{"id":8637,"date":"2020-10-18T13:26:19","date_gmt":"2020-10-18T13:26:19","guid":{"rendered":"https:\/\/www.revuze.it\/?p=8637"},"modified":"2020-10-18T13:26:19","modified_gmt":"2020-10-18T13:26:19","slug":"social-insights-vs-ecommerce-insights","status":"publish","type":"post","link":"https:\/\/www.revuze.it\/blog\/social-insights-vs-ecommerce-insights\/","title":{"rendered":"Social Insights vs eCommerce Insights \u2013 Complementary or Overlapping?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Social insights VS <a href=\"https:\/\/www.entrepreneur.com\/article\/358765\" target=\"_blank\" rel=\"noopener\">eCommerce insights is a well-rehearsed topic<\/a>, as eCommerce online sales continue to <\/span><a href=\"https:\/\/www.digitalcommerce360.com\/article\/coronavirus-impact-online-retail\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">explode<\/span><\/a><span style=\"font-weight: 400\"> in 2020, more and more brands rely on the analysis of online consumer opinions as a way to grow their business.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.mckinsey.com\/business-functions\/marketing-and-sales\/our-insights\/understanding-and-shaping-consumer-behavior-in-the-next-normal\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">McKinsey<\/span><\/a><span style=\"font-weight: 400\"> research recently underlined this well, stating that as consumers changed their behaviors and preferences already due to the pandemic, for brands to keep sync with their audiences will require extensive consumer-insights research work, with a focus on identifying changed behaviors, beliefs, and motivators to realize the new <a href=\"https:\/\/www.revuze.it\/blog\/customer-journey-map\/\">consumer decision journey<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">When thinking of online consumer opinions, there are 2 obvious go-to sources:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Social media<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">eCommerce Ratings and reviews &amp; <a href=\"https:\/\/www.revuze.it\/products\/ecommerce-alerts\/\">alerts<\/a><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Are these 2 the same or similar? Is it Toyota vs Ford or is it Trucks vs Motorcycles?\u00a0<\/span><\/p>\n<h2><b>The Makings of Social Media Listening<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Social media is the most popular digital media today. According to <\/span><span style=\"font-weight: 400\"><a href=\"https:\/\/www.smartinsights.com\/social-media-marketing\/social-media-strategy\/new-global-social-media-research\/\" target=\"_blank\" rel=\"noopener\">recent research<\/a>,<\/span><span style=\"font-weight: 400\"> the numbers are staggering:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li style=\"font-weight: 400\"><b>51%<\/b><span style=\"font-weight: 400\"> of the world population is active on social media<\/span><\/li>\n<li style=\"font-weight: 400\"><b>3.96B <\/b><span style=\"font-weight: 400\">people are active on social media<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><b>69%<\/b><span style=\"font-weight: 400\"> of the population in North America is active on social media<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>Facebook, YouTube, and WhatsApp <\/b><span style=\"font-weight: 400\">platforms have the top active users<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>99%<\/b><span style=\"font-weight: 400\"> of users access social media via mobile<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-8705\" src=\"https:\/\/www.revuze.it\/wp-content\/uploads\/2020\/10\/social-stats-1024x496.png\" alt=\"social stats\" width=\"640\" height=\"310\" srcset=\"https:\/\/www.revuze.it\/blog\/wp-content\/uploads\/sites\/2\/2020\/10\/social-stats-1024x496.png 1024w, https:\/\/www.revuze.it\/blog\/wp-content\/uploads\/sites\/2\/2020\/10\/social-stats-300x145.png 300w, https:\/\/www.revuze.it\/blog\/wp-content\/uploads\/sites\/2\/2020\/10\/social-stats-768x372.png 768w, https:\/\/www.revuze.it\/blog\/wp-content\/uploads\/sites\/2\/2020\/10\/social-stats.png 1296w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<p><span style=\"font-weight: 400\">By definition, social media is about sharing ideas, thoughts, and information through communities. Combining this with the top stats above, it is clear what are the top benefits of listening to consumer opinions on social media:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400\"><b>The sheer numbers<\/b><span style=\"font-weight: 400\"> are the greatest benefit of social media listening. You can literally listen to over half of the world population<\/span><\/li>\n<li style=\"font-weight: 400\"><b>The diversity of the information<\/b><span style=\"font-weight: 400\"> \u2013 ideas, thoughts, information<\/span><\/li>\n<li style=\"font-weight: 400\"><b>The speed of feedback<\/b><span style=\"font-weight: 400\"> \u2013 easy access via mobile helps consumers respond quickly to events<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400\">To tap into these benefits brands, listen to social media as a way to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Gain real-time sentiment read on the brand health<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Listen to lots of data to see if there is any particular theme coming up rebrand or industry<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Identify influencers for their target audience that are more active on social media<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">This is why the typical requirements of Social Media Listening are:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Access to relevant social media platforms<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Real-time listening and alerting (Is there a hype cycle?)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Sentiment analysis (Is the hype cycle good\/bad?)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Brand analysis (What is said around our brand)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Influencer identification (Who is more influential within my industry)<\/span><\/li>\n<\/ol>\n<h2><b>The Makings of eCommerce Ratings and Reviews<\/b><\/h2>\n<p><span style=\"font-weight: 400\">eCommerce ratings and reviews are product and service-specific opinions, typically by buyers, detailing the product experience and purchase experience. While this is a more focused channel, the <\/span><a href=\"https:\/\/www.statista.com\/topics\/4381\/online-reviews\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">research<\/span><\/a><span style=\"font-weight: 400\"> numbers here are impressive as well \u2013<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>2.4B <\/b><span style=\"font-weight: 400\">internet users post reviews (<\/span><b>52% <\/b><span style=\"font-weight: 400\">of <\/span><a href=\"https:\/\/www.statista.com\/statistics\/617136\/digital-population-worldwide\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">global internet users<\/span><\/a><span style=\"font-weight: 400\">)<\/span><\/li>\n<li style=\"font-weight: 400\"><b>The typical review rate is 1-3%<\/b><span style=\"font-weight: 400\"> from purchases, depending on the website\/product, etc.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>171,000,000 reviews exist on Yelp <\/b><span style=\"font-weight: 400\">as one example<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Listening is about mining feedback of consumers from online stores.