Customer Sentiment Analysis helps in identifying whether the customer comment about the brand is positive, negative or neutral. It plays a crucial role when it comes to ecommerce industry as the analysis of huge volumes of unstructured social data will help in deriving actionable insights.
Customer Sentiment Analysis can help ecommerce players in enhancing user experience, gain competitive edge by faster response rates, provide valuable business insights, revitalize the brand and much more.
Customer opinion is vital to consumer brand success. A marketer must move beyond positive and negative opinion, to find the real tone of what customers think.
Experts estimate that E-Commerce companies lose $10 billion worth of revenue every year because they cannot capitalize on the intelligence found in hard-to-parse data such as emails, chats, social media posts, texts, and more.
The internet is the largest source of direct, immediate, and unembellished market revenue. When the company takes the online route to sell productsit has to deal with a myriad of variables.Sales can go up, and dreams get bigger, but one poor review on product can jeopardize everything.
“The process of computationally identifying and categorizing opinions expressed in a piece of text, especially in order to determine whether the writer’s attitude towards a particular topic, product, etc. is positive, negative, or neutral.”
Enhanced Customer Experience
Sentiment Analysis can uncover customer attitudes on services, products, campaigns, or detect their tone and temperament, found in a customer’s social postings. These can then be categorized as either positive, negative, or neutral. Companies can use insights drawn across social networks to take actionable steps to improve the customers experience and the overall impression of their company.
Gain Competitive Edge
Sentiment Analysis can pick up both positive and negative signals from customers understand how a business is doing or how they stack up to the competition. Knowing the sentiments associated with the brand, one can predict consumer trends and develop strategies to capitalize on those trends to gain a competitive edge.
Valuable Business Intelligence
Sentiment Analysis Data provides businesses with valuable and insightful information about current and future customers, newer business markets and possibilities, and where companies can create actionable strategies.
Useful Tool for Market
Sentiment Analysis can help companies spot emerging trends and discover newer markets. It can also help monitor events that are of strategic interest to your organization. For example, an organization can ask the following questions:
- Is your market stable?
- Is your brand well-perceived and respected in the market?
- What opportunities are you missing?
- What customers are talking about?
Revitalize the Brand
Branding is all about how a customer perceives your company and its goals. Sentiment Analysis allows you to quantify these perceptions. What do current and potential customers think across products and services, their consumer journey and experience, online content, marketing, and social campaigns?
Going forward, businesses who stand a chance to fully incorporate Sentiment Analysis are the ones who stand to gain greater business value and a distinct advantage over the competition.
