Machine Learning and Artificial Intelligence Technology to help E-commerce Marketplaces Combat the Problem at Scale
NEW YORK and TEL AVIV, Israel, Sept. 14, 2021 (GLOBE NEWSWIRE) -- Recognizing the enormous need to identify and eliminate dangerous and fraudulent listings from the billions of listings online, EverC today announced the launch of its MarketView technology platform, which is now available to marketplaces all over the world. MarketView was successfully piloted with one of the largest global marketplaces and is now available to hundreds of other marketplaces and managed e-commerce platforms.
The e-commerce industry is poised to grow into a $5.4 trillion market by 2022, according to eMarketer, and with it, criminal activities are rising exponentially. Criminals are flooding the global economy with nearly $1 trillion worth of dangerous, counterfeit and illicit products, taking advantage of today’s largest e-commerce marketplaces, reports Fast Company. These products are not only fake but are, many times, also very dangerous. For example, counterfeit lithium-ion laptop batteries have burned, self-ignited and exploded, and counterfeit cosmetics have triggered severe skin reactions, left permanent injuries and sometimes caused casualties.
As a result, regulators are taking action by issuing costly fines and new regulatory actions at an increasing rate, while the marketplaces themselves are losing consumer trust, ultimately resulting in major brand-damaging media coverage and the loss of revenue, as well as payment processor relationships and advertising partnerships.
“Criminals are great early adopters and they’re constantly finding new and lucrative ways to sell illegal products online,” said Noam Rabinovich, Head of MarketView and Founder of EverC. Noam leads the MarketView team of industry experts who specialize in marketplace and e-commerce regulation including IP infringement, trademark, regional and country-specific laws and more.
“E-commerce marketplaces are facing an existential crisis right now and the sheer scale of the fraud problem is untenable with today’s approach. EverC is becoming a centralized source for analyzing seller and merchant data, including hidden fraud, exposing criminal activity before it becomes an issue and protecting consumers and marketplaces from potential harm.”
MarketView utilizes artificial intelligence and machine learning to shine a light on illicit products at scale, analyzing text, images, and metadata to protect marketplaces and — ultimately — consumers from fraudulent activities and counterfeit products. The technology reviews millions of products per day and removes illicit and recalled products within minutes to protect company brands and consumer trust. MarketView not only identifies illegal product listings, but also enables marketplaces to capitalize on new growth opportunities from sellers with nuanced and region-specific regulations.