AI technology in mobile platforms and on-demand marketplaces

1 Mobile App Technology Benefits from AI

1 Mobile App Technology Benefits from AI

Artificial intelligence is transforming how users engage with their apps, opening up a slew of new opportunities for creativity.
The digitalization drive that pervades an ever-increasing number of corporate fields is at the forefront of the Industry 4.0 epoch. Mobile applications are arguably one of the most demanded goods among the software products that inundate the global IT industry, giving prodigious income to their developers and catering to a broad range of client needs globally.
Artificial intelligence (AI) has poured into our digital world like smartphones. The days when cellphones relied on cloud-based and internet-dependent apps are long gone. Now, AI is being used by mobile app makers to influence people’s judgments.
However, the mobile application industry’s meteoric rise may fall short of its potential unless key companies in the space keep up with the cutting-edge technology that is shaping the face of modern civilization in the early third millennium. Artificial Intelligence (AI) is one of these technologies—a game-changing development in the world of machines and computer systems that gives them the ability to tackle complex problems by simulating the human brain’s operation.
Companies that provide app development services are interested in combining AI and mobile apps. Securing such solutions gives businesses a significant advantage over competitors’ products, as well as increases user pleasure. These two mission-critical business aspects combine to generate a steady stream of riches for entrepreneurs who were foresighted enough to get on the AI bandwagon of cutting-edge technology ahead of the pack.
Aside from these two key benefits, incorporating artificial intelligence into mobile apps provides companies and customers with a number of other advantages. Smartphone app developers are increasingly adapting to using AI to improve the performance of their apps. You can read some of the real-world advantages of artificial intelligence in smartphone apps in 1.1.

1.1 Image Recognition Features

Face recognition technology is not new, but it is projected to see significant development potential in the future years.
Since Amazon, Target, and Macy’s all have picture recognition built into their smartphone apps, the technology is likely to become a must-have. Customers can shop directly from a retailer’s catalog using scan-to-buy alternatives, and in-store signage has grown in popularity and is now a typical service.
Some retailers use picture recognition to allow customers to point their phones at any item and receive purchase recommendations. The IKEA Place app, which they built for iOS, is a good illustration of this: users can use AR to place IKEA furniture in their houses and rotate it around as if it were in the real world.

1.2 Natural Language Processing

A GPS navigation software that allows you to speak request instructions to a place may be your first encounter with Natural Language Processing (NLP) – they are a lot more advanced than they used to be.
SIRI, a virtual assistant (VA) technology, is the most well-known mobile app incorporating NLP, followed by Alexa, Cortana, and Google Assistant.
Because of its widespread application, NLP has become more popular in the medical and healthcare fields. This is especially true for wearable health apps that allow for speech input, as there is a greater demand for hands-free communication in this industry.
Another application in which NLP can be particularly effective is in the detection of spam mails. Spam filtering algorithms read blog comments, social media messaging, and email messages, among other things. The spam is then identified by comparing it to known spam messages and text patterns.
Also, there’s a lot of potential in developing and pulling data from information stores – a user can search the multitude of ebooks, websites, films, footage, and so on using only their voice.
In addition, NLP has a lot of potential in the area of prediction, especially when it comes to political and social events.

1.3 Machine Learning

The most widely used artificial intelligence technology in IT is likely to be machine learning. ML refers to a computer’s or software product’s ability to make informed decisions and draw conclusions based on previous experience.
Two strategies are used to obtain this capacity. First, by examining previous inputs and outputs, the supervised learning model is fine-tuned to predict future responses to new data. Unsupervised learning relies solely on the input data to uncover persistent patterns ( a.k.a. clustering). Whatever ML technique is chosen, it opens up a wide range of possibilities for incorporating it into apps in a variety of industries, ranging from education and healthcare to sales and manufacturing.
Oval, a financial service, is an example of machine learning-driven artificial intelligence in mobile apps. This app analyses all users’ spending behaviors to create a customized savings strategy for each one. Furthermore, as a machine learning creation, this software develops with each new data set entered, resulting in more competent advice.

