Five Statistics that Prove the Power of Online Reviews

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In 2022, businesses have moved online. Things we’d once have had no option but to do in person, such as grocery shopping or buying a new car, can now just as easily be done over the internet and with an added dose of convenience. Naturally, this has led to a boom in eCommerce in recent years.

Nonetheless, online shopping does come with its challenges, especially for businesses looking to use it to their advantage. While it has many upsides, you can’t successfully transition to the online world unless you first understand how it works. One of the biggest hurdles 21st-century businesses face is building trust. If you’re no more than a faceless online storefront among many faceless online storefronts, you must convince browsers it’s safe to shop with you. Online reviews are one important tool that can help you do this. We look at five statistics that demonstrate exactly why you should be using them.

93: the percentage of people who say online reviews impact their buying decisions

Source: Pixabay

Yes, you read that right. According to studies, 93 percent of people say online reviews impact their buying decisions, either positively or negatively. That’s a huge number, and it means you’re missing out on some vital opportunities if you’re not using online feedback to your advantage. Say it’s a choice between you and your nearest competitor, but their website features helpful (and largely) positive reviews while your site is entirely lacking in this sort of information. It’s obvious who 93 per cent of consumers covered by this statistic are going to shop with.

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91: the percentage of consumers who trust online reviews as much as personal recommendations

Only the most freshly fledged businesses will fail to understand the significance of this statistic. For enterprises that have existed for any length of time, there’s a natural appreciation for the power of personal recommendations. These often prove to be the source of many successful sales, and their benefits can’t be underestimated. However, 91 percent of people suggest online reviews hold just as much weight. This applies irrespective of the platform. That means that whether a customer leaves positive feedback on your personal Facebook page or your business has been highly ranked on a review site, sales are likely to result.

So, for providers in the online casino sector, for instance, which relies heavily on customer reviews due to the highly saturated market, it would be hugely beneficial to be ranked among the best online gambling sites on a region-specific internet directory. This applies all over the world, just take the online gambling industry in Thailand, for example. The casinos are ranked not only on the basis of bonuses and minimum and maximum bets but also on the basis of honest detailed assessments from gambling pros and their entire offer. While for a clothing store, it would be equally advantageous to have a five-star review featured on your business page, as customers will feel confident about important factors like the quality of the products, delivery times, and returns.    

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90: the percentage of people who read online reviews before visiting a business

Interestingly, it’s not only internet businesses that are impacted by online reviews. Before visiting a local venture, 90 percent of people are likely to check out its credentials by Googling it or browsing its social media pages. This means that even enterprises who steadfastly refuse to create an eCommerce page are likely to be affected. Positive reviews also make 73 percent of consumers trust local businesses more.

270: the average increase in conversion rate for businesses who post reviews   

Source: Pixabay

If there’s one thing every business desires, it’s an increase in conversion rates. This is another thing online reviews can help to secure, and the difference is dramatic. According to research, posting reviews online typically increases a business’ conversions by 270 times. Yes, that number is correct. That means for every conversion you’d get with a webpage that didn’t include feedback, you’d get 270 for one that had one or more customer testimonials.

15: how much more customers are willing to pay for the same product or service if it has positive reviews

Did you know customer reviews can also increase the amount customers are willing to spend with your company? It’s no secret that a positive customer experience is desirable, but evidence of this via testimonials actually allows you to charge more for your product or service. According to research, 68 per cent of shoppers are willing to pay up to 15 per cent more if feedback suggests the company they’re buying from is a pleasure to do business with.

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Well, what are you waiting for? Isn’t it time you started encouraging feedback from your customers?

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