Consumers have never been so empowered, with information, insights, and analysis at their fingertips.
However, we are also living in the age of distrust, with Edelman’s 2017 Trust Barometer reporting the largest-ever drop in trust across institutions of government, business, media and NGOs.
Put simply, consumers are more skeptical than ever and are changing the way they make purchasing decisions.
Today, more than 80% of people trust reviews as much as personal recommendations. It makes sense; without the ability to try or see products before purchasing them online, consumers have to make a decision based on trust.
However, recent statistics make a very compelling point: Reviews are one of the best conversion tools and can help boost sales in a very short time. According to a Vendasta survey, 92% of consumers read reviews before buying online, and 68% of them are more likely to make a purchase if the product has ratings and reviews.
Econsultancy found that reviews increase sales by 18% on average.
Customer reviews now represent a real asset to marketers, and harnessing their power can lead to tangible results.