1.4 ChatBots

ChatBots for mobile apps are considered a “new” phenomenon, yet their development began in 1966 with Eliza, a medical chatbot that is regarded as the “mother of all chatbots.”
Chatbots are useful for a variety of jobs, from simple ones like answering basic client questions with a rule-based chatbot to more complex ones like assisting with customer support problems.
Chatbots will not be able to replace websites or applications, but they can be used in conjunction with them to improve client contact.
Companies must communicate with their clients on a frequent basis, and the greatest medium for this engagement is mobile apps. Almost everyone nowadays prefers to communicate with a firm via their app rather than via email.
Chatbots can also help with privacy concerns, which is why many institutions are developing their own Chatbot platforms, such as Erica from Bank of America. Privacy issues can be avoided by using a native chatbot.
Duolingo, Erika by Bank of America, Lemonade Maya (replacing brokers and bureaucracy), and Operator by Intercom are some notable instances of chatbots (customer service chatbot that handles simple tasks). I’d also like to add Facebook’s Messenger platform for chatbots, which now reigns supreme on the Internet.
Bots in mobile have numerous advantages: customer interaction will be more lively and engaging; you won’t need to download an app for a task; chatbots could be your calculator, booking agent, and so on; they will recommend new things to you, assist you with repetitive tasks, and save you a lot of space on your phone because they will be a number of apps in one; and they will save you a lot of space on your phone because they will be a number of apps in one.
Chatbots improve the quality of your mobile app, particularly with the intelligence support provided by AI, which can help you enhance conversions.
Developers will benefit from the benefits of smooth chatbot deployment for messaging or other scenarios, as well as the integration of a chatbot with other apps – with an intelligent chatbot, you may add easy-to-see features and additional functionality to your mobile app.

1.5 Visual Search on Mobile

Brands are attempting to use the smartphone camera’s increasing sophistication to activate users and drive purchases through mobile visual search, which has the potential to offer new economic opportunities. Visual search is sometimes faster and more accurate than text or voice, and the smartphone is the ideal platform for visual search technologies.
Let’s imagine you saw something you liked but don’t know where to look for it or what it’s called – visual search can help you find all those things you can’t put into words.
Google Lens is an excellent example; it was first released in Google Photos and the Assistant in 2017. Google promised three key enhancements in 2018: first, smart text selection, which combines the words you see with the answers and actions you require – you may copy/paste text from the real world (recipes, for example) to your phone.
The second update is a style match; for example, if you like a particular outfit, you may open Lens and see items in a similar style that complement the look.
The third upgrade is that Lens now functions in real-time, allowing you to browse the world around you simply by pointing your camera in the right direction.
Companies may utilize technology to detect the elements of their inventory with a simple snap of the camera, publishers can use it to obtain excellent visual material from their photo collections, and DAM software can incorporate a visual search to organize and curate their customers’ content – visually.
E-commerce organizations can use Visual Search to improve catalog discovery, customer engagement, and conversion rates.

1.6 Biometrics

Not only can AI-powered systems understand texts, photos, and human speech, but they can also recognize our physical characteristics (facial shape, body size, fingerprints), as well as gestures.
This technique is primarily used in marketing, but it can also be used in other fields. Banks, correctional facilities, and educational institutions, for example, can profit from using this software.
Face2Gene, for example, is a highly specialized tool designed to assist professionals in diagnosing genetic abnormalities. It has been fine-tuned to evaluate patients’ faces, providing immediate feedback and allowing healthcare providers to communicate results in private group forums.

2 AI on-demand marketplace

Every sector and business function has AI prospects. Currently, 77 percent of customers are exposed to artificial intelligence on one or more gadgets on a regular basis (Pega).
According to McKinsey, by 2030, 70% of all businesses will have implemented AI-driven solutions to optimize processes and boost productivity. These figures indicate that now is the ideal time for online businesses, including marketplaces, to leverage the power of AI.
Change, on the other hand, brings with it a new set of challenges. For fear of prohibitive prices, technological sophistication, or insufficient resources, many virtual marketplace owners are hesitant to move further with AI.
This is unnecessarily so. Scalable AI services and solutions have been growing at a dizzying pace to become available to every organization, regardless of size, from their first uses in business.
By adopting cloud-based AI and engaging a specialist AI consulting firm, even small firms can now afford to add AI capability to their virtual marketplaces.
So, if you possess or plan to establish a digital marketplace, stick with us to learn the secret of AI acceptance in virtual markets and how to increase sales with AI marketplace development.

