As e-commerce merchants explore ways to drive conversions and efficiency with artificial intelligence (AI), eBay turns to technology to drive sales of high-value auto parts and expand social commerce reach .
The marketplace shared its fourth quarter and full-year 2023 results. report On Tuesday (February 27), the company announced that the global rollout of eBay Motors’ predictive maintenance AI-powered capabilities this quarter is helping it become more relevant to automotive customers.
“We’re finding ways to get more out of it. [our] Leverage valuable data to improve your utility. For example, last quarter we introduced predictive maintenance that provides AI-powered auto part recommendations based on vehicle mileage,” said Jamie Iannone, eBay president and CEO, on a conference call. told the analyst. “Features like this ensure that eBay remains a standout for customers looking for affordable auto parts.”
Additionally, the company said in its earnings report that its generative AI caption generator for merchants. launched In December, we aim to facilitate effective posting and drive engagement for social media users.
In fact, many consumers discover products through social media.
PYMNTS Intelligence Report “Tracking digital payment takeovers: monetizing social media” surveyed nearly 3,000 U.S. consumers and found that 43% of consumers browse social media to find products and services. These platforms are more of a discovery tool than a path to a direct purchase, with only 14% of consumers ultimately purchasing a product or service via social media.
Notably, however, these channels are not eBay’s primary means of customer acquisition, and most consumers arrive at the market more intentionally.
“The majority of our traffic is organic: people visiting the eBay app or typing into eBay.com,” Iannone told analysts.
Overall, the proportion of consumers shopping primarily through digital channels has fallen significantly from its mid-quarantine peak. PYMNTS Intelligence Research “2024 Global Digital Shopping Index: The rise of the Click-and-Mortar™ shopper and what it means for sellers” at the request of visa acceptance solutionsfound that 29% of consumers across seven countries surveyed were remote shoppers who exclusively used online channels, down from 34% in 2020.
But as ongoing economic challenges strain consumer budgets, eBay recognizes the benefits for consumers looking for ways to buy the products they want at a lower cost.
“One of the unique values of eBay is that we can offer great value in the marketplace,” Iannone said. “So I think the reason why our refurbished goods business and our luxury goods business, for example, are doing so well is because people are looking for value in the marketplace, even in difficult times.”
In fact, the PYMNTS Intelligence study “Consumer Inflation Sentiment Report: Consumers are cutting back on transactions and saving moneyfound that 58% of consumers currently purchase at least one retail product from a lower-priced seller.
As economic pressures continue and digital shopping habits evolve, eBay continues to be a beacon for consumers looking to buy products that might otherwise go over their budget at affordable prices. By leveraging AI, the market aims to further drive adoption.
