For shoppers aged 30-64 years old, 73 percent have posted online product reviews. This can have a huge financial impact: 94% of shoppers say an online review has convinced them to avoid a business. The problem for product manufacturers and retailers is how to quickly make sense of consumer sentiments across multiple online forums – not to mention data from internal sources like call centers, stores or surveys. With all that unstructured data and no way to make sense of it, companies struggle to understand their customers, competitors and markets. Currently, most organizations rely on data scientists and analysts, but this manual process is slow and expensive.
New York City-based startup, Revuze, has found a way to automate this process using its artificial intelligence (AI) algorithm to analyze customer opinions from different channels and data stores, tracking their perception of specific products and markets. The company believes it’s closing the last gap in customer experience with its solution which is already used by giants like Dolby, Pampers, Oral-B, Zara, Gillette and Barbie.