New Solutions Provide Actionable Recommendations, Powerful Reporting to Help Brands and Retailers Understand What Consumers Are Saying About Their Products
Bazaarvoice, Inc., the leading provider of product reviews and user-generated content (UGC) solutions, announced new Insights and Reports applications. These new solutions are designed to help brands and retailers better interpret and take action upon customer feedback gleaned from customer ratings, reviews, and questions. With pre-built and customizable reporting tools and smarter insight capabilities, Bazaarvoice clients can tap into UGC data to understand product performance, customer sentiment, competitive benchmarking, and more.
Customer ratings and reviews are a critical part of the shopping experience. While many companies primarily use them to drive sales and build trust with shoppers, they are not harnessing their full power. Identifying meaningful customer insights and trends from UGC is often a time-consuming and manual effort. According to Bazaarvoice research, half (49%) of brands and retailers report that they do not have the resources or tools to collect insights from their UGC. With these new applications, brands and retailers will be able to access an unparalleled degree of customer and market intelligence.
“User-generated content is a gold mine of information; our best-in-class clients often improve their products, website content, and broader marketing tactics based on what their customers say in product reviews,” said Lucas Tieleman, Senior Vice President, Product Management, at Bazaarvoice. “Our goal is to uncover this competitive advantage for clients by providing an automated, scalable way to glean and prioritize customer trends, get immediate access to insights, and make smarter business decisions.”
Bazaarvoice Insights and Reports solutions will offer clients:
Actionable insights: Bazaarvoice’s Insights application uses machine learning to analyze and surface product and UGC program performance data and consumer sentiment. In addition, the latest industry benchmarks sourced from Bazaarvoice’s network of clients are included in the application to help brands and retailers compare performance to peers.
With this application, brands and retailers will have better insight into:
- UGC collection: Evaluate the health of native UGC collection tactics with program-level data like average daily submitted reviews and review rejection rate
- UGC coverage: Prioritize efforts to improve content coverage by understanding what percentage of products have zero reviews, what products have unanswered questions, which popular products have few reviews, and more
- Product performance: Identify and resolve areas for improvement across the product catalog with data on median product rating, products with low average ratings, and unanswered low-rated reviews
- Consumer sentiment: Understand how shoppers feel about the entire customer experience with positive and negative sentiment analysis on product quality, price, shipping, customer service, and more
Along with these insights come clear recommended actions to appropriately remedy or improve the outcome of each takeaway, so that brands and retailers can take action on customer feedback immediately.
Reimagined reporting: Bazaarvoice’s Reports application gives clients an efficient and powerful reporting method that is easy to navigate and scales to meet any data need. The new experience provides business-focused templates that can be customized and easily shared with colleagues.
Strategic retail data: Bazaarvoice’s new Vendor Scorecard report template provides an additional layer of strategic intelligence specifically designed for merchandising organizations at retailers. This report allows retailers to gauge UGC performance by brand, category, or individual SKU. Armed with this data, retail merchants and buyers can identify top performers and areas for improvement across their vendors.