Sentiment Analysis refers to “The use of natural language processing, text analysis, computational linguistics, and biometrics to systematically identify, extract, quantify, and study effective states and subjective information”. (Source: Wikipedia). In simple terms, it tries to identify and extract the emotions from simple text words.
Sentiment analysis basically involves 3 things:
- Polarity: Positive, negative or neutral emotions. In an advanced version, this can also get into emotions, such as happy, sad and angry.
- Subject: This is the object or product or brand that is being talked about
- Opinion Holder: The person or group that is expressing this opinion.
With the emergence of a ‘power of social media’ retailers have turned big time into tapping into this thriving market of buyers and ‘influencers’. With the Internet being available to anyone and everyone expressing their thoughts, opinions through blogs, product reviews and product comparisons which in turn sway the public opinion, retailers are heavily relying on companies like DistilRadar to be their eyes and ears in the internet world. Making lives simpler, these companies, also offer the option to extract data in form of user-friendly graphs and charts.
With 80% of the data flowing in an unstructured manner on the internet, retailers are turning to sentiment analysis more as a necessity rather than a luxury.