Benefits of Consumer reviews

Some interesting research gleaned from the wide, wide web –

Product ratings and reviews may have the best claim to boosting revenue. 82% of consumers surveyed last year by consulting firm Deloitte & Touche LLP said consumer-written product reviews directly influenced their buying decisions, and 69% passed reviews on to others. Pet supplies retailer Petco Animal Supplies Inc. reports that consumers who view web pages with top-rated products convert at a 60% higher rate than other visitors, and that buyers return products with only one to five reviews 135% more often than those with 50 to 100 reviews.
Raising the Stakes – Internet Retailer, May 2008

Fifty-five percent of consumers "would be more likely to buy from a site that has reviews," and "63 percent find ratings and reviews helpful when making a purchase," according to a survey of more than 100 shoppers…published earlier this year. A similar survey of 1,200 shoppers sponsored found that "65 percent of consumers actively seek out and read customer reviews prior to making a purchase decision always or most of the time." Dubbed "social researchers," they were "76 percent more likely to shop on a retailer's Web site vs. their competitor's site if it offers social navigation."
"A Rave Review for Social Navigation", April 2008 – E-commerce Times

More than three-quarters of review users in nearly every category reported that the review had a significant influence on their purchase, with hotels ranking the highest (87 percent). Ninety-seven percent of those surveyed who said they made a purchase based on an online review said they found the review to have been accurate. Review users also noted that reviews generated by fellow consumers had a greater influence than those generated by professionals.
"Online Consumer-Generated Reviews Have Significant Impact on Offline Purchase Behavior" - Comscore

Getting online shoppers to convert tobuyers, whether online or offline, requires trust-building tactics such as easy site navigation, good search tools and complete product information. Shoppers today are also often looking for consumer-generated product reviews. According to Avenue A | Razorfish's "Digital Consumer Behavior Study," 55% of the 475 US Internet users surveyed in July 2007 reported checking other people's opinions online.
"Cashing In on Consumer Product Reviews", eMarketer Dec 2007

Comments

[Rumple Master]

Good Afternoon:

There is no way to differentiate between a bogus "3 Word Review" and true review. The search engines just see the oldest review first and publish them. A "Review" that states only "Not That Good" should not be allowed and should not be able to be seen by the search engines. Viewpoints needs to have some sort of check and balance so that Merchants can be allowed to defend themselves! A "Ignorant", nonsense review, can negatively effect a person's business! Viewpoints needs to be aware of this.