Developing a Web Dashboard for analyzing Amazon's Laptop sales data
Data Analysis Web Dashboard for Amazon online reviews
In marketing and business intelligence, it is crucial to know what customers think about target products. Customer opinions, reviews or any data that reflect the experience of the customer, represents an important information that companies can use to enhances their marketing and business strategies.
Marketing and business intelligence professionals, also need a practical way to display and resume the most important aspects and key indicators about the dynamic of the target market; but, what we want to say when we refer to the dynamic of the market? Well! we are going to use this term to refer to most important information that business professional require to understand and thus be able to make decision that seek to improve the revenue of the company.
Now, let's explain with a practical example, which kind of information business professionals need to know about a target product or market. Suppose that you are a Business Manager working for an IT company (Lenovo, for example). The company is looking to improve its Laptops sale strategy. So!, which kind of information do you need to know to be able to make key decisions related to the Tech Specs and features that the new generation of Laptops should have to become a more attractive product into the market? Well! you would need to analyses, for instance:
- Which are the best selling Laptops.
- Are Lenovo Laptos in a good position into the market?
- What are the top Lenovo Competitors in the industry.
- What are the key features that customers take into consideration when buying a Laptop.
- What are the key tech specs that customers like (and don't like) about Lenovo and Competitors Laptops.
- How much customers are willing to pay for a Laptop.
Those are just some examples of the information a business intelligence professional need to know when looking for the best strategy. Let's say that, after analyzing the data, you found that the top selling Laptops are actually the most expensive ones. Laptops with high quality tech specs and performance. You also found that Lenovo Laptops are, in general, under the range of prices and quality tech specs of the top selling Laptops.
Dashboard for analyzing online retailers sale data
With the above information, a logical strategy could be to invest in an action plan to improve the tech specs and general quality of Lenovo Laptops. If, on the contrary, the information highlights that very expensive Laptops have a very low demands, an intelligent approach could be a strategy to reduce costs of the new generation of Laptops.
So, we have already seen the importance of analyzing relevant data to understand the dynamic of the market when looking to enhance the business strategy. Now, from where and how can we get the necessary data to perform a market analysis for a business plan?
This kind of data can been collected by asking directly information from retailers. For example, if you have access to a detailed Annual Report for Sales & Marketing of a computer retailer, you will have the kind of information that can be valuable to understand the dynamic of the market. The report could contains details about the best selling computers, prices, tech specs, revenues, etc.
However, from a Sales Annual report, would be missing detailed information about what customer think of the product they bought. Traditionally, this kind of data has been collected using methods such as face to face or telephone surveys.
Recently, the huge amount of data generated every day in social network and online retailer, is being used to perform analysis that allow to gain a better understanding of the market and, in particular, about customer opinions.
Sentiment Analysts, is a method that uses natural language processing and text analysis thecniques to extract key indicators from text data. It is widely used in reviews and survey analysis.
Intended target market
A data analysis dashboard for sale strategy has a very wide target market. For any company that sales something, it would be beneficial to analyses data that allows them to understand the dynamic of the market THEY are targeting.
Because we have limited HR and time to accomplish this project, we were forced to reduce the scope of this project. As we have already mentioned, the final result of this project will be a functional Web Dashboard for analyzing «Laptops» sale data from «Amazon» (Customer online review, in particular). However, we would like to invite you to think about this project as a methodology to build a Dashboard for analyzing online retailers sale data; regardless the target products or where the data is scraped from.
So, in the sense described above, we can say that our project can be applied across a whole range of sectors.
Now, let's be more specific about who can use our app. We will address three examples:
- Example 1: When explaining the concept of the project, we talked about the example of a computer manufacturer that is looking to enhance its sale strategy. That is an example for a very high business level. However, this kind of analysis can also be beneficial for small business as we will see in the next example.
- Example 2: Think about a small computer retailer that is looking to enhance its sales. They also need information about the dynamic of the Laptop market: which are the top sellers, how much customers are willing to pay, which features are customers looking in a laptop, etc. This information will allow them to invest in the best marketing and sale strategy.
- Example 3:
Porter's Five Forces analysis
In Figure 1, we show the Poter's Five Forces Analysis. Let's explain some of the most important points includes in this diagram:
- Rivalry:
- We consider that the most important...
- ...
- Threat of new entrants:
- ...
- Buyer power:
- ...
- Threat of substitutes:
- ...
- Power of suppliers:
