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Consumer Generated Ratings and Reviews are Trusted and Help Decision Making
Wow, I was stunned by how effective user generated reviews and ratings in influencing decisions. These stats are from the for-profit world, but gives us insights on behavior and expectations of the public:
71% of online shoppers read reviews, making it the most widely read consumer-generated content. (Forrester)
77% of online shoppers use reviews and ratings when purchasing (Jupiter Research, August 2006)
In a study of 2,000 shoppers - 92% deemed customer reviews as "extremely" or "very" helpful. (eTailing Group) 63% of consumers indicate they are more likely to purchase from a site if it has product ratings and reviews. (CompUSA & iPerceptions study)
Among first-time buyers on review-equipped sites, 42% said they were the primary factor. (Foresee Results Study, 2006)
86.9% of respondents said they would trust a friend's recommendation over a review by a critic, while 83.8% said they would trust user reviews over a critic. (MarketingSherpa)
When asked to note their most trusted information source, 60% of Canadian online buyers said consumer reviews compared to 31 per cent who said newspapers or magazines.(J.C. Williams Group for Visa and Yahoo Canada)
The Shop.org State of Retailing Online study, conducted by Forrester Research, found only 26% of the 137 top retailers surveyed offered customer ratings and reviews, but 96% of them ranked customer ratings and reviews as an effective or very effective tactic at driving conversion. (Forrester)
43% of retailers have reviews - double in one year (Marketing Sherpa, February 2007)
Ratings and Reviews is the second most important site feature behind search and online buyers who site ratings and reviews most useful site feature has more than doubled from '05 to '06. The report, entitled Retail Marketing: Driving Sales Through Consumer-Created Content, cites user-generated ratings and reviews as the second most important site feature behind search, and says that retailers who adopt ratings and reviews as a differentiator and retention strategy will gain market share. (Jupiter)
by Perla N.
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