6 Online Reviews Statistics You Need to Know
Reviews have come to dominate consumer confidence to become a pillar of trust and credibility for brands. 93% of consumers read online reviews before making a purchase decision – making this one of, if not the most, important factors in building trust and driving sales.
Importance of Reviews:
- 98% of consumers read reviews for local businesses.
- 80% of customers are likely/very likely to leave a review if their initial negative experience was turned into a positive one.
- 3.3 is the minimum star rating for businesses which a consumers would consider engaging with.
- 89% of consumers are likely to use a business which responds to all reviews.
- 73% of all online reviews are hosted on Google
- Negative reviews can also have a significant impact, with a study by Harvard Business Review finding that a one-star increase in a business’s rating on Yelp can lead to a 5-9% increase in revenue.
These are just some of the statistics highlighting the importance of online reviews for businesses. Nowadays, it is more important than ever to have a strong online presence and positive customer feedback on products. Your business rating can make or break your business.
That is why at Rate.Ink we strive to provide the most simple and effective software helping businesses to streamline their review collection process. With Reviewshield Technology, Rate.Ink provides a two-layer defence system, allowing you to capture the negative feedback (and importantly, letting customers vent and get their frustration out) while also gathering all the positive reviews for your business.