The Power of Machine Learning in Real-Life

From chatbots to automatic cars, machine learning (ML) is everywhere. Numerous companies depend on ML directly, as it manages the growing data and quickly makes decisions on various industries and business operations. According to PWC, machine learning can add $15 trillion to the world economy by 2030 by boosting productivity and efficiency in the business world. Today at AI-TechPark, we will explore some real-life examples of machine learning that we encounter in daily life in many ways. Let’s take a look:

Amazon Uses a Dynamic Pricing Strategy

亚马逊 is known for its dynamic pricing strategies, which helped the company become one of the biggest online retailer platforms and have more than 350 million active customers globally. To match the level of the competitive retail market, Amazon embraced a sophisticated machine learning algorithm to comprehend and implement dynamic pricing. According to Statista, around 82% of buyers believe that pricing is a vital element that attracts them to use Amazon. This is a great influencing factor where low-cost items are listed with similar high-priced items to let the customer decide which product they want to buy.

Airbnb Utilizes Financial Fraud Detection

Airbnb is a rental platform that uses ML models to block fraudsters who attempt to steal credit card details from their websites. The company allows its users to transact safely for additional verification, which is called “friction”. The friction blocks the unauthorized user from accessing their payment website by adding micro-authorization, 3-D Secure, and billing-statement verification to the payment steps. The unauthorized user is blocked by Airbnb if fraud is detected.

Machine learning has successfully made its place in numerous industries. With the above use case, we got a clear understanding that this technology has improved our day-to-day lives and also impacted our future. It is only a matter of time before we will witness more innovative technologies invented with the help of machine learning.

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