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)
1
Section 1:Benefits of AI-Powered Commerce
5
Section 2:How Top Brands Use Artificial Intelligence
11
Section 3:How to Use Commerce.AI for Product Ideation, Trend Analysis, and Predictions

Commerce.AI for product concept and development

Product conception is an old art, but the underlying principles are still valid. The main principle is that people buy for a reason—they want to solve a problem or meet an unmet need.

After all, guesswork will inevitably lead to a product that consumers don't want or need, which will fail in the market. Therefore, product teams need to first conduct extensive market research in order to understand consumer wants and needs before the product ideation process.

Let's explore the following areas within product concept and development in the next subsections:

  • Market research
  • Understanding demand
  • Product ideation

Market research

The product development workflow starts with market research, followed by concept ideation, design, and engineering. This is how most products are launched into the market. But in a world of on-demand AI solutions that can provide data insights from inception, many companies...