What makes a business successful? How can business owners attract clients and convince them to make a purchase? According to experts, online reviews play a vital role.
Every business has an online presence or social platform where consumers share their opinions on the services provided. By sharing shopping reviews, customers help one another gain valuable insight into a product or service they can’t see or feel.
You should be aware of the latest trends and statistics regarding online reviews. Whether you run fashion shops or an accounting firm, you can incorporate this information to boost your business by captivating consumers.
Top Online Review Stats for 2021
Online shopping has seen a sharp rise, especially during Covid lockdowns. Online reviews play an impactful role in the decision making of consumers. Let’s see how big of an impact do online reviews make. Here are the top statistics you should know.
Billion euro influence
If you’re wondering how much your business stands to gain from online reviews, the answer is a lot. 75% of internet users in the UK read online reviews. That means over 46 million people won’t consider your shop if there are no reviews available.
Online reviews bring about 23 billion euros into the market. If a product has positive reviews or even a mix of positive and negative reviews, the chances of conversion can be as high as 270%, compared to products with no reviews. So, if a product, or service, has a minimum of five reviews, that business will attract customers.
Longer Reviews preferred
Potential customers are not just looking for five stars. They need information that is relevant to them to help make a decision. If the reviews tell the customers a story, it will feel more resonating.
These in-depth reviews, with 500+ characters, are more helpful to readers. And more helpful reviews have a conversion rate of 192%.
Reply to Reviews
Companies underestimate the power of replying to reviews. Often, the reviews section of the platform has little to no presence of the owner. 75% of businesses cower from responding to reviews. They especially cower from the negative ones instead of tackling the issue.
The most popular forum for reading reviews is Google. Approximately 60% of review readers do so on Google. So, if a consumer is searching for a product or service, you will want your business to appear on searches. Use SEO for building traffic on google. But, remember the viewer won’t convert if there are no helpful reviews.
Media in Reviews
If you are showcasing reviews on your website or media platforms, be sure to include media. 88% of consumers look for reviews with visual content such as pictures or videos. Visual media fosters trust and authenticity among consumers.
Online reviews are a vital means of building trust for your business in the minds of consumers. Encourage your customers to leave reviews online by sending them a text or email. However, don’t resort to fake reviews, as those are easy to spot and cause a loss of confidence in your business.