Facebook Marketplace Incorporates AI to Assist Buyers & Sellers
October 5, 2018 | Contributed by: Courtney Dobson
It’s been two years since Facebook introduced Marketplace, a platform that allows consumers to purchase and sell items locally. Currently utilized by over 33% of Facebook users in the US, Marketplace helps consumers find what they’re looking for, from clothing to cars and everything in between, all from a single location.
In commemoration of the anniversary, the company announced several new updates and features that will ease the buying and selling process and increase safety and security. Utilizing the power of artificial intelligence, Marketplace will now provide price range suggestions based on similar items. It will also categorize the item based on the photo and description provided by the user.
Additionally, the company is experimenting with a camera component that would recommend products of interest for users based on an uploaded photo. For example, if a user was looking for an outdoor patio set, they would simply snap a photo of the item and then be provided with nearby related items.
The company has also released content from numerous businesses, such as car listings, home rentals and various e-commerce information. According to Facebook,
Today, vehicles is one of the most popular categories for Marketplace globally, alongside furniture and electronics. Since introducing car listings from local dealerships one year ago, Marketplace has become one of the top destinations for people to buy and sell used cars.
In the wake of several security breaches, the company also announced numerous features to improve safety and security on the platform, including finding and eradicating items that violate company policies, as well as a reporting tool that lets users report inappropriate listings. Additionally, buyers and sellers can grade one another based on positive and negative experiences and provide commentary for areas of improvement.
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