Post on 19-Dec-2019
description
Research paper
How data from OnlineReviews and Macroeconomicindicators can be used topredict product sales forecast
Research Planning | Data Collection | Semantic Annotation |Business Analytics | Bio Statistics | Econometrics
Data analysis, Logistics, Supply chain management,Research methodology, Macroeconomic indicators, Data collection,Statistical analysis, Research methodology
TAGS-
SERVICES-
Copyright © 2019 Statswrok. All rights reserved
IN BRIEF
Online Reviews andMacroeconomicindicators.
A unique technique forproduct sales, predictingmacroeconomicindicators and onlinereviews.
Research Planning | Data Collection | Semantic Annotation | Business Analytics | Bio Statistics | Econometrics Copyright © 2019 Statswrok. All rights reserved
No matter what supply chain management, ordering, manufacturing, orlogistics, the summons facing industries is random on demand.
Enterprises create inappropriate production choices that supported thechance in the distribution of the request causing huge losses and cut backthe company’s profits.
As a result, the demand is plagued by several factors and is commonly notaccomplished in theory.
Sales prediction is a crucial part of trendy business operations which willincrease the economic welfare of endeavours by visual impairment withinthe production set up.
INTRODUCTION
Research Planning | Data Collection | Semantic Annotation | Business Analytics | Bio Statistics | Econometrics
Copyright © 2019 Statswrok. All rights reserved
With the advancement of Web2.0, folks can suitably post their point of view of products on socialmedia and commercial internet sites.
This user-generated specifies the actual voices of consumers who use the product in variedsituations, and these reviews are user familiarized.
It's a research-based methodology and sensible selection for dealers to predict product sales viareviews in online platforms.
The comprehensive studies have specified that online reviews have a significant influence onproduct sales.
Research Planning | Data Collection | Semantic Annotation | Business Analytics | Bio Statistics | Econometrics
Copyright © 2019 Statswrok. All rights reserved
Online Reviews
Contd.
Researchers invented a synchronous equation system tofind out the link between online reviews and the revenuesof films.
Hence, degree of online posting includes a significantinfluence on box office sales.
Online user reviews are potential indicators of viva-voicepower and play an essential role in box office sales.
Online reviews have a significant influence on hotelbookings.
Excellent online reviews will considerably enlarge thenumber of hotel orders, whereas bad online reviews canlessen the number of hotel reservations.
Research Planning | Data Collection | Semantic Annotation | Business Analytics | Bio Statistics | Econometrics
Copyright © 2019 Statswrok. All rights reserved
The interactivity effects of online surveys, promotional ways,and online sentimentality have a major role in sales.
Briefly, online reviews have a decent hold up for salesforecasts.
Research Planning | Data Collection | Semantic Annotation | Business Analytics | Bio Statistics | Econometrics
Copyright © 2019 Statswrok. All rights reserved
-29.3 -0.5 +0.5 +29.3
50
40
30
20
10
0
0.2
0
0.4
0.6
0.8
1
No single review
Single postive review
Single negativereview
Younger Adults
Product Quality
Prop
. of P
art.
cho
osin
g th
e hi
gher
rate
d pr
oduc
t
-29.3 -0.5 +0.5 +29.3
40
30
20
10
0
0.2
0
0.4
0.6
0.8
No single review
Single postive review
Single negativereview
Product Quality
Older Adults
Prop
. of P
art.
cho
osin
g th
e hi
gher
rate
d pr
oduc
t
Fig 1:Proportion of participants choosing the higher rated option by review condition and product quality for young adults(left panel) and older adults (right panel). The product quality index indicates the quality of the higher rated option
Macroeconomic indicators are often published at a shallowfrequency.
The sales prediction strategies whether or not the standardmeasure strategies forecast methodology supporting onlinereviews, principally use previous sales data collection to predictthe sales in the future. However, there's a precise physicalphenomenon quality.
The macroeconomics situations, like CPI, not only would affectcustomer’s temperament of shopping additionally containprogressive environmental data.
Research Planning | Data Collection | Semantic Annotation | Business Analytics | Bio Statistics | Econometrics
Copyright © 2019 Statswrok. All rights reserved
Macroeconomic indicators
Contd...
Select propermacroeconomic indicators
Calculate sentiment indicesbased on online review
Construct theforecasting model
Experimentalanalysis
Estimate the parameters of themodels and measure the
performance of the models
Research Planning | Data Collection | Semantic Annotation | Business Analytics | Bio Statistics | Econometrics Copyright © 2019 Statswrok. All rights reserved
Fig 2: Research Framework
Once firms build production plans, they ought toobserve the condition of the market and enquire thedevelopment or future assumption of economicindicators.
Macroeconomic indicators are issued at a minimumfrequency that makes them too slow to predict, andthey can enhance prediction results and the drive forsales within the medium to future.
Research Planning | Data Collection | Semantic Annotation | Business Analytics | Bio Statistics | Econometrics Copyright © 2019 Statswrok. All rights reserved
E-commerce companies recognize the significance of analyzing the online reviews of their products.
Studies demonstrated that for piloting analyses for online reviews, Polymerization Topic SentimentModel (PTSM) can be applied to extract and filter the data from online reviews.
Through integrating this model with machine learning methods, results in showing that the forecastingaccuracy had been upgraded.
The experimental results shows filtering topics hidden in the reviews are more significant in influencingsales prediction, and the PTSM is more exact than other ways.
The findings contribute to the knowledge that filtering the topics of online reviews could improveprediction accuracy.
Predicting product sales forecastusing Online Reviews
Conclusion
Research Planning | Data Collection | Semantic Annotation | Business Analytics | Bio Statistics | Econometrics
Copyright © 2019 Statswrok. All rights reserved
Big Data sets provide new and useful sources of information for economic analysis, but also warrantfurther refinement, development and monitoring in parallel with other macroeconomic indicators andforecasting techniques.
Concerning online reviews, we tend to not only contemplate numerous indicators of online surveys,however additionally think about considering taking into account the user’s negativity bias about onlinereports, which indicates that buyers additional sensitive to negative reviews than positive reviews.
Prediction exactness of this technique is beyond that of the comprehensive strategies, and it'sconfirmed by removing every a part of the model singly that the factors thought of having a significantimpact on the model’s performance.
Sensitivity analysis and detection additionally specify the prevalence and hardiness of the strategy.
The suggested methodology is vital for developing strategies of product sales prediction onmacroeconomic indicators and online reviews.
Contact Us
EMAIL ADDRESS
GET IN TOUCH
WITH US
Freelancer
Consultant
Guest Blog Editor
hr@workfoster.com
PHONE NUMBERINDIA: +91-4448137070
UK: +44-1143520021
EMAIL ADDRESSinfo@statswork.com
Clinical Research monitoring | Global Regulatory Writing | Patient Recruitment | Data Management | Post Market SurveillanceCopyright © 2019 Statswork. All rights reserved