Over the last few years e-commerce analytics has become more complex than ever. As the retail environment becomes ever more competitive and technology transforms customer behaviour and evolves their expectations, new and innovative ways to measure results have arisen.
Sentiment analytics is one of the innovative ways to measure social data and what’s being said about your brand and products to develop effective, creative marketing campaigns and measure your performance.
In essence, 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 linked to a store or product.
The amount of customer feedback about a store brand can be unwieldy, and failure to interpret it correctly could be detrimental. That´s where sentiment analysis comes in. Understanding what shoppers are saying about your business on a broad scale reveals buying trends, product flaws, and underlying customer sentiment. How can your e-commerce business benefit and reach new heights?
Get a view of “emotional” analytics for your brand
Sentiment analysis provides a thorough and informative overview of how customers talk about or describe a given product or brand. Data from social media can be used to measure conversations and listen to what your digital buyers are saying about your brand, products, and campaigns.
Track and Adjust your personzalization campaigns in real time
For many digital shoppers, social media has become the preferred channel to share their opinions about retailer. Especially with increased mobile activity, consumers now voice their opinions everywhere and anytime. The sentiment analysis of your brand and products can be significant in improving operations and empowering the entire e-commerce strategy.
Gauge Purchase Intent
By looking at the topics and emotions your customers are expressing, you can gauge purchase intent and help to adjust your personalization strategy too. In addition, retailers can uncover the root cause of digital buyer satisfaction and dissatisfaction. By understanding the underlying issues driving low satisfaction courses, you can immediately determine the attitudes towards products you are selling.
According to statistics, e-commerce companies lose 10 billion dollars worth in revenue per year as they are unable to capitalize on the intelligence found in hard-to-parse data such as reviews, comments, social media posts, etc. Instead of shooting in the dark, retailers should start focusing on how to make results interpretable and actionable.
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