Maxv friday
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The document discusses the need for a solution to aggregate and analyze online product reviews in order to provide personalized and trustworthy recommendations that help reduce consumer indecision and returns. It outlines key features of the proposed solution and lessons learned from initial market research, including the importance of consensus and sharing non-technical user experiences. Next steps discussed include further market research and exploring options like algorithm licensing.
Maxv friday
- 1. We speed up the decision making process. Melanie Alex Xiaodi Victor B.S., Chem. Junior, CS B.S., Eng. B.S., BEM Ph.D., Chem. Grad. Student, CNS 1
- 2. Before making a product purchase: >65% of all consumers read online reviews* * From online research(2010)
- 3. >80% of consumers say a negative or positive review will influence their decisions >125 MILLION Americans CARE what online reviews say!
- 4. Of the 94 people we asked this week: • 95% say they read online reviews for consumer electronic products • >75% of those said consensus matters • One company says consensus means >20 reviews for their users consensus – lots of typical user experiences
- 5. What happens when consensus is not reached? • Consumers face indecision • Indecision is very important to online retailers • Returned goods • Website providing a similar solution has observed a 50% reduction in return rates
- 6. Sony BRAVIA KDL55HX850 55-Inch 240Hz 1080p 3D LED Internet TV
- 7. Sony BRAVIA KDL55HX850 55-Inch 240Hz 1080p 3D LED Internet TV Amazon Amazon 18 CNET 6 Sony 9 Pricegrabber 1 Pcmag 1 Tvbestcovery.com 1 Youtube 3 Total: 39 Consensus!!! AlaTest Total: 198 reviews
- 8. Companies are already doing this Company Investment (MM) Buyout (MM) Hunch 19.2 80 (eBay) gdgt 3.72 FindTheBest 6M Decide 8.5 Sparkbuy 1M 6 (Google)
- 9. MAX Key Partners 6 Key Activities 7 • Design the Business Model Canvas Day 1 Value Propositions 1 Problem: frustration with online electronic reviews since no Customer Relationships 4 • Publicize on Customer Segments 2 Amazon Consumer CNET platform central source exists that: trending key words electronics users Newegg • Optimizing • filters fake reviews & word of mouth Engadget UI/UX, and AI • sorts by key words Young, tech-savvy • Publicity & • Building trust and Gizmodo • normalizes reviews convenience to customers and more….. Partnership Development increase the Needs: save wasted time spent Provide condensed, stickiness on visiting multiple sites and organized and Key mentally filtering spam reviews trustworthy Resources 8 information from Technology Key Features: aggregated data Channels 3 product reviews (web scraper) that provides: • Website Some • personalized ranking of reviews Financial • any statistically significant • Mobile apps resources product failure/design flaw • Social networks • channel to issue a complaint (reports and Cost Structure 9 infographs) Possible contracts with key partners Internet infrastructures Operational cost Revenue Streams 5 Annotation cost Affiliate marketing / Selling data / Selling service Advertising 9
- 10. Business Model Canvas Day 2 Key Key Value Propositions 1 Customer Customer Partners Activities 7 Problem: frustration with online Relationships 4 Segments 2 6 • Design the electronic reviews since no central • Publicize on Consumer platform source exists that: trending key words electronics users Amazon • Optimizing • filters fake reviews & word of mouth CNET UI/UX, and AI • sorts by key words (customizable) Young, tech-savvy Newegg • Publicity & • normalizes reviews delivers • Building trust and Engadget customers Partnership detailed technical information convenience to Gizmodo increase the Development Needs: save wasted time spent on Amazon and stickiness more….. visiting multiple sites and mentally CNET Key filtering spam reviews Newegg Resources 8 • aggregate all reviews Engadget Technology • prioritize detailed, intelligent reviews Channels 3 Gizmodo (web scraper) with informational value • Website and more….. Some • collapse but include general ones Financial (consensus is important) • Mobile apps Provide condensed, resources organized and Key Features: aggregated data that • Social networks trustworthy provides: (reports and information from Cost Structure 9 personalized ranking of reviews infographs) product reviews Contracts with key partners statistically significant product Internet infrastructures failure/design flaws Operational cost channel to issue a complaint Revenue Streams 5 Annotation cost detailed comparison of products Affiliate marketing / Selling data / Advertising Selling service 10
