Bazaarvoice has today announced new Insights and Reports applications, 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 customisable 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 per cent) 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 Bazaarvoice senior vice president, product management Lucas Tieleman.
“Our goal is to uncover this competitive advantage for clients by providing an automated, scalable way to glean and prioritise 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 analyse 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.
- 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.