The Transformative Power of Generative AI in the Platform Economy
In a hyper-competitive eCommerce environment, building a successful, profitable and growing digital business can seem like a near-impossible challenge. How can you serve every potential buyer, offer exactly what they’re looking for, and ensure that your prices remain competitive?
The solution, as hundreds of the world’s leading enterprises have already discovered, is to scale what you offer through the use of platform models.
Platform models like marketplace and dropship grew six times faster than eCommerce last year. But offering more products isn’t enough. Any organization launching a marketplace or dropship business will increase its online assortment by 10, 20 or even 50 times. This strategy can only be successful if the right products are easy to find, and quality standards are in place to protect buyers and brands.
More than a decade ago, Mirakl revolutionized eCommerce by building the most advanced, intuitive, secure and scalable technology for companies to launch their own platform businesses. The introduction of generative artificial intelligence takes this ability to new heights, promising near-limitless growth with an exceptional buyer experience. Today, Mirakl is becoming the first platform technology to integrate generative AI, built on OpenAI’s GPT-3.5, to deliver on that promise for our customers.
Mirakl’s artificial intelligence leadership, from machine learning to generative AI for eCommerce
Mirakl has long been at the cutting edge of AI for eCommerce, using it to automate, enhance and accelerate eCommerce across our suite of solutions. For example, our AI-powered technology has already made it possible to speed onboarding of new product catalogs by 10X, reduce incident resolution time for customer care by 90%, and boost conversion rates by 15% with highly-personalized product recommendations.
These results are only the tip of the iceberg. Less than a year ago, with the release of ChatGPT to the public, we witnessed the most remarkable advance in technology since the introduction of the internet. Faster, more precise and more efficient than the human brain, generative AI models have shown that we can go much further – and Mirakl continues to be at the forefront of this incredible revolution.
Creating never-before-seen scale with ChatGPT
Beginning today, Mirakl is harnessing the power of generative AI to empower organizations to maximize their sales, increase traffic and conversion, and operate more efficiently. Leveraging a combination of ChatGPT and Mirakl machine learning algorithms, Mirakl users can enhance the data quality and completeness of product catalogs. Using AI, they can boost search engine rankings (SEO) and increase conversions by automatically optimizing product titles, descriptions and attributes. Using AI-powered translations, they can expand their business into new territories at scale, removing manual effort and cost. And it all works across an organization’s wholesale, marketplace and dropship assortment to drive consistent, high-quality customer experiences.
These new features mean that merchandisers and marketplace managers can get new products online faster, eliminating countless hours spent reviewing and filling in incomplete product content, because Mirakl will automatically take care of it. Digital business leaders can increase sales from their existing customer base while also reaching new customers, unlocking new pathways to greater revenue and profit.
The new capabilities offered by generative AI are already changing the way that companies serve their clients, but this is just the beginning. With Mirakl leading the way, generative AI will play a pivotal role in the platform economy. Any organization that wants to remain competitive must not only understand, but adopt generative AI technology – and only Mirakl gives companies the opportunity to lead in the era of the AI-powered platform economy.