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

Chapter 4: Applying AI for Innovation – Luxury Goods Deep Dive

Luxury goods are associated with exclusivity and prestige, which makes product development particularly tough. There's a far smaller, more exclusive market of people to target, and traditional methods of market research, such as focus groups, fall short in luxury markets, which are largely made up of high-net-worth individuals (HNWIs).

Moreover, the value of a luxury goods company comes largely from its brand, so analyzing brand data is of special importance. At the same time, luxury brands naturally have far fewer customers than mass-market brands, which means that getting that data through normal means proves to be a real challenge.

In this chapter, you'll learn about the following topics:

  • Understanding the challenges of luxury brands
  • Understanding the data extraction process
  • Using Commerce.AI for luxury brands

Whether or not you're operating in the luxury market, this...