We are an internet generation. We rely on the internet for almost everything in our life. From using google maps to find routes to purchasing products, we access the internet for it. We live in an era where people read online reviews of a movie before watching it. It tremendously influences the people as most people decide on watching a movie based on its online reviews. The same thing applies to businesses. Over the years, online reviews have impacted the rise and fall of a business.
Do online reviews really influence the global business market? What it has to do with the growth of a business?
A business makes a good impression on its consumers through its quality products and quality of service. Which, in turn, builds a solid reputation. Customer feedbacks are the ones which stand as a testimonial to a company’s reputation. Feedbacks help companies in attracting new customers as well as retaining old customers. The same way online reviews influence the success or failure of a business or a product.
Google, Yelp, Facebook, TripAdvisor, etc., are the sites where most people share their reviews about a business online. People nowadays basically rely on other people’s experience to buy a product or use a service. It can literally impact the sales of a product.
Significance of online reviews:
Statistical data on online reviews give us a clear picture of its significance in the sales of a product. The survey shows, around 86% of the consumers would leave online reviews after purchasing a product. It widens the scope of its impact on a business. And when it comes to restaurants, 70% of customers tend to write an online review if requested by the server or manager of the restaurant.
- No. of people reading online reviews: While searching for a business online, 60% of people read online reviews. And 84% of consumers trust online reviews just as they believe in personal recommendations. 92% of customers are reluctant to purchase if the company has no reviews online. That influences their decision to shop from a particular company or a specific product of a company.
- Effect of online reviews: Positive reviews, in particular, has the ability to boost the growth of a business remarkably. Research reveals that Just single positive feedback can raise a company’s conversions by 10%. And a negative review can restrict 35% of consumers from purchasing a product from the specific business.
- Attracts Millennials and Gen Z: Millennials and Gen Z has enormously influenced the market over the years. Almost 99% of these groups of buyers rely on online reviews when compared to other generation buyers.
- Online reviews benefit local businesses: As per the online review trends, 74% of people choose a local enterprise based on online reviews. Local businesses can gain customers through good online reviews.
- The legitimacy of online reviews: Not all online reviews are legitimate. 82% of customers have reportedly run into fake reviews during the previous year. Fake online reviews could sometime be misleading, but its legitimacy can also be easily analyzed online.
Online reviews could be a game-changer for a lot of businesses. There are enormous benefits that can come to a company through online reviews.