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A system and method for deriving dynamics of consumer product assessment

IP.com Disclosure Number: IPCOM000208040D
Publication Date: 2011-Jun-21

Publishing Venue

The IP.com Prior Art Database

Abstract

Utility value of a product is hardly reflected by the specification provided by the manufacturers. The true or assessed value of a product comes through the user experience and reaches out to others through word-of-mouth. The increasing popularity of e-commerce application has led to inevitable integration of social media which fosters people to share their experience through reviews. Prospective buyers seek out these reviews for opinions and value assessed by the consumers on the product. The reviews express varied opinions on several attributes of the product. Diverse opinions on a product by large number of reviews induce dynamism in the assessed market value of the product. In this paper we attempt to capture the dynamism of the assessed market utility value of a product by observing opinions provided by consumers. We bring in the importance of utility value on time especially when opinions are expressed and sought. This is due to the fact that utility value is dependent on the number of the reviews and their content expressed before a consumer chooses to obtain this information. This inherently models the value of a product through out its life-time, as a period of no review will reflect deterrence in its assessed value. We study various attributes of a product that matters to the consumers and model the utility value as function of opinions expressed on these attributes over time. Our experiments are based on large scale review sets (approximately 30,000 reviews) collected from real world review collection portal i.e., Amazon, Mouthshut and IMDB. Our assessment shows that modeling utility as a function of time on the most valued attributes provides information that has greater impact not only to the consumers but also for manufacturers to understand the product value during its life-cycle.