Facebook Expands Marketplace With Automated Price Suggestions

Facebook has announced new capabilities for its Marketplace service, which it classifies as “ai features.” For example, sellers can automatically receive a price suggestion for their products.

Facebook reports that Marketplace compares a product to be sold with similar products previously sold through the online marketplace. Based on this, the system recommends an appropriate price category. In addition, the company is introducing an automatic product recognition and categorization feature, so users no longer have to choose a category themselves. Recognition takes place on the basis of the attached image and the accompanying text of the advertisement.

Another addition is the ability to rate buyers and sellers in terms of response time, friendliness and reliability. In addition, Facebook is testing a feature that allows users to take a photo of a product, after which Marketplace makes suggestions for similar products for sale nearby. This feature is similar to Snapchat’s Visual Search.

Facebook made Marketplace available in the US two years ago. Last year, the service was also released in the Benelux. In May, the company introduced a craftsmen’s services category, first available in the US. Before that, the platform was only intended for trading physical products.