Estimated reading time: 4 minutes
There are two types of people in the world: Those who set their alarms for the wee hours of the morning the day after Thanksgiving and fill with excitement about racing around town to find the best deals, and those who cringe at the thought of Black Friday crowds. For the latter group, Cyber Monday – the online alternative to Black Friday shopping – is the preferred option.
No matter your personal preference, you’re likely spending some money in the next few days to get a head start on holiday shopping.
Where Did the Names Come From?
The nickname “Black Friday” was coined in the '60s when stores kept their books using pen and paper. The day was notorious for getting stores out of the red and into the black.
Cyber Monday got its name in 2005 thanks to Shop.org, an annual event hosted by the National Retail Federation.
How Much Do Black Friday and Cyber Monday Rake In?
According to a report from Adobe, Thanksgiving Day, Black Friday, and Cyber Monday saw $2.87 billion, $5.03 billion, and $6.59 billion in revenue, respectively, in 2017.
Last year’s Cyber Monday was record-breaking. It was the largest online shopping day in U.S. history, mobile sales reached $2 billion for the first time, and saw a 16.8 percent increase from 2016.
People are spending more money on, and in the days following, Thanksgiving than ever before. And this influx of sales brings with it an influx of customer reviews.
Learning From These Deal Days
The tricky part about Black Friday and Cyber Monday is that people are buying holiday presents, meaning that products will generally not be used until the end of the following month and there may be a delay in receiving insightful feedback from customers. Well, let’s be real, most people probably buy a little something for themselves while shopping for others, so your company may get some feedback right away, but the majority will roll in weeks later. But no matter what, Stratifyd is invaluable when it comes to making sense of these insights.
Stratifyd’s AI-powered platform specialized in analyzing troves of structured and unstructured data in minutes. Our machine-learning and Natural Language Understanding (NLU) capabilities accurately assign sentiment to consumer-generated content and predict missing CSAT scores along with feedback to fill in any holes left by those who don’t respond to surveys. Altogether, our platform provides complete data sets that are visually organized on one convenient dashboard and can be used to improve products and services, increase customer retention and acquisition, and boost revenue.
Below is a screenshot of our dashboard comparing the performances of the Amazon Echo Show and the 2nd generation Amazon Echo.
Our platform can ingest data from an unlimited amount of data connectors, but in this example, we only used reviews from Best Buy’s website, and focused on the dates surrounding Black Friday and Cyber Monday. You’re able to see how many reviews are being analyzed, the average sentiment scores, how sentiment has changed over time, and keywords from verbatim reviews. Everything on the dashboard is clickable, giving businesses the ability to dive deep into customer feedback.
The data for both products is rather positive for this time period. And you can adjust the dates to include the rest of the holiday season to see what people had to say after receiving your product as a gift. You can also adjust for geographic location to see which stores performed better or worse than others and find out why.
Another example of our platform is pictured below. Here we’ve compared two pairs of headphones on the same graph – purple dots for Bose headphones and blue-green dots for Beats headphones. The graph shows the amount of reviews and sentiment scores and is accompanied by verbatim reviews, which change out when you click a different dot.
Our platform includes many different visualizations because we know that everyone has a preferred way to view data. Or maybe you’re feeling drowsy after all that turkey and want to see simplified graphs as opposed to Excel spreadsheets. Either way, Stratifyd has you covered.
We offer more than just visualizations, though. To learn more, visit our solutions page.
Remember the Reason for the Season
At Stratifyd, we’re grateful to have the opportunity to build a tool that helps customers’ voices be heard and helps companies improve. We’re also extremely thankful for our employees, investors, and clients, all of which keep us moving forward on a path of growth and innovation.
From all of us at Stratifyd, Happy Thanksgiving!
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