2.1 Online marketplaces

This Greek agora was bustling with activity in ancient times, linking vendors with purchasers. People would come from far and wide to stock up on necessities, taking advantage of the opportunity to pick from a diverse range of goods from across the region.
In the year 2022, an online marketplace is known as agora 3.0. It is an e-commerce service that connects customers and sellers and allows them to trade things. While ancient agoras offered both parties real trade spaces, online marketplaces enable them to execute deals over the internet via digital platforms.

2.2 Type of marketplace

When it comes to the items and services available, modern digital marketplaces can be highly diversified.
Apart from general marketplaces like eBay, Amazon, or Taobao (in China), which offer everything from books, clothes, and food to vehicle parts, kitchen appliances, and pharmaceuticals, niche marketplaces like Bricklink, Ruby Lane, and Gun Auction specialize in a certain set of products (Lego bricks, antiquities, and firearms, respectively).
Brands can sell to other businesses through these platforms. Manta, Global Market, and Thomas Net are all good examples. Many worldwide running e-commerce platforms, such as eBay, Amazon, and Alibaba, which are typically identified with B2C shopping, also offer B2B sales.
Businesses can sell products and services to individual customers through a B2C marketplace. The most prominent sites in this category are eBay, Amazon, and Walmart once again. Portals like Booking.com, AppStore, Spotify, and UpWork are all examples of B2C marketplaces.
These marketplaces, often known as P2P or C2C, are best shown by Uber and Airbnb (consumer to consumer). Goods and services are traded between people on a peer-to-peer basis in this arrangement. A P2P marketplace is defined as any platform that allows a physical person to list an item (such as a car, lodging, old clothing, or food) for purchase by another real person.

2.3 Impact of mobile AI on marketplaces

Advances in mobile technology, such as the introduction of faster bandwidth, such as 4G, and smartphones with stronger processing capabilities, have opened the path for retail behemoths like Amazon to provide its customers with a higher level of service.
Consumer demands have shifted significantly upward as a result of this since they now have a taste of the convenience that AI-integrated technology may bring. AI, it may be claimed, is paving the way for mobile apps to conquer a new digital frontier.
Tech corporations are currently devoting significant resources to AI algorithm development since it provides them with an incentive to improve the security and efficiency of their goods and services.
Through a combination of brands comparable to Amazon Prime Delivery and Echo, these firms will be able to engage a broader range of users.
With more and more apps including AI, these firms can use data obtained through point-of-sale and online traffic monitoring to tactically optimize user experience by generating more clever and meaningful engagement possibilities.
Machine intelligence is already paying off for progressive online firms, putting them on the radar of purchasers and giving them the tools they need to maximize profits.
AI-driven solutions provide such huge benefits for modern enterprises that 49% of high-performing marketing teams utilize predictive intelligence extensively to track customer interactions and optimize the user experience with their brands.
Big data scientists, when combined with predictive algorithms and AI automation, improve user behavior monitoring and analysis, provide insights into purchase metrics, and assist virtual marketplace enterprises in creating highly tailored encounters that result in increased sales. How can artificial intelligence help virtual marketplaces with these qualities in mind?
Artificial Intelligence (AI) has made a ground-breaking entrance into the realm of technology. It is not only attempting to make human lives easier, but it is also attempting to transform the technology sector.
Although artificial intelligence has been around for a long time, it is only recently that people have begun to incorporate it into a variety of modern devices. The answering machine was and continues to be one of the most popular AI in the past and now.
New AI technology, on the other hand, includes Alexa, the Smart TV, the refrigerator, and the air conditioner, among other things.

AI & Analytics: Trends 2024 and Market Research

A new year brings new technological challenges and business opportunities as well as accelerates the digital transformation in the corporate landscape.

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