How data from Online Reviews and Macroeconomic indicators can be used to predict product sales...

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

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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


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.



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.



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.



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No single review

Single postive review

Single negativereview

Younger Adults

Product Quality

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Single postive review

Single negativereview

Product Quality

Older Adults

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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.



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


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.


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



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.

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How data from Online Reviews and Macroeconomic indicators can be used to predict product sales...

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