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

Exploring AI-powered market reports

AI has transformed machine learning, a branch of artificial intelligence that automates the identification of patterns in data. The big data analytics industry is abuzz with the possibilities of AI-generated market reports ( in identifying opportunities and trends.

An AI engine can be used for a variety of purposes, including generating market reports to identify potential opportunities for improvement in marketing campaigns. The technology is ripe for marketing professionals to take advantage of, making it easier than ever to generate local or global reports using existing data.

Here are some of the benefits of using AI-generated market reports:

  • Automation: Automating repetitive tasks such as generating reports can help marketing professionals save valuable time and energy.
  • Cost-effectiveness: Generating report templates could cost less, with AI used in the background to quickly adapt the template for local or global needs.
  • Overall quality improvement: By using AI, marketers could have more accurate, precise, and complete information to use in their campaign planning efforts.
  • Data tracking: Using machine learning algorithms to analyze large amounts of data could help marketers gain valuable insights into consumer preferences and buying trends.

Highlighting these benefits is not meant to imply that there are no drawbacks to using AI-generated market reports. Instead, it is meant to highlight several key benefits that can help you make a final decision about whether or not you should use this technology in your business operations moving forward.

With a new AI-generated market reports feature, Commerce.AI now delivers high-quality insights straight to the public.

Previously available exclusively to those with access to Commerce.AI's data engine, market reports are now available to all.

Market reports analysis is based on consumer feedback and offers valuable insight into how people consume products and services. With the press of a button or a simple search, anyone can now access market reports across 10,000 categories.

Commerce.AI's AI-generated reports are a concrete way to find your next product idea or seek a new customer base:

Figure 1.1 – A sample of Commerce.AI's AI-generated market reports

Figure 1.1 – A sample of Commerce.AI's AI-generated market reports

For example, searching for gaming keyboards will show us a high opportunity score, as this niche market category has grown tremendously during pandemic-fueled lockdowns. As Commerce.AI continues to grow, the quality of its insights will only improve and become more accurate as more product data related to new trends in the marketplace is analyzed.

Commerce AI's data engine has delivered over 140 million dollars in revenue through insights across market categories. The market reports are an incredible resource built around billions of unstructured product data points, from sources such as forums and blogs, surveys, videos, customer support tickets, CRMs, and more. They provide a glimpse into how people consume products and services, with the potential to help you find your next big idea.

When it comes to innovation and product development, market research is invaluable. It provides insights into how people consume products and services, which can be used to inform the next idea that will take on the world. Without using consumer feedback as a starting point for conceptualizing original ideas, you're limiting possible endeavors.

Commerce.AI's market research reports include a summary for each category, the fastest-growing brands, the bestseller, top-rated products, the number of products and reviews, and more. All this data is consolidated into a single value – the opportunity meter – showing the size of the market opportunity at hand.

AI calculates this by taking into account the average market size, the number of competitors in each category, and the potential for growth, creating a line of best fit between the data points:

Figure 1.2 – A sample AI-generated market report

Figure 1.2 – A sample AI-generated market report

Traditional market research is expensive, inaccessible, and confusing. Commerce.AI's new AI-generated market reports feature solves these problems as well as the issue of a limited time frame in exploring market opportunities.

Market reports are available without having to pay an exorbitant fee for access to data-driven consumer insights.

Commerce.AI's system relies on a variety of different types of product data points, including unstructured data, which makes up 95% of the web. These sources include Amazon, Walmart, Target, and other commerce sources that are crucial for product teams.

All of this, compiled together and analyzed with AI, produces marketplace insights providing valuable knowledge into how people consume products and services.

With Commerce.AI's new marketplace insights, you can be confident in the next product idea you're considering as well as your current markets. With data from 10,000 market categories scanned and reports available to all, there has never been this scale of access to high-quality insights.

Skip the expensive market research firms that don't have a clue about how people are spending money these days, and take advantage of the power of billions of data points analyzed for you with AI-generated market reports.

Of course, there are other outlets for market reports, from Gartner to Nielsen. However, without the power of AI, these traditional market reports can be subjected to biases, while missing out on analyzing billions of data points. Moreover, AI-generated reports are far more cost-effective, costing a fraction of their traditional counterparts.

For instance, Gartner's research subscription costs around $30,000 a year, since the overhead that goes into traditional reports is high. This is because it takes highly paid teams of analysts many hours to produce a report.

In contrast, AI-generated reports compile billions of data points across the web using natural language processing (NLP) software; as such, they take only minutes to generate and cost far less. NLP works by computationally analyzing patterns in language, which gets encoded as numerical token values. It's based on the idea that all language is structured around a core set of elements, such as words and phrases, and these can be combined in many different ways to express an enormous range of ideas in a vector space.

Billions of data points are boiled down into a single opportunity score for any given market, providing unparalleled accuracy and scale, without sacrificing clarity and ease of understanding. These data points provide organizations with unequaled insights on how to advance their strategy and prepare for expansion around the globe.