Yiwugo.com, the official website of the largest commodities wholesale market in the world, has launched the AI-based function for product recommendations for both of its PC and app versions. Adopting the latest deep neural network technology, the function intelligently recommends matching commodities according to the different needs of commodity buyers, and thus greatly facilitates the sourcing of satisfactory goods for them.
The development of Yiwu’s physical market is also a process of orderly management and supply of commodities. In order to make it easy for buyers from all over the world to locate satisfactory sources of goods from the vast number of commodities in Yiwu’s physical market, the market of Yiwu has adopted the method of setting up stalls according to the categories of commodities, i.e. commodities of the same category are arranged for sale in the same block. In this way, customers can quickly find the corresponding sections for goods they are looking for, compare similar goods at different stalls, and finally locate the goods they desire. In addition, such a method has also created an open, just and fair competitive environment for dealers of the same category of commodities and laid a solid foundation for the prosperity of Yiwu’s physical market. With the development of information technology, Yiwu’s physical market of commodities, which has been pursuing fine management, is putting continued efforts to improve the orderly management and supply of commodities using new technologies.
As the official e-commerce website of Yiwu’s physical market of commodities, Yiwugo has been committed to promoting the transformation and upgrading of the physical market using new technologies. One of Yiwugo’s most important tasks is to match the sources of goods with their buyers more efficiently using the latest AI technology.
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A deep neural network is a pattern recognition system, which can learn to execute specific instructions through analyzing massive volumes of data. The neural network was invented in the 1960s. There were two reasons why it had not been widely applied before. The first was the lack of computing power to train data models; the other was the lack of a massive volume of valid data sets. This means that the completion of Yiwugo’s AI-based function for product recommendation requires the combination of two capabilities, i.e. computing power and valid data of commodities.
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In 2014, Yiwugo established the Yiwugo Research Institute, which is focused on AI research and application. After years of development, Yiwugo Research Institute has achieved good results in the research of AI technology. In addition, since the Yiwugo e-commerce platform was officially launched in October 2012, it has accumulated more than 70,000 pieces of data on commodity suppliers, millions of data on commodities, and data on buyers’ search history of commodities over the years. Using the latest technological achievements in the deep neural network and the accumulated professional data of commodities, Yiwugo conducted a large number of experiments to optimize the algorithm and model parameters under the “supervised learning” mode and finally launched the “Personalized” AI function for product recommendations.
This is the result of the combination of research on deep neural network technology and the development of vertical industries in China, and plays a demonstrative role promoting the application of artificial intelligence to different industries.