Estimate Mediation Talkbot

Estimate Mediation Talkbot

Prachi Gupta1, Shweta Riyal2, Dipali Raut3, Shriya Borkar4 , Payal Borkar5 , Rani Wanjari6, Mohammad Sajid7

1,2,3,4,5,6 Students, Department of Computer Science and Engineering, Nagpur Institute of Technology,

 Nagpur, Maharashtra, India.

7 Assistant Professor, Department of Computer Science and Engineering, Nagpur Institute of Technology

 Nagpur, Maharashtra, India.

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Abstract - Negotiation is a critical process in commerce, but it can be challenging due to information asymmetry and misrepresentation of preferences. In the context of e-commerce, online auctions are the main trading mechanism, but they lack the customer-retailer interaction commonly found in traditional offline bargaining. To address this gap, we propose an "Estimate Mediation Talkbot," a system that automates price negotiation in e-commerce. The chatbot aims to reduce customers' dependency on human chat support and enables them to negotiate prices without bias or personal favoritism. We leverage neural networks from the Yolo family for real-time object detection and classification and implement a sample video processing pipeline to demonstrate the model's performance. The proposed chatbot system can be integrated into any e-commerce website or application, providing an efficient and automated solution for online price negotiation and trading.

Key Words:  Price valuation, parleying, chatbot, negotiation, e-commerce, online auctions, customer-retailer interaction, information asymmetry.