Earlier this week, consumer content marketing platform Yotpo launched its AI powered “Insights” product at Shoptalk. Insights uses natural language processing, sentiment analysis, and semantic grouping in order to provide actionable intel on consumer behavior at scale – bringing companies much closer to consumer needs. At its core, Insights gives marketing, customer service, and product teams access to real-time business intelligence designed to improve overall customer experiences, as well as inform operational, commercial, and product development strategies.
Through reviews and other user-generated content, millions of consumers every day are telling companies directly about their experiences, providing feedback on everything from itchy fabrics and faulty clasps to earned compliments and superlative service.
“With such fierce and growing competition for consumer attention, brands cannot afford to turn a deaf ear to their customers,” said Tomer Tagrin, CEO and Cofounder, Yotpo. “The sheer volume of content makes manually reading feedback both impractical and imprecise. With the launch of Insights, brands can analyze every piece of customer feedback quickly and efficiently, identify the most important topics to customers, and connect those topics to sentiment–all from one dashboard.”
To highlight some of the real-world applications, Yotpo was kind enough to share a few of their unbranded customer use cases. When working with data sets from a mattress company, Insights found that the topic of “smell” came up frequently among consumers in negative sentiments. AdoreMe, one of the branded use cases, found that the topic “Husband” came up for certain products in a more positive way, which pushed the company to highlight the “couple experience” in product promotions with great results.
With algorithms trained on a dataset of 32 million reviews, Insights uncovers the factors that have the highest impact on customer satisfaction, allowing for industry benchmark comparisons, and enabling businesses to invest time and resources in areas that will make an impact.
“Basically, we built a machine that analyzes any customer experience and gives a brand concrete action on what they need to do to improve,” said Tagrin. “It brings every team within a brand closer to the consumer, and in an actionable way, letting you drive business decisions much quicker.”
It’s one thing to tout an all-knowledgeable AI, but what about the numbers? In an impressive display, Insights has been proven to directly impact bottom lines. According to Tagrin, Insights found that adding a star rating increases purchase rate by 4x, with 58 percent of shoppers spending up to 10 percent more when a brand has good reviews.
What makes Insights such a valuable addition to the AI market is its ability to turn billions of data points into legitimate business decisions. It’s one thing for a data analyst to look at all the data and help develop data-driven strategies, but it’s a different playing field when there’s just too much data to analyze. We could talk about this all day (especially with all the data scandals running rampant in the world), but the bottom line is that brands are sitting on mountains and mountains of data. And, from the outside looking in, nobody quite knows what to do with all that data.
“Insights listens to that [data] and gives you recommendations on what to do with it,” Tagrin said.