How the World’s Leading Brands Are Using AI for Product Innovation
Virtually all leading brands use AI today, which is just a way of using large amounts of data to our advantage.
From Amazon’s AI-powered product recommendation engine to Google’s intelligent search, the FAANGs are just the start of AI adoption, and the majority of companies are piloting or using AI.
Naturally, this extends to product innovation.
After all, product innovation is about listening to your consumers, and deeply understanding their wants and needs.
Better Consumer Listening
Consumer wants and needs are reflected in billions of data points across the Internet, from product reviews on Amazon, Walmart, and Target, to YouTube video reviews or even voice surveys.
Manually analyzing this data would prove to be impossible.
Moreover, humans don’t communicate through raw numbers or data. We communicate through insights, emotions, and stories. AI can be used to extract these insights and emotions, or sentiment, from product data, at scale, and at tremendous speeds.
Commerce.AI’s data engine, for instance, has learned from over 1 trillion product data points. Recently, we’ve used this data engine to release 10,000 market research reports, which would have taken orders of magnitude longer (and cost far more) through manual research.
This data informs the entire product innovation process.
End-to-End Product Innovation
For instance, Unilever uses AI to identify gaps in their product portfolios, ideate new product launches and acquisition strategies, and ultimately better understand the market.
Meanwhile, Suzuki uses AI to inform product design. In sync with the engineering teams, Suzuki’s innovation teams can then more easily come up with products and features that people love.
AI’s use-cases range far and wide, given the versatility of a tool that learns from data.
Netgear, for example, uses AI to detect abnormal consumer sentiment, enabling them to prioritize product and service enhancements. In addition to using Commerce.AI’s existing product data engine, data from over 25,000 networking hardware products was merged in, enabling greater consumer insights than ever before.
Better Product Design
While Commerce.AI’s data engine fuels product and competitive strategy, market intelligence, customer experience, and product content, the versatility of AI means that it can be used even for deeply creative tasks.
Nutella is taking it a step further, and has used AI to generate millions of unique packaging designs. The 7 million different versions of Nutella’s jars were sold out in just a month!
Even if you’re not selling blockbuster entertainment or hazelnut-cocoa spread, you can still use creative AI. Airbnb is using AI in a way that’s relevant for every site on the planet: Generating design components from hand-drawn wireframes.
Clearly, AI is more than just self-driving cars - it’s all around us, and we’re seeing AI-influenced products and designs every single day, just by interacting with the brands we know and love.