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

Why is product ideation so hard?

One of the most popular methods for generating new product ideas is through the use of brainstorming exercises, such as ideation exercises or mind mapping techniques, which are used by designers, architects, and engineers who are stuck or have reached dead ends in their creative processes. These methods are very useful because they enable people from different fields to come together and share different perspectives.

However, this method has limitations in terms of generating truly novel commercial products, given its focus on imagination rather than on actual customer needs and desires.

Another technique that's used by many companies today involves including customers in ideation processes, via surveys or focus groups, where they share their opinions about what they want. While this approach can be better for incorporating customer feedback, it's also costly and time-consuming. Domain experts have to manually take notes, collate and...