- 11. Business Model Canvas Day 3 Key Key Value Propositions 1 Customer Customer Partners Activities 7 Problem: frustration with existing Relationships 4 Segments 2 6 • Design the online electronic resources. • Publicize on platform trending key words Discerning Amazon •Time consuming • Optimizing & word of mouth customers CNET •Information overload UI/UX and AI •Lacking confidence Newegg • Publicity & • Building trust and Engadget Problems/Needs: convenience to Partnership Gizmodo • Delay in purchasing increase stickiness Amazon Development and • Creating new customers CNET more….. Newegg Key Engadget Key Features: Resources 8 Credible Channels 3 Gizmodo Technology • Website … Personalized (web scraper) • Mobile apps Comparison of ‘soft’ specifications Financial • Social networks Uncover product failure resources (reports, infographs) Direct Contact Cost Structure 9 Contracts with key partners Revenue Streams 5 Internet infrastructures Operational cost Affiliate marketing / Selling data / Annotation cost Selling service Advertising 11
- 12. Business Model Canvas Day 4 Key Key Value Propositions Customer Customer Partners Activities Problem: frustration with existing Relationships Segments Amazon • Design the online electronic resources. • Publicize on platform trending key words Discerning CNET customers Newegg • Optimizing Problems/Needs: & word of mouth Engadget UI/UX and AI • Publicity & • Personalization • Building trust and Gizmodo convenience to and Partnership • Delay in purchasing increase stickiness Amazon more….. Development CNET • Creating new customers Newegg Key Engadget Resources Channels Gizmodo Technology Key Features: • Website (web scraper) • Mobile apps LinkedIn Financial Personalized Airbnb • Social networks resources (reports, infographs) Comparison of ‘soft’ specifications Direct Contact License IP? Cost Structure Need more data! Contracts with key partners Internet infrastructures Operational cost Annotation cost Revenue Streams Affiliate marketing / Selling data / Selling service/License IP 12
- 13. Business Model Canvas Day 5 Key Key Value Propositions Customer Customer Partners Activities Problem: frustration with existing Relationships Segments Amazon • Design the online electronic resources. • Publicize on platform trending key words Discerning CNET customers • Optimizing Problems/Needs: & word of mouth Newegg Engadget UI/UX and AI • Indecision • Building trust and Gizmodo • Publicity & • Product Returns convenience to and Partnership • Lack resources to develop similar increase stickiness Amazon more….. Development algorithm CNET • Creating new customers Newegg Key Engadget Resources Key Features: Channels Gizmodo Technology Personalized • Website (web scraper) Comparison of ‘soft’ specifications • Mobile apps LinkedIn Financial Uncover product failures • Social networks Airbnb resources (reports, infographs) Direct Contact License IP? Cost Structure Need more data! Contracts with key partners Internet infrastructures Operational cost Annotation cost Revenue Streams Affiliate marketing / Selling data / Selling service/License IP 13
- 14. The Solution Key Features • Personalized • Sort by ‘soft parameters’ in addition to tech specs • Allows comparisons on these ‘soft’ parameters Soft parameters – Info regarding usability of product not provided by a spec sheet. e.g., how hard is it to unbox 55” tv?
- 15. What we’ve learned • Indecision is a big problem for online retailers • Consensus – people want non technical user experience • Returns are an issue too • Fake reviews don’t matter • Not just Tech savvy users are frustrated • Focus on Consumer electronics (because fastest growing online segment)
- 16. Next steps • More market research since our target market is much larger than what we have sampled • Speak to more experts in the field • Speak to businesses that have a small presence on Amazon • Explore algorithm licensing option