Thanks to the internet and increased connectivity across all platforms, today’s consumers are more well-informed than ever when it comes to the products they buy and the retail choices they…
Push what’s hot, kill what’s not.
Use Product Reviews as Part of a Better Business Forecasting Program
You probably have many tools in your toolbox that can help predict sell through for your products. Namely, your POS data gives hard numbers about sales online and offline for you and your retail partners. But what POS data is missing is the reason why sales were up or down for a product line. Measuring product reviews can lend some insight into what consumers liked and didn’t like, and help with revenue forecasting and accurate inventory management.
Measure review volume to help with revenue forecasting
Since 90% of consumers read product reviews as a part of their shopping process, you can rely on the fact that if positive reviews are up for a product line, sales will follow.
Channel Signal’s platform allows you to pull in reviews from a variety of sources and apply a plethora of graphs and filters to get exactly the data you need to forecast revenue based on something as broad as product category or as refined as a particular product color.
Based on the results, you will be more informed to increase factory orders for what’s hot, decrease what’s not, and maybe even work with your Product Development team to kill what is absolutely not working with customers.
How Real Brands Use Reviews: Sock company sees areas to grow
After working with Channel Signal for over a year, a major sock company looks for areas to grow. The company used the data gleaned from the Channel Signal platform to see which product had high sentiment as well as high volumes of reviews. By comparing seasonal and evergreen products the company noticed a few products where marketing could help increase revenue as well as other products that could use more product development.