Every day thousands of people leave their opinion online. They are being posted, tweeted, shared, left on online retailers’ own sites and on platforms like Yelp and TripAdvisor. Consumers are leaving their opinions about products they are considering, items they have bought or services they are using. All of this information lives on the internet and is informing not only the close network of people giving these opinions, but also other internet users who are discovering these opinions when carrying out their own product research.
If you are running an eCommerce site then it can be a huge challenge to discover what is being said about your site, your brand or the products you sell. Even harder is to sort and make sense of the mountain of feedback that exists online. Harder still is the ability to draw upon granular levels of feedback about specific product aspects within the data.
Online retailers should be looking at sentiment analysis to solve this challenge.
Sentiment analysis is the process of determining the emotional tone behind a series of words, used to gain an understanding of the attitudes, opinions and emotions expressed within an online mention.
Sentiment analysis allows retailers and brands alike to understand the opinions of consumer feedback and User Generated Content. Is it negative or positive? What is the context of their opinion? Are they talking about the product or just a feature within the product?
Developments in text and sentiment analysis now allow us to understand not only the context and emotion of a large number of opinions but also analyze these opinions for specific aspects. As a result, more and more companies are using sentiment analysis to make sense of the huge amount of consumer feedback that is coming their way.
Driving Online Conversions
In the past, rudimentary sentiment analysis allowed brands to understand what consumers were saying about them online. This was then utilized in two ways: firstly to improve customer service and respond to complaints. Secondly to gauge feedback about products which would inform product development and other internal activity.
As online retailers try to win customers in an increasingly competitive market, eCommerce sites are also utilizing online opinions to support shoppers in the product research and discovery stage.
Shop.com, for example, is using sophisticated sentiment analysis and AI technologies to analyze online opinions about the products they sell. These opinions are then displayed on product pages and across the site and are turned into actionable insights & recommendations. Crucial for any product research, shoppers can now find the answers according to their own specific needs.
In fact, at Aspectiva we are seeing that online retailers that utilize this technology see a 30% increase in “Add to Basket” clicks and a significant increase in time spent on page.
Going forward, we expect to see more retailers not only increase their investment in sentiment analysis capabilities, but also put it to better use to increase online sales and grow their market share.
Some of the key benefits for online retailers when using sentiment analysis:
- Process large amounts of online opinions automatically from numerous sources
- Display UGC on your retail website showing actionable insights for shoppers
- Provide a deeper level of understanding than just star ratings
- Finally, increase the number of opinions that can be collected by analyzing and extracting multiple opinions for each feedback source
Aspectiva analyzes massive volumes of consumer opinions from across the web, turning them into comprehensive and valuable insights. Based on Artificial Intelligence and Natural Language Processing technologies, we leverage User Generated Content to help online shoppers search for the products they want and provide the recommendations to enable them to make informed purchasing decisions. Supporting eCommerce sites across any type of product or service, Aspectiva significantly increases shopper engagement and conversion rates.