Customer reviews, they drive our purchasing decisions everyday whether we recognize it or not. Sometimes going under the radar the effect that one single negative review can have on the purchasing decisions of a potential customer are very large. Understanding the impact that it can have on your products can help position you for a more marketable product. These statistics are meant to share the most important facts in what is driving customers to your products, or away from it.
1. 71% agree that consumer reviews make them feel more confident in purchasing the right product
2. 70% of consumers look at reviews before purchasing
3. 75% of reviews posted on review websites are positive.
4. Customer reviews create 74% increase in product conversion over time
5. A highly rated product will increase the likelihood of purchase by 55%
6. 82% of consumers considered user generated reviews extremely valuable or valuable
7. 84% say that they trust customer reviews more than reviews of a critic
8. 90% of unhappy clients will not do business with the same company again
9. A ratio of 1:3 of bad reviews is enough to convince 67% of shoppers not to purchase a product
10. 80% of consumers have changed their mind about purchases based on negative reviews
11. 95% of unhappy customers will return to your business if an issue is resolved quickly and efficiently
12. 13% of bad reviews on yelp lead to a 13% drop in sales
13. 52% of consumers say they would choose a local business over corporation for having a good positive reputation
14. Reviews increase loyalty by 18% and purchase satisfaction by 21%
15. 80% believe a positive impact would come from companies taking more time to read reviews and attempt to resolve the issues.
In conclusion, the importance of reviews is monumental in that they can hold a direct cause and effect in the purchasing behavior of consumers. Reviews also have a positive effect on SEO, as the more reviews your company or product has, the higher chances it will have showing up in higher ranges of searches. Customer reviews are the easiest and cheapest way to get your product recognized by the public as a form of advertisement. How you present the avenues for reviews to take place, and your response to reviews will have a positive or negative affect.
Customer review infographic