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

Understanding the challenges facing consumer goods brands

The consumer goods industry has been under significant pressure in recent years from rising input costs, changing consumer habits, and new technology, as well as other factors that are outside of its control (for example, supply chain uncertainty).

Companies within the industry must operate in an increasingly complex regulatory landscape while also dealing with increasing competition from online players, including e-commerce platforms such as Amazon and Flipkart. In today's rapidly evolving world of retailing, no retailer can afford to be complacent or risk falling behind in their market.

As a result, many smaller brands have filed for bankruptcy protection or have seen their stock prices hit rock bottom due to the challenges they face across multiple fronts, including the following:

  • Competitive consumer goods
  • Consumer goods market intelligence
  • Inventory management
  • Creating the right product mix...