Market research is the foundation of a successful product or service launch. It's the process of understanding what people want and need, why they want it, and how much they are willing to pay for your product or services.
Artificial intelligence has brought about a new solution: using algorithms developed with data from sources like Amazon, Walmart and Target, businesses can scan huge amounts of market research information in far less time than traditional methods. Commerce firms are becoming aware that artificial intelligence is cheaper than traditional market research methods. While it would take an army of analysts months or years to scan the same amount of data, AI can do so in minutes.