US grocery giant Walmart has acquired an Israeli tech startup which uses AI to analyse customer reviews and present in-depth descriptions for customers.
According to a blog post on its site, Walmart has acquired Aspectiva, a company which scans customer reviews using language processing technology and AI to scan customer reviews “turning them into comprehensive and valuable insights, helping ecommerce visitors make informed decisions and resulting in increased online conversion rates.”
By scanning massive volumes of user generated content from across the web and social media, Aspectiva identifies the product attributes most talked about, providing sentiment analysis and actionable insights for customers.
The Tel Aviv based company will now join Walmart’s Store No.8 incubation unit, marking the third Israeli tech company it has forged a relationship with.
It also enlisted the help of technology company Eko to launch its online Toy Lab, while investing in Israeli tech incubator Team8.
This comes as user reviews continue to grow as one of the most vital aspects affecting purchasing decisions, with a recent survey from Podium finding that 90 per cent of people said online reviews influence their decision.