Votes Rating: A KPI Every Marketer Need to Optimize eCommerce Product Pages
It's 2024, and if your consumer insights team is not using the correct KPI to optimize your customer feedback analysis, then we don't know what to tell you! Leading voice of the customer industry tools like Wonderflow offer the ability to track different types of data, such as votes and feedback data, across eCommerce product pages.
In this article, we shall address the voice of the customer KPI called Votes Rating to better understand your customer's sentiment when shopping online. Plus, why eCommerce brands and marketers must use it and the difference between votes and customer feedback.
What is the Votes Rating KPI?
The votes rating KPI measures the rating that webshops display on their product pages. The votes are, by all means, a different data type compared to customer reviews. We get them from the same origin (e-commerce) but in different places (product pages vs review pages) (more details are below on their differences).
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The KPI is also a weighted mathematical average of votes ratings on an eCommerce product page like Amazon. To calculate it, this is the formula:
Votes Rating = (1∗a+2∗b+3∗c+4∗d+5∗e) / #V
a = # feedback records with score 1
b = # feedback records with score 2
c = # feedback records with score 3
d = # feedback records with score 4
e = # feedback records with score 5
#V = total number of votes
We get a, b,c,d,e from the histograms of the votes on each product page. Note: We are not averaging the average ratings displayed on the eCommerce page. If we did, the votes rating would have been 4.26 [(4.3+4+4.5)/3)] instead of 4.48.
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Why is the Votes Rating Especially Important for Marketers?
The votes rating is a KPI dear to marketers because it helps them monitor the customer perception of what they see online on eCommerce pages. The Votes rating KPI also allows marketers to monitor the trend over time and, in case of a decline, and take corrective measures to improve customer satisfaction.
You can also identify if your product or category has a seasonal pattern (i.e., a spike in reviews and sales) in specific periods. This can allow you to plan both marketing activities around that period and the supply chain to avoid out-of-stock.
Next, it's important to keep in mind the key difference between the feedback rating and the votes rating. It's impossible to relate the two KPIs from a mathematical point of view.
What's the Difference Between Votes and Feedback?
The distinction between votes and feedback illuminates the nuanced nature of consumer engagement online. While votes represent a quantitative measure of customer sentiment on product pages, feedback offers qualitative insights gleaned from reviews. This differentiation underscores the multifaceted approach required to analyze consumer behavior comprehensively.
Let's imagine what happens when you review a product eCommerce site like Amazon, using a hairdryer as an example. On Amazon, there are two ways to review a product that you have purchased. You can either leave a rating or leave a rating along with a comment. For example, if you give a rating to a hairdryer, the number of ratings displayed at the top of the product page will increase by one.
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But the number of reviews (1701) on the review page will stay the same!
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On the product page: 8835 --> 8836
On the review page: 1701
Let's say, if instead, you leave a review by also writing a comment, both numbers will go up by one.
On the product page: 8835 --> 8836
On the review page: 1701 --> 1702
In this example of the hair dryer, advanced customer sentiment analytics like Wonderflow would collect data from two different sources: the product page and review page.
- On the product page, we gather the number 8836, which we refer to as the Votes count.
- On the review page, we scrape all 1701 reviews and count them, which we refer to as the Feedback count.
To summarize, we say that there are 8836 votes and 1701 feedbacks for this hairdryer. Based on the above definition, we can also say that the feedback count is always lower than the votes count.
What about the rating?
From the product page, we also scrape the rating distribution...
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...and we use it to calculate the Average Votes Rating. Example:
73%*5 + 14%*4 + 6%*3 + 2%*2 + 5%*1
= 4.48
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Within Wonderflow's dashboard, the Wonderboard, say if you enter the product card for this hair dryer, and you have both feedback and votes data types enabled, you will see those numbers.
Additionally, the Feedback average rating is instead calculated by averaging the rating of the 1701 reviews we scraped from the review page. Note: Keep in mind that there is no way to establish an exact mathematical relation between the votes rating and the feedback rating.
Final Words
By delving into what the Votes Rating KPI entails and understanding its calculation methodology, we uncover its significance in monitoring customer perceptions on eCommerce platforms. Its role in tracking trends over time empowers marketers to respond promptly to fluctuations in consumer satisfaction, ultimately enhancing brand reputation and loyalty.
As we embrace advanced customer sentiment analytics tools like Wonderflow, equipped with the capability to extract data from diverse sources, we gain deeper insights into consumer preferences and behaviors. The integration of Votes Rating and Feedback Count within Wonderflow's dashboard facilitates informed decision-making, enabling marketers to adapt strategies and enhance customer experiences effectively.
In essence, in an era defined by evolving consumer preferences and dynamic market landscapes, harnessing the power of the Votes Rating KPI alongside comprehensive feedback analysis is not just advisable—it's imperative for staying ahead in the competitive eCommerce arena. Get in touch today with our team to see how this KPI, among other critical sentiment analysis KPIs, plays a large role in your product success.
