Unlocking Wealth: How To Make Money Using AI (2024) - Shopify Canada (2024)

Artificial intelligence (AI) has already upended numerous industries. For example, generative AI applications can now answer customer FAQs, and AI-powered tools can perform complex tasks like creating schematics and writing software code. These advancements have positioned AI as a potent mechanism for making money.

The best part is you don’t need access to expensive AI technology to generate income. You can launch an AI business and earn money online with a commercially available application like Google Gemini (formerly Google Bard) or ChatGPT.

Here’s an overview of artificial intelligence tools and tips on how to make money with AI.

What is AI?

AI, or artificial intelligence, refers to computer systems designed to simulate human intelligence, including learning, adapting, reasoning, problem-solving, decision-making, language, and speech and pattern recognition. Like the human brain, an AI tool can typically learn from experience, adapt to changes, and improve over time.

Subsets of artificial intelligence include:

Natural language processing (NLP)

Natural language processing (NLP) deals with the interaction between computers and humans through natural language; tasks like language understanding, language generation, machine translation, and most AI-generated content rely on NLP.

Computer vision

Computer vision enables machines to interpret and make decisions based on visual data by analyzing graphics, still images, and videos.

Machine learning (ML)

Machine learning (ML) algorithms enable computers to learn from data to make decisions or predictions. AI-generated art and writing result from different types of machine learning that allow AI systems to create content based on patterns detected in human output.

Deep learning

Deep learning, a subset of machine learning that involves neural networks with multiple layers (deep neural networks), helps machines improve image and speech recognition.

How to make money using AI

• AI software development
• AI data analytics
• AI-powered chatbots and virtual assistants
• AI written content
• AI graphic design
• AI website creation
• AI video editing
• AI digital marketing
• AI affiliate marketing
• AI translation services
• AI-powered predictive analytics in finance
• AI-based training programs
• AI hiring and recruitment
• AI cybersecurity
• AI inventory management
• AI agricultural management

Artificial intelligence has permeated countless industries, from writing to data analytics. Market trends have produced a surge in AI applications throughout the economy, making it easier than ever to make money with AI.

Here are some of the top ways to tap into the AI gold rush:

AI software development

AI tools can write the code that powers many types of software applications. This can save time and spare human workers the tedious task of drafting lines of code. This means you can work as a freelance coder and software developer, using AI to create programs for clients.

The software you create with AI can also incorporate AI. For instance, you could use AI to create automated bookkeeping software that uses machine learning algorithms to process ledger entries and generate financial reports.

AI data analytics

You can provide data analytics services using AI, including deep learning, NLP, and sometimes computer vision (depending on the nature of the data and the insights sought). Leverage these technologies to gain insights, optimize processes, and create new industry opportunities.

Many businesses pay for actionable information that can drive decision-making. Some of the leading AI data analytics products include RapidMiner, DataRobot, and Domino.

AI-powered chatbots and virtual assistants

Thanks to the rapid growth of ecommerce, there is ample market demand for customer service chatbots. Unlike human representatives, powerful AI chatbots can generate thousands of replies per minute, letting you serve customers online with great efficiency.

Create and sell AI-powered chatbots or virtual assistants to businesses looking to enhance their customer service operations. Personalize the chatbots to automate responses and improve user interactions on their websites or platforms.

AI written content

Thanks to NLP, an AI writing tool can createwritten content that mimics human syntax with impressive precision. Freelance writers can use artificial intelligence tools to generate ideas and write faster than they could unassisted, letting them accept more freelance gigs.

In today’s business landscape, where AI tools like ChatGPT, Google Gemini, Jasper AI, Copy AI, Writsonic, and Rytr contribute to content creation, the role of an editor becomes crucial to ensure content quality, coherence, and alignment with brand values, offering a human touch to the high-volume output of AI tools.

AI graphic design

AI art generators can produce digital artwork for corporate logos, web design, graphics on t-shirts, and more. Use a powerful tool like Midjourney or DALL-E by Open AI to speed up the process of creating digital art for your clients. Once they sign off on a concept, you can use your editing skills to customize and perfect the work.

