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

Chapter 1: Improving Market Opportunity Identification

Just a few years ago, every conversation about artificial intelligence (AI) seemed to end with an apocalyptic prediction. In 2014, Elon Musk said that, with AI, we are summoning the demon, while Stephen Hawking said that AI could spell the end of the human race. More recently, however, things have begun to change. AI has gone from being a scary black box to something people can use for a variety of use cases.

This shift is because these technologies are finally being explored at scale, including by product teams for market opportunity identification. AI hasn't always been used in the industry. In fact, it started out as a scientific curiosity. In the 1950s, computer scientist John McCarthy wanted to see whether it was possible to build machines that could learn how to do tasks such as play chess themselves. Today, AI is everywhere.

In this chapter, we'll explore how market opportunity identification can be improved with big data and AI, covering the following topics:

  • Identifying market opportunities the traditional way
  • Big data challenges in market opportunity identification
  • Using AI for market opportunity identification
  • Exploring AI-powered market reports

Market opportunity identification is important for a product team to identify an unmet need. It helps them find out how their product will stand out in the market and what they need to do in order to grow. They need to identify the competitive landscape, define the market opportunity, and use this to create a value proposition.

Furthermore, market opportunity identification sets the groundwork for later chapters, including creating product ideas and predicting future market trends.