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

Understand market DNA

Market DNA is a set of attributes and characteristics that define a market. For example, a market might be defined by the attributes of its participants – such as how many users it has or their experience level – or the attributes of what they buy and sell, such as in a subscription model.

Market DNA is essential in understanding how a product should function and what features it should have. In particular, market DNA includes key product features. For example, if you're in the smartwatch market, a key feature is battery life. So, you may want a smartwatch with long battery life to capture the attention of consumers.

The following screenshot shows the features that contribute to market DNA in the case of men's wristwatches. Innovation teams can dive into dashboard sections around Products, Ratings, Reviews, Attributes, Consumer Wishlists, and more. Each feature illustrates one dimension in the multi-dimensional space of market characteristics...