With more consumers than ever before shopping online, a new study shows that nearly every shopper reads product reviews before making a purchase.
- Around 95% of shoppers read online reviews before deciding to purchase an item, and about 58% would be willing to pay a higher price for a product with good reviews, according to product review company Brand Rated.
- High reviews aren’t the only factor that goes into a customer’s decision—the number of reviews matters. Nearly 67% say they would avoid a product with only a few reviews, even if those reviews were high-ranking.
- In order to consider a review trustworthy, 83% of those surveyed say the review must be recent and relevant to the product.
Why it’s news
As e-commerce grows, the level of trust and brand loyalty among shoppers shrinks. To judge a product’s reliability, customers are increasingly relying on reviews to make purchases, making them invaluable for companies. Consumers’ experiences with brands will also foster their trust in known brands, making them more likely to buy other products from that same company.
“As digitalization gained more momentum with the pandemic, the number of online platforms also increased. Accordingly, consumer confidence index is evolving. We see that 31% of consumers read more product reviews during the pandemic, which shows that reviews influence purchasing decisions,” says Brand Rated founder Helga Dosa.
In addition to helping consumers make smart purchases, positive reviews are helpful to companies. They can both increase sales and make brands aware of recurring issues that need to be resolved.
Consumers also keep an eye out for false reviews that some companies post on websites. That’s why consumers look for multiple positive reviews and reviews with relevant content.
It’s in a company’s best interest to have multiple positive reviews. Consumers are also willing to pay higher prices for products that have multiple positive reviews, especially compared to products with few reviews.