eBay to acquire SalesPredict price analytics company
eBay are to acquire SalesPredict, an Israel-based company that leverages advanced analytics to predict customer buying behavior and sales conversion.
SalesPredict is eBay’s latest acquisition that will support its artificial intelligence, machine learning and data science efforts. It follows eBay’s recent acquisition of Expertmaker in May this year, in order to further bolster their structured data efforts.
In the press release blurb eBay talked about plans to apply world class learning approaches to building the world’s most comprehensive product catalog and pricing guide. In other words eBay want to be able to identify the product that you’re listing and have a pretty keen idea of the price it will fetch. This will enable them to give price guidance to sellers and display typical selling prices to buyers (not something that sellers are always particularly fond of).
eBay also said that for sellers, “it will help us build out the predictive models that can define the probability of selling a given product, at a given price over time“. In other words eBay might be able to predict that lowering your price by a certain £ value or percentage your item will for example sell within a week rather than a month.
eBay added that “There are three key efforts that comprise eBay’s structured data initiative: collect the data; process and enrich the data; and create product experiences. SalesPredict will contribute to data processing and enrichment, specifically with respect to inventory insights”.