Revuze CEO shares how sentiment analysis is helping brands better gauge public perceptions of products and features.
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Boaz Grinvald is the CEO of Revuze, a company that helps companies win their markets by drawing unique insights from unstructured public and internal market opinions. Revuze performs sentiment analysis by personalizing the automated process to maximize accuracy and success rate.
Also known as opinion mining or emotion AI, sentiment analysis helps a company understand the social sentiment of its brand, product or service by breaking down text that identifies subjective information and pulls it from the source material. As an automated process, algorithms classify statements through machine learning and text analysis as positive, negative and neutral.
Revuze emphasizes personalization as the key to learning consumer sentiment about certain product features. Using its AI algorithms, the big data company can extract unique topics for consumer analytics, the specificity of which ranges from the general, including price, to the specific, such as softness.
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I spoke to Grinvald recently to discuss how sentiment analytics can help brands gain unique insight into the minds of consumers.
Why is sentiment analysis so important to consumer travel?
Sentiment analysis helps brands understand where consumers feel about a wide variety of things: brand, service, product, or even some characteristic of a product or service.
For example an online review like: “So happy with my new iPhone, the screen is fantastic and the camera is just amazing. It was a bit expensive though. “Can help a brand like Apple see that sentiment about the current iPhone screen and camera is very positive but sentiment about the price is negative.
How has Covid-19 changed consumer behavior?
Consumer behavior has changed in a number of ways during the pandemic. The main behavioral changes concern health concerns, forcing consumers to rely on online rather than retail. Consumers are also decreasing their loyalty to brands due to online availability as well as financial concerns.
Working from home caused consumers to invest more in their home and home office. For example, sentiment towards noise-canceling headphones rose due to the need to work from home, while price sensitivity waned as consumers were willing to pay more for items they need to do their jobs.
What advice do you have for the CEOs out there who are about to operate in ecommerce marketplaces?
Listen, listen, and listen. It's all out there – billions of online reviews with product and feature-level details and sentiments that are ripe. You'll be a fly on the wall in the largest consumer panel and be able to hear the sentiment of your offers as well as those of your competitors. All you have to do is use the correct, detailed business communication channel, which is the e-commerce reviews.
Related Topics: How Customer Experience and AI Are Driving the Next Generation of the Ecommerce Industry
What do you think the e-commerce market will be like in a few years?
Ecommerce favors new brands and innovators with a low barrier to entry, and now that the crowd is buying more and more online, many new brands will grow rapidly online in a few years. These new brands are likely to be digital savvy and leverage consumer sentiment feedback to grow quickly and with fewer mistakes. So I expect a lot of new brands and products to emerge that will become household names.