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– Domain Keywords : Artificial intelligence Auctions –
The online auction market, a newly emerged segment of the auction sector, has been witnessing a strong and steady growth in recent years. Auctions are increasingly moving to online platforms due to its numerous advantages, such as easy bidding, quick transactions, and huge flexibility in terms of time and locations. With the help of advanced technologies like artificial intelligence, the global online auction market is expected to witness a stronger expansion over the next 4-5 years.
AI is Backing the Growth of Online Auctions
The emergence of artificial intelligence is one of the major trends being witnessed in the global online auction market. AI is used in an online auction to perform various activities such as processing customer-service inquiries, internal operations, product packaging, and delivery. Meanwhile, by using AI powered data analytics and bots, sellers are able to better identify and target potential buyers online. Such AI powered auction analytics can help sellers or auctioneers to tailor their digital marketing campaigns and ensure to provide potential buyers with the information they need and details on products that are most likely to be of interest to them.
In the recent years, AI has also led to a change of pricing strategies in auction activities. Artificial intelligence can now effectively provide accurate valuation of the products by analysing market trends and predicting future outcomes. This valuation is based on real-time data analytics and enables buyers and sellers to conduct auction within a highly accurate market valuation range. Automated market analysis means that any shifts in the market and in buyer interest during the auction cycle will cause the change of guided prices accordingly throughout the process, thereby making the bidding process more cost-efficient, which is expected to be the main factor driving the growth of the global online auction market in the near future.
AI in business is rapidly becoming a commonly-used competitive tool. It is also seen as a supporting tool for your business, rather than a replacement for human intelligence. If it is not something you can invest in right now — if you are short on money or don’t have the funding for it — you can consider obtaining a cash advance.