Leverage AI and ML to Win With Your B2B Marketplace

Suppose you looked back at the business world a decade ago. In that case, you might be amazed at the reliance many businesses have on technology today, especially on artificial intelligence (AI) and machine learning (ML). As per a survey, 46% of companies have deployed AI and ML in their core business activities. Furthermore, the same study states that businesses believe it has helped improve the quality of information extracted by 60% . This is also why conglomerates like Netflix have saved over $1B by deploying AI and ML algorithms.

Many new businesses are even paving the way to solving customer problems by utilizing Augmented Reality (AR) and Virtual Reality (VR). In the same way, B2B businesses can also benefit by leveraging the usage of AI and ML. For example, 64% of B2B marketers find AI and ML critical for their sales and marketing strategies. So, if you are planning to launch your B2B marketplace, you should know how you can leverage AI and ML to turn the tables and win! Read on to find out how!

Benefits of AI and ML Usage

If you are not leveraging technology to identify or reach your users in today's market, you are fighting an uphill battle with one hand behind your back. However, in a world where artificial intelligence is being utilized to its full potential, B2B marketplaces have opened up a new arena for using AI and ML to understand customers. The following are the most significant benefits of using it:

Improved Customer Experience

When you utilize AI and ML, the customer experience is automatically improved since the turnaround time between the customer’s query and the response/solution is reduced drastically. This can be done through optimally placed tools like chatbots with NPL, triggered emails, and personalized messages.

Automation

The next most extensive key area where AI and ML are revolutionizing operations for businesses is automating mundane, repetitive tasks. As a result, the employees can be more productive and have more time to ideate upon improving the business offerings, which can help increase operational efficiency and reduce costs.

Reducing Errors

With repetitive tasks being done manually, human error due to fatigue is bound to creep in. Automation, however, reduces and even eliminates many of these errors since AI and ML bots do not tire of doing the same thing repeatedly.

Decision Making

The goal of AI and ML is to make things easier for humans. This includes decision-making as well. While humans take longer to arrive at decisions when the amount of data is more, AI and ML bots can do it faster without any bias.

Tackling Complex Problems

Owing to their capabilities for handling complex data and decision-making, AI and ML can also allow businesses to undertake and tackle complex problems at scale. This can also help save time, money, and resources for the company.

How can You Leverage AI and ML in the B2B Marketplace?

With the kind of uses that AI and ML can do for businesses, you can open up a whole new avenue to improve the B2B Marketplace. Some of the ways you can leverage it in your B2B Marketplace are:

Personalized Recommendation Engines

The most prominent use of AI and ML today on the internet is personalizing user experiences and recommending to them the products and services they are looking for through carefully placed ads. On B2B Marketplaces, you can utilize this at a massive scale to help users find the right solution and businesses find the right customer for their products/solutions. This personalization of UX can help grow the trust and reliability of any B2B marketplace when done right. You can further improve customer experience and recommendation through AR and VR engines that allow virtual tryouts and digital experiences.

Conversational AI for Customer Interaction

Chatbots are probably the most used application for AI and ML today. However, most of them have been designed to give fixed responses to set inputs only. This can be off-putting for users who expect human interaction for query resolution. For this purpose, you can utilize the Merlin framework and NLP engines from AI and ML. Furthermore, the conversations are engaging and continuous, making customer problems get addressed quicker. This chatbot can have a natural conversation with any user and then drive them to the right solution without making them feel like they had a conversation with a bot.

Price Analysis

For any business, minimizing costs and maximizing costs is the priority. On a B2B Marketplace, this can become a huge pain point if the user gets confused between a few vendors that offer the same service. Using AI and ML bots, you can provide a quick price analysis between competitors for the same services. This will make the decision-making process easier for the customer and instill trust and reliability in your product since you solve a real problem. The other aspect of this benefit is that the user will probably become a recurring user for this purpose entirely.

Logistics Management

In B2B Marketplaces, delivery partners and logistics have to be managed when tangible goods are involved in a transaction. Depending on the requirements, you can utilize AI and ML to choose the right logistics partner. This activity also helps minimize human error and bias in selecting vendors.

User Verification

In B2B marketplaces, the factor of trust and reliability is even more important since the financial stakes are higher. Furthermore, unless the user cannot trust the other party, the transaction cannot happen. With AI and ML, you can easily set up data points that can be checked upon for both parties as part of the verification and vetting process. The users can then go upon these data points to determine whether they want to engage in a transaction with the other business or not.

Additionally, you can use AR and VR to scan the user’s identity in real-time to verify them against their submitted documents.

Credit Facilitation

Due to the rising living costs and the growing usage of credit facilities, B2B marketplaces can often benefit from a credit facilitation service. This can help them generate an alternate income stream while making the transition easier for both parties involved. However, before you credit your finances to any business, you need thorough vetting. For this, neural networks of AI and ML can be utilized, making these decisions objectively by scanning the potential borrower against some touchpoints for validation. If those criteria are met, the amount can be credited.

Conclusion: Where to find an expert in AI and ML for B2B Marketplace?

With the growing dominance of new technologies in business, the marketplace is buzzing with AI and ML service providers. But, amidst all that noise, how do you decide which one is the best? You can either go to the one that asks for the most money and promises to deliver many fancy services that you don’t need, or you can choose to go to the cheapest option available to save costs and get only what you need.

So, if you want the best, it’s time for your particular challenges at the cavalry- Etelligens . But, thanks to their experience in eCommerce and Python development , they have over 200+ clients across the globe .