Sometimes, you only need to prompt the AI art generator with a text description of your design idea, and the tool can create images based on your words. You can also use an AI-assisted design tool like Adobe Sensei or Canva.

AI website creation

AI tools can design and build websites with remarkable speed. Utilizing AI tools, you can create a custom website that aligns with your objectives, like an ecommerce site or photography portfolio. This might mean building sites for clients or designing your own website. AI-powered website builders include Wix and more niche platforms like CodeWP and Framer.

AI video editing

AI tools can now cut and edit videos based on a series of written inputs. AI video editing software like PictoryAI and Animoto works on everything from low-budget YouTube videos to professional films, TV shows, and commercials.

If you have foundational skills in video editing, incorporating AI tools can enhance your efficiency, helping you expedite the editing process. This increase in productivity can help you accommodate more clients. While a human editor’s oversight remains valuable, machine learning advancements have enabled AI software to generate high-quality content with reduced need for manual intervention.

AI digital marketing

AI software can handle nearly every aspect of digital marketing, including creating and scheduling ads (through a combination of data analysis, predictive algorithms, and automation), writing blog posts, optimizing sites for SEO, and drafting sponsored social media posts.

Many AI-powered marketing campaigns start with a set of human-crafted marketing materials from which AI software can create and disseminate more content to help your clients gain attention and sell products.

AI affiliate marketing

Use AI to get into the affiliate marketing game, in which you earn commissions by promoting other companies’ products or services. AI can help you set up an affiliate marketing website in part by observing search trends to figure out what products are worth featuring. Once it’s up and running, an affiliate marketing website can be a great side hustle, bringing in passive income while you focus on other projects.

AI translation services

Large language models have a deep understanding of many languages, making them great for translation. If you speak more than one language, start an AI-assisted translation service, where the AI tool produces a basic translation and you review the machine’s output, checking for accuracy and syntax.

AI-powered predictive analytics in finance

Financial analysts now use AI for predictive modeling. This could involve building algorithms for stock market predictions, risk assessment, or fraud detection in financial transactions. Existing AI software in this space includes Kensho, H2O Driverless AI, Palantir Foundry, and IBM Cloud Pak for Financial Services.

AI-based training programs

Using AI, you can create online courses, training programs, and workshops. Use the AI to create an outline for a course and flesh it out with content, relying on your expertise to finesse the AI’s output and tailor it to your audience. On a business-to-consumer (B2C) basis, these courses can cater to individuals looking to upskill; on a business-to-business (B2B) basis, they could serve businesses looking to educate employees about their industry or workplace culture.

AI hiring and recruitment

Develop AI tools for automating the hiring process, including résumé screening, candidate matching, and interviews. This can save HR departments time and resources. Many of the nation’s leading job recruitment platforms already use AI-powered software to sort through applicants. Consider building specialized AI hiring tools for niche businesses looking for rare skills.

AI cybersecurity

AI-powered cybersecurity solutions help businesses detect threats and anomalies and monitor for these in real-time. With cyberattacks on the rise, businesses are willing to invest in advanced security measures.

If you enter this field, your target audience will likely be companies that store large troves of customer data—particularly, sensitive financial data that can’t be compromised.

AI inventory management

Inventory management is a complex process that AI tools can simplify. With AI-powered software, you can track the movement of products through a supply chain, predict stocking needs based on customer behavior, and update inventory records as products are sold and restocked.

As a digital entrepreneur, you can use an AI-powered all-in-one inventory management solution. Or, you can make more money by concentrating on a specific niche like warehousing or shipping logistics.

AI agricultural management

AI applications can now help with precision agriculture, crop monitoring, and yield prediction. These solutions can help farmers optimize their operations and improve crop yields. If you work in agriculture, you can join the farmers, seed producers, and resource managers who already use AI tools—earning money while improving food production.