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

Understanding the challenges of luxury brands

Luxury brands stand out from other competitors because of their high prices: they command higher margins than mass-market rivals due to higher brand equity. They also offer distinctive aesthetic experiences that go beyond mere functionality: beautiful clothing or jewelry that is designed to convey a desirable image for consumers (and hence, raise brand equity).

These attractive products appeal to customers' aspirations for style and status. The typical consumer perceives luxury goods as just above their budget range but still within their reach and, therefore, desirable as a status symbol, as long as the brand successfully maintains its image. As a result, brand management is of unparalleled importance for luxury brands.

Brand management

While damage to one's business reputation is harmful in any industry, this is particularly the case for luxury brands, where brand image is the make-or-break quality of the business.