Online reviews are a great hit in this era of internet. As of April 2018 over 4 billion people were active internet users and 3.3 billion were social media users across globe, source as per Internet World Stats. Considering the total population of the world to be approximately 7.6 billion. We can imagine around 50 percent of the world is connected to the internet through social media sites, gaming sites, shopping sites.
Considering the volume of active online users we can imagine how the trend of online shopping must have evolved. The sales figures of online shopping are continually increasing day after day as it is easy and fast way to buy goods and services sitting at the comfort of your couch and relaxing.
We are not denying the fact that that this trend of online shopping must not have been setup in a year or two. Online customer reviews increasingly exert influence on customers’ purchase decisions when shopping online and give new importance to the concept of electronic word-of-mouth. This is reflected in a growing body of academic literature across varying disciplines that draws on online customer reviews as source of information.
Online Reviews are a hot hit among end users. Most of the users who have access to internet prefer reviewing the existing customer reviews or experts before buying any product or going to opt for any services from Service Providers. China, India and the United States rank ahead all other countries in terms of internet users so is the sale of online goods and services. Buying online has both Pros and Cons, i would rather say less cons than pros.
- You can check the feedback and reviews about the product and services offered from existing customers and experts.
- Almost everything is available at a single place and you can buy it within matter of clicks.
- Multiple suppliers available so forget monopoly.
- Easy exchange and refund process.
- Product quality and originality guarantee.
- Essence of actually visiting a store and shopping is lost.
- Less time with family and friends.
Have you ever thought why online reviews has become so popular in this world of internet and social media?
With growing globalization and urbanization people are spending most of time in office, workplace or spending time with family on vacations. Very less time is left for everyday shopping. Earlier people used to visit the marketplace and thoroughly check the product specifications, appearance, physical condition before buying, but recently as lot of online shopping website have overtaken the market it is now very easy to buy any product with matter of few clicks. With nearly 95% of shoppers reading online reviews before making a purchase, reviews have transformed the way consumers make purchase decisions.But reviews are more than just a way for shoppers to gather information. Reviews are a powerful form of consumer engagement.
How Online Reviews affect sales?
We have found that online reviews have a significant and quantifiable impact on purchase decisions but the degree of that impact depends on a number of factors, such as star ratings, the nature of the review content, the number of reviews, the price of the item, and the source of the review. The reviews coming from a verified source has more impact than a review from an unidentified source.
Buyers tend to research more for online reviews on expensive and items involving risk in purchase. Buyer will not go with a brand if the product review is negative as quality or finishing of the product. If the product is not having any reviews it raises the eyebrows and buyers tend to go with products which have higher number of positive reviews.
This may drastically influence the sale of products and chances of false or biased reviews may come in picture. Products with 5 star rating also raise eyebrows and can be fake.
It may seem intuitive that the availability of reviews will make a consumer more likely to purchase a product. But the magnitude of that impact may surprise many people. Based on data from electronic product retailer, we found that as products begin displaying reviews, conversion rates escalate rapidly. The purchase likelihood for a product with five reviews is 270% greater than the purchase likelihood of a product with no reviews.
Who we are and what we do?
We are dedicated group of people who review the products with experts and end users and narrow down from huge product list to best products available online. We are neutral party and only give genuine reviews based out on our thorough detailed screening process.