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 trends and white space discovery

First, let's discuss how to use AI to find megatrends in commerce through the lenses of product innovation and market intelligence.

Historically, product teams have relied upon a variety of methods to identify innovative products or features. These methods often include customer interviews, focus groups, and extensive market research. In recent years, due to the availability of additional resources and technology, product teams have been able to leverage AI-based techniques to complement or even supplant these traditional approaches.

In particular, trend analysis and forecasting have come into their own as important tools for product managers, enabling them to identify fads, up-and-coming trends, and potentially lucrative markets.

Improving product idea generation with white spaces

Idea generation starts with market research – but it doesn't end there, not by a long shot. Once a team has identified what people...