It’s been two years since the introduction of Facebook Marketplace and while celebrating this feat, the platform is announcing new technology to propel its growth and empower Facebook’s more than 2.23 billion monthly users to buy and sell goods.
From statistics revealed, A Los Angeles-based lifestyle blogger, Meredith Greenberg makes about $500 per month using the Facebook Marketplace platform. She simply take old items and turns them to presentable and sellable item.
With the feedback received on the feature directly by Facebook, they are thinking of bringing in a brand new technological addition to the platform and this is to help propel the growth. Some statistics as revealed by Facebook are listed below:
Facebook says “more than one in three people on Facebook in the U.S. shop on Marketplace every month for everything from new shoes to baby gear to cars and apartments.”
“Furniture and electronics are top sellers on Facebook Marketplace, but it’s vehicle purchases that are emerging as one of the most popular categories worldwide, according to Facebook spokesperson Erin Landers and then car listings from local car dealerships were introduced on the platform one year ago and have helped propel interest”
Facebook is bringing more technology to the platform.
Facebook is considering introducing AI usage to the platform. Artificial Intelligence (AI) is projected to help consumers buy and sell faster by improving the quality of photos and Messenger conversations. Also, it will help with price range suggestions and auto-categorization.
With the use of AI, the Facebook Marketplace can automatically categorize an item based on the photo and description so that the user does not have to do that. This is an improvement on the current approach used on the platform.
Facebook is also testing technology and camera features that will recognize products and group them into categories based on similarity in description and image.
Also, AI will be used in the Reporting system and will also aid the ratings system.
This and many more will believe will be added in the coming days as the Facebook Marketplace Introduces AI Technology to help make the platform and feature better.
We await and anticipate!