E-commerce sales live and die with their online reviews - in a study conducted by Bazaarvoice, they saw a 9-56% increase in orders when review volume went from one review to 15 reviews, and product rating from 3.5-4.5 stars.
It is no doubt then, that e-commerce companies use online review to inform their decisions when it comes to their strategy. Common use cases include macro-level insights like understanding their own review performance and how competitors are performing, to micro-level insights about specific products and/or segments.
Review management companies are an obvious use case for review data. They aggregate online reviews from a variety of review sites for their users, in order to notify them of new reviews, reporting on their performance, generating widgets to show off those reviews and more.
New reviews are updated on an hourly basis, up to every 24 hours in order to keep customers up to date on their online reputation. The more review sites that the company can aggregate reviews from, the more potential clients they can get, which is why working with a partner like Reviewshake is a match made in heaven.
Consultants have a constant need for reliable data to build informed strategic decisions on behalf of their clients. They use online review data in a variety of projects, from M&A due dilligence to understanding consumer trends in a specific segment.
Marketplaces live in a constant struggle of supply and demand - they need a constant stream of demand in order to keep their supply-side engaged with their platform. New marketplaces can struggle to get their flywheel going, and this is where online reviews come in.
Marketplaces aggregate reviews on behalf of their sellers to show on their profile, which helps build trust and drive conversion for those sellers on the platform. The seller wins, and so does the marketplace.
Getting website visitors to your site is one part of the equation - the other is converting those visitors to customers. Building trust is an essential part of that, and time of is the essence. We work with a variety of website widget builders to aggregate reviews for displaying on client websites.
The finance world lives and breathes data, and they use online review data to inform their decisions pre-deal (evaluating targets, anticipating synergies, comparing companies), during the deal (supporting negotiation, information valuations, modelling) and post-deal (informing operational strategy, measuring impact, tracking sentiment).
This data is valuable to many different types of players, such as asset managers, hedge funds (systematic and descretionary traders), private equity and the buy-side in general.
The insurance industry uses online review data as one of many data points when assessing and underwriting risk. This data helps build a picture of companies large and small, and ultimately influences their risk rating score.
Online reviews show companies a near real-time view of what consumers think, which becomes a powerful tool in understanding competitors. Getting a glimpse inside of the mind of a competitors' customer can tell you what they love about that service, what they hate, and what they can't live without - which can all inform your own strategy in all parts of the business.
Analytics providers process online reviews to extract actionable intelligence and insights with methods such as sentiment analysis, classification and other machine learning methods.
The end result lets companies make more data-informed decisions, leveraging millions of reviews which give them an insight into what consumers are thinking and feeling, and how this changes over time.
The academic world uses online review data to inform their understanding of consumers, in aspects such as financial modelling, understanding key trends and drivers of the hospitality industry and more.
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