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 data extraction process

A lot of these companies use AI to predict what consumers want. They use data to understand how consumers actually behave and then use that information to shape the products they make, sell, and market. These companies have figured out how to use data in a way that provides massive value for their customers. The following examples demonstrate this in action.

Tumi uses AI for better marketing

Tumi is a manufacturer of high-end suitcases and bags for travel. Brands in this market segment are often stuck with boring marketing strategies centered around all-too-typical tactics such as flash sales and promo codes.

Tumi, in contrast, has used AI to personalize messages in its outbound marketing and smarten its digital ads strategy by targeting customers with the highest predicted lifetime value. The majority of Tumi's marketing revenue comes from its email campaigns, so improving emails with personalization was a clear way to boost...