Book Image

AI-Powered Commerce

By : Andy Pandharikar, Frederik Bussler
Book Image

AI-Powered Commerce

By: Andy Pandharikar, Frederik Bussler

Overview of this book

Commerce.AI is a suite of artificial intelligence (AI) tools, trained on over a trillion data points, to help businesses build next-gen products and services. If you want to be the best business on the block, using AI is a must. Developers and analysts working with AI will be able to put their knowledge to work with this practical guide. You'll begin by learning the core themes of new product and service innovation, including how to identify market opportunities, come up with ideas, and predict trends. With plenty of use cases as reference, you'll learn how to apply AI for innovation, both programmatically and with Commerce.AI. You'll also find out how to analyze product and service data with tools such as GPT-J, Python pandas, Prophet, and TextBlob. As you progress, you'll explore the evolution of commerce in AI, including how top businesses today are using AI. You'll learn how Commerce.AI merges machine learning, product expertise, and big data to help businesses make more accurate decisions. Finally, you'll use the Commerce.AI suite for product ideation and analyzing market trends. By the end of this artificial intelligence book, you'll be able to strategize new product opportunities by using AI, and also have an understanding of how to use Commerce.AI for product ideation, trend analysis, and predictions.
Table of Contents (17 chapters)
Section 1:Benefits of AI-Powered Commerce
Section 2:How Top Brands Use Artificial Intelligence
Section 3:How to Use Commerce.AI for Product Ideation, Trend Analysis, and Predictions

Chapter 8: Applying AI for Innovation – Consumer Goods Deep Dive

The consumer goods industry is an important part of the global economy. It's worth more than $635 billion in the US alone – a figure that is only going to increase as consumers become wealthier and have greater access to products and information.

Since the global financial crisis of 2008 and the more recent COVID-19 pandemic, the consumer goods sector has faced a number of headwinds. The big three – shopping, travel, and leisure – are all under pressure. Fewer people are going out to eat or visiting malls, and more are choosing to stay in and watch TV instead.

At the same time, e-commerce is booming and even quickly overtook in-store sales due to the pandemic. And with consumers becoming increasingly comfortable with digital platforms for shopping, the growth of e-commerce is set to continue unabated.

As such, consumer goods companies that fail to adapt risk losing customers altogether...