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-8704\" src=\"https:\/\/www.revuze.it\/wp-content\/uploads\/2020\/10\/2.4bpostrevivews-1024x496.png\" alt=\"internet users who post reviews\" width=\"640\" height=\"310\" srcset=\"https:\/\/www.revuze.it\/blog\/wp-content\/uploads\/sites\/2\/2020\/10\/2.4bpostrevivews-1024x496.png 1024w, https:\/\/www.revuze.it\/blog\/wp-content\/uploads\/sites\/2\/2020\/10\/2.4bpostrevivews-300x145.png 300w, https:\/\/www.revuze.it\/blog\/wp-content\/uploads\/sites\/2\/2020\/10\/2.4bpostrevivews-768x372.png 768w, https:\/\/www.revuze.it\/blog\/wp-content\/uploads\/sites\/2\/2020\/10\/2.4bpostrevivews.png 1296w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<p><span style=\"font-weight: 400\">Online stores include marketplaces, brand stores, and media stores (apps, music, etc.).<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ratings and Reviews (AKA R&amp;R) typically go together in the eCommerce world. Ratings is a 1-5 scale star rating score. Reviews are any type of free form text feedback where consumers share product or service feedback.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Putting this together with the top stats above, it is clear what are the top benefits of listening to consumer ratings and reviews are:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400\"><b>The sheer numbers<\/b><span style=\"font-weight: 400\"> again are way above any other feedback medium (chat, survey, etc)<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Quality, product-specific, feedback<\/b><span style=\"font-weight: 400\"> \u2013 \u201cI like the price, but the design is too loud, though it is a comfortable shoe and arrived on time\u201d<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Store-specific feedback<\/b><span style=\"font-weight: 400\"> \u2013 Commenting on the specific experience within one online store<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400\">To tap into these benefits brands, listen to ratings and reviews as a way to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Understand your potential buyers (yours or your competitors) in high definition<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Gain full industry visibility &#8211; product-level feedback, brand level (all products), and industry (all brands)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Spot new trends early \u2013 as newcomers start online<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">This is why the requirements from ratings and reviews analysis solution are:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Access to relevant eCommerce and D2C sites<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The deep granularity of insights \u2013 industry-specific topic discovery and sentiment discovery<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Ability to generate one view of the industry from different data sources (Product A on Amazon is the same as Product B on Target)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Trend identification (Who or what is trending up or down in sentiment)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Automation \u2013 many solutions offer the above based on a manual setup by analysts and scientists. As it is expensive and limited automation is superior by far\u00a0<\/span><\/li>\n<\/ol>\n<h2><b>Social Insights vs eCommerce Insights: Complimentary or Overlapping?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Let\u2019s save you all the suspense \u2013 these are complimentary. Social media provides the ability to identify hype cycles quickly and build a community relationship while eCommerce ratings and reviews give brands and retailers the data on how to sell more\/better products to happier consumers. Let\u2019s look at 3 examples of why relying on Social Media for eCommerce is not right:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">High noise to data ratio: <\/span><span style=\"font-weight: 400\">While social media is very diversified it is mostly geared for interaction and sharing and not for eCommerce feedback. If eCommerce growth is your goal this means high noise to insights ratio as the majority of the feedback will NOT be on eCommerce<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">eCommerce offers product-specific catalogs:<\/span><span style=\"font-weight: 400\"> The eCommerce world is well organized by brands, products, and hierarchies \u2013 which makes it easy to relate feedback to the product level. Backtracking into brand and industry level this is exactly what helps you see the entire makings of the industry from the top all the way to your competitor\u2019s latest product launch<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Consumer changes in behavior can continue post-pandemic:<\/span><span style=\"font-weight: 400\"> Just like retailers try to constantly optimize their store windows\/aisles\/checkouts as consumers change their behaviors constantly the same thing happens online. If you want to optimize your online store and brand competitiveness look at the store information and not on social media<\/span><\/li>\n<\/ol>\n<h2><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The positive is that unlike earlier times, now there is plenty of consumer opinions out there to mine, and this is great because it can replace a lot of data and expensive feedback solutions like forums and focus groups, and surveys.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, due to the pandemic, the world had accelerated its pace towards eCommerce as a major channel of business. Brands now need to tap into ratings and reviews as the way to grow sales, improve margins, and foster a more personal link to your customers. In addition ratings and reviews make it easier to peak into your competitor\u2019s performance and see what is going on there \u2013 what is working or not per product.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The only challenge here is how to make sure that on the path to doubling your eCommerce revenue you don\u2019t miss out on your new \u201cstorefront\u201d dynamics and are constantly analyzing and benchmarking what is going on in your store \u2013 in addition to optimizing your social media efforts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">eCommerce (D2C included) moves so quickly that one miss could become very, very expensive for a brand.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn what is the difference between social insights and eCommerce insights and when to use each one of them<\/p>\n","protected":false},"author":17,"featured_media":8702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts\/8637"}],"collection":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/comments?post=8637"}],"version-history":[{"count":0,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts\/8637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/media\/8702"}],"wp:attachment":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/media?parent=8637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/categories?post=8637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/tags?post=8637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}