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

Chapter 7: Applying AI for Innovation – Restaurants Deep Dive

The restaurant industry is notoriously difficult. It's a highly competitive space with slim profit margins, and these challenges have only been exacerbated during the COVID-19 pandemic, in which restaurants are subject to more stringent guidelines than ever before.

The average cost of opening a leased restaurant in the US is $275,000, and only about 20% of new restaurants survive past their first five years. This means that there are many failures, but also many opportunities for those willing to take risks and try new things.

In this chapter, we'll discuss how artificial intelligence (AI) can help overcome some of these challenges. We'll look at how AI can be used to improve operations and increase revenue, all while reducing costs and increasing profits. We'll also discuss how AI can be used to create more engaging experiences for guests in the restaurant industry.

In this chapter, we...