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There are tons of online review facts and stats on the Internet that show how positive reviews build trust, increase conversion rates, generate new and repeat custom and foster loyalty. The fact is that online reviews can be very good for your business.
And then there’s the flip side. Negative, or even fake reviews, that are just bad for business.
Managing reviews can be a bit of a headache, especially if you don’t know where to start. But it’s a valuable and increasingly important part of every business’s growth strategy.
Here are 30 online review facts and stats that show the value and importance of managing your company’s online reviews.
If your reviews are positive, people are more likely to trust you, buy from you and recommend your business.
4.Positive reviews make 73% of consumers trust a local business more.
5.And displaying reviews can increase conversion rates by 270%.
6. It’s also interesting to note that people read an average of 10 online reviews before trusting a business.
7. And, 40% of consumers only take into account reviews written in the past 2 weeks. So, they’re really paying attention to the most up-to-date comments from consumers.
8. 68% of consumers are willing to pay up to 15% more for the same product or service if assured they’ll have a better experience.
10. Negative reviews drive customers away from your business. 94% of people say an online review has convinced them to avoid a business.
11. And research shows that companies risk losing 22% of business when potential customers find 1 negative article on the first page of search results. This rises to 70% of potential customers with 4 or more negatives.
12. 51% of businesses say they’ve been negatively affected by unsubstantiated online reviews or targeted by trolls. And 35% of people say that one negative review is enough to make them decide not to buy.
13. That’s not good for your business. Why? Because 92% of consumers hesitate to make a purchase if there are no customer reviews.
14. In 2017, just 13% of consumers said they were likely to leave a review after a positive experience at a bank. But in 2018 that jumped to 19%.
16. Nearly 70% of car buyers always check online reviews before contacting a dealer.
19. But 57% of consumers need at least a 4* rating before they choose to use a business.
20. Google and Facebook have become No 1 and No 2 for online reviews. 63% of consumers say they are likely to check online reviews on Google before visiting a business. That’s more than any other review site.
What about fake reviews?
Fake reviews are a growing problem for businesses and consumers. Consumer reviews help people to make informed decisions about what companies and brands to buy from. But fake reviews can give false positives and false negatives. This misleads consumers and can harm businesses.
21. According to Which? the Competition and Markets Authority (CMA) estimates that 80 billion a year of U.S. consumer spending is influenced by online customer reviews. But research from Which? shows fake reviews can have a detrimental effect on consumers. 31% of people say they’ve bought a product because of excellent customer scores and were disappointed by it.
23. 86% of consumers read reviews for local businesses (including 95% of people aged 18-34).
24. 61% of people aged over 55 want businesses to have 4 or more stars. Compared with 52% of 18-34-year-olds.
25. 80% of 18-30-year-olds have written online reviews, compared with 41% of consumers over 55.
The way businesses respond to reviews matters – because it is scrutinized.
26. Businesses that reply to reviews at least 25% of the time have an average of 35% more revenue.
Consumers’ expectations about how quickly a business should respond to an online review varies. Some people expect a response to their review within the hour, others within a week. The most important thing to ensure is that you do respond to a customer’s review.
29. But 63% say that a business has never responded to their review – which is disappointing.
30. Review responses make a measurable difference, to the consumer and everyone else who visits the business’s review page. 45% of consumers say that they’re more likely to visit a business if it actually responds to negative reviews.
A solid review management strategy can help you to manage online reviews, and use positive sentiment to your advantage.
CALL NOW FOR YOUR FREE ONLINE REVIEW REPORT!
973-662-4141 OR EMAIL A REQUEST TO :
Anything Commercial & Business Funding is a leading online commercial Business Funding and reputation management company, working with businesses around the world to build, repair and maintain positive reputations.
All facts and stats from Anything Commercial and the sources cited in this article’s online review facts and stats blogpost are correct at the time of publication.
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We, Anything Commercial, do not write, publish or sell reviews in any form or fashion. In fact, we are firmly against "fake" review writing services and companies that promote such activities. Anything Commercial is an innovative technology company that exists as an ethical solution for businesses to generate real, authentic online reviews from their actual customers.
Due to the fact that all reviews generated while using our software are the direct result of real customers reviewing real business they interact with, we cannot guarantee results from using our software. Although businesses that use our software typically see higher review-conversion-rates, and a higher overall volume of reviews, results from business to business will vary and will depend on several factors including, but not limited to, industry of the business, volume of customers served, timelines of sending out review requests, accuracy of customer contact information and quality of products and services rendered.