020
This year's changes brought fast transition to online and scale, both from the side of the economy and side of data, to many marketplaces. In 2021 that will allow faster implementation of AI-powered technologies such as advanced Cognitive Search, Visual Search, AI-based Recommending and Matchmaking of buyers and sellers.
Besedo is an industry leader in content moderation tools and services that, alongside the use of experienced agents for manual moderation, excels in the use of AI and automated filters. By far, the largest beneficiaries of such solutions are online marketplaces and Besedo clients like eBay, Wallapop, Subito, and others.
Online marketplaces process large amounts of user content: ads, images, and private messages and moderation that prevents illegal content and poor quality of descriptions and images to be published must be done in near real-time.
Besedo asked Velebit AI and other industry experts for their thoughts on challenges the Marketplace industry face in 2021. Out of several interesting views, most of them agree that the dynamics of the whole industry accelerated and that adoption of the newest AI-based technologies and focus on customers will be a key to success.
This is how we in Velebit AI see it:
2021 is the year we are all entering with the biggest uncertainty in decades. Unfortunate events from 2020 will continue to change users’ habits and behavior rapidly so predicting the trends becomes as good as predicting from the crystal ball – not really something you want to base your business plans on. Future is no longer an extrapolation of trends from the past, as radical shifts and changes occur.
When the short and mid-term predictions become unreliable, it is best to focus on long-term trends and I see several long-term trends that play in favor of the marketplace industry.
Moving our lives online fast makes users less afraid to embrace doing almost anything online so marketplaces oriented to providing the full transaction services will have an opportunity to provide a trusted environment and guarantee it with the quality of their services and value of their brands.
New niches appear, and small niches grow extremely fast as people are forced to meet each other less often in person. This especially changes the jobs market where online candidate interviewing becomes a must and where companies care much less about where their employees work from. This gives the strongest players in the field a chance to use their economy of scale and provide advanced services that will bind both demand and supply side to their ecosystems.
Fast transition to online brings scale, both from the side of the economy and side of data, to many marketplaces. This allows faster implementation of AI-powered technologies such as advanced Cognitive Search, Visual Search, AI-based Recommending and Matchmaking of buyers and sellers.
All above play in favor of marketplaces. On the other side, there is an inevitable trend of the economic cycle and forthcoming downturn that will make things harder. Still, marketplaces that focus on long-term trends, use the opportunity to build core technologies and stick to their promises to the customers will benefit when the economic growth re-starts…
Check what top industry experts say and how they look at re-shaping classifieds industry. Read many valuable aspects in the following Besedo blog that will help you successfully navigate 2021:
Sending rain was once attributed to deities. Today, we know that's not the case, but our rain prediction capabilities are still far from godlike. AI has helped with many problems, but can it also make rain forecasting perfect, we find out in this blog.
How Machine Learning can improve customer satisfaction and lower the time needed to post an item? Learn more about image and text based category prediction services.
We build AI for your needs.
Meet our highly experienced team who just loves to build AI and design its surrounding to incorporate it in your business. Find out for your self how much you can benefit from our fair and open approach.