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

Analyzing product data for consumer goods brands

The elephant in the room when it comes to innovation in consumer goods today is data – there are vast amounts of customer data available today. So why aren't all consumer goods companies using this data to develop better products? It turns out that many don't know where to start with product innovation, given the complexity involved and the lack of available resources within their organizations.

The following are a few of the main ways in which consumer goods brands can use product data:

  • Consumer goods content generation
  • Analyzing consumer goods reviews
  • Lead time analysis
  • Demand forecasting
  • Maintaining adequate cash flow
  • Analyzing the impact of discounts
  • Identifying seasonal trends
  • Social media analytics

We will explore these methods in-depth in the following sections.

Consumer goods content generation

Creating clear, concise product copy is key to successful products...