In a recent report published by WebsiteBuilder.org, it was determined that for every additional star in rating that a business gets, their sales revenues are bound to increase by approximately 5-9%. On the other side of the spectrum, studies have shown that around 22% of consumers will not purchase a product in case they have read a negative review about it, thus showing the strong influence that online user reviews can have on purchasing behavior.
There are some interesting stats about the impact of online user reviews outlined in the infographic below. More than 67 data points have been researched and published in the infographic.
Online user reviews have been around for a long period of time, and during these years, their influence on purchasing behavior has grown considerably. Not many people are aware of this, but online user reviews play a huge importance in deciding what people buy, where they eat, where they travel, and the fun activities they carry out on a weekly basis. Not only this, but they also represent a direct part of consumer habits throughout the world, and have the potential of making or breaking a company.
With this in mind, the impact that online user reviews can have on businesses can be both positive, and negative. However, it is worth mentioning that the impact of negative reviews on the ratings and popularity of businesses can have a much stronger influence when compared to their counterparts.
Understanding importance of online user reviews is only the first step to fully understanding how they work, the possible influence that they can play on the market, and how they can change consumer psychology in time. More stats contained within the infographic mention that at this moment in time, around 68% of millennials tend to trust online user reviews more, when compared to traditional forms of advertising, such as television.
This is quite understandable, since the world’s business market has been in a continuous growth over the last couple of years, and consumers throughout the world want to make informed choices that are also cheap and bound to offer quality results. Relying on advertising alone will make this endeavour impossible, which is where online user reviews come into play.
Based on everything that has been outlined so far, it is essential for businesses to up their review game, and begin offering better services if they wish to stay on top of the market.
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