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5 Online Review Statistics You Need to Know in 2023

Reviews are one of the most powerful tools in a company’s sales arsenal. They can bring in new business or send it running in the other direction.

A good online review can be as effective as a personal recommendation from a friend or family member. So, it’s important that businesses prioritize getting positive reviews from verified buyers.

1. More than half of consumers trust online reviews as much as personal recommendations.

Online reviews are extremely important for businesses. Not only do they increase sales, but they also improve customer trust. One study showed that when a business posts negative reviews on its product page, customers spend four times more time on the website and convert at a rate of 380% higher than those who didn’t read any negative reviews Click Here.

Consumers consult online reviews for everything from cosmetics and clothes to cars and electronics. Women are more likely to read reviews than men, but both genders are equally as reliant on online reviews when shopping for products.

While almost half of consumers claim to “always consult online reviews” for local businesses, only one in ten people over 55 do. This shows that reviews are equally as important for older generations as they are for younger ones.

2. More than half of consumers read reviews before making a purchase.

The internet has made it possible for consumers to easily check out the opinions of other shoppers. This is especially true for younger generations. They tend to look for reviews on products and local businesses before making a purchase.

The good news is that nearly 9 in 10 consumers will decide to buy a product or service after reading reviews. This makes them the most important factor in a purchasing decision, ahead of free shipping or coupons.

It is crucial for small business owners to have a positive review strategy. Even a one-star increase in a rating can be enough to make a difference for some shoppers. A negative review, on the other hand, can be disastrous. It is also important to make sure that your business has a plan for how to respond to bad reviews, as this can go a long way toward building customer trust.

3. More than half of consumers read reviews after making a purchase.

Online reviews have a huge impact on purchasing decisions. Customers are more likely to purchase a product with an average rating of four stars, and higher-priced items see 190% increase in conversion rates when they include reviews.

Customers also value the honesty of online reviews. Nearly half of all shoppers say they can spot fake reviews. This is especially true for younger generations.

It is important for businesses to have a strategy in place to encourage reviews from their clients. Companies that respond to their clients gain 12% growth in review stars and their Google ratings improve. However, it is important for businesses to address all reviews, whether positive or negative. This will build trust with customers and potential prospects. The best way to do this is by using email to ask for a review after a client experiences your service or product.

4. Consumers stay on a site five times longer when they come across negative reviews.

Online reviews have the power to make or break a company’s reputation and conversions. This is why it’s crucial for businesses to collect positive feedback from their customers and respond to negative feedback in a way that shows the company cares about its customers and reputation.

When a consumer reads an online review, they’ll often stay on your site five times longer. This is especially true for higher-priced products, which convert better when they have reviews. Furthermore, consumers are more likely to trust companies that source verified buyer reviews. In fact, this alone can increase purchase decisions by 15%. Consumers also want to know that the business has addressed their concerns. When a business responds to an unhappy customer, it can help to improve the overall experience for all of its customers.

5. Consumers change their perspective on a business based on how they respond to reviews.

Online reviews are a critical part of how consumers research and shop for products or services. They are a trusted source of information and create social proof for consumers. However, many businesses still worry that a bad review will ruin their reputation and stop customers from visiting their business.

According to Podium’s 2021 State of Reviews report, consumer reviews can influence purchase decisions. In fact, 56% of consumers say they change their perspective on a business based on how that business responds to reviews.

This is especially true for Gen Z and millennials, who are particularly sensitive to how companies handle negative feedback. These consumers want businesses to be proactive in responding to reviews and demonstrating that they care about the customer experience. They also expect fast responses, with more than half expecting businesses to reply within a week and 1 in 3 wanting a response in three days or less.

Written by
John Winter
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Written by John Winter