In today’s digital world, consumers are constantly looking for information about which brands they can trust before purchasing anything. In fact, about 95% of online consumers read product reviews before buying anything, while 8% of customers use reviews to learn about new businesses.
While good reviews can generate more business opportunities for leading companies in 2023, bad reviews can also chase away clients and negatively impact a business. Here are the most critical online review statistics that will help you understand the importance of getting the right feedback in any business.
- 31% of consumers read more online reviews in 2020
During the 2020 lockdown, about 31% of global consumers read more reviews, while 34% read fewer testimonials when making decisions. However, 67% of consumers in 2023, say they wouldn’t buy from a business with negative reviews about their health and safety.
- Nine out of ten buyers read reviews before they buy a product
According to Trustpilot, about 89% of online consumers make the effort of reading reviews before they buy a product or service online. For instance, most punters in the UK would choose to read the Platinum VIP casino review before joining the platform, regardless of its lucrative bonuses. That shows that reviews are a crucial part of the customer’s purchasing process.
Given the importance of reviews to the customer’s buying process, most companies display their user reviews along the product listings to help the buyers make better decisions. The demand for user reviews is even higher in digital products, as they act as social proof for visitors who are unsure of whether they’re getting value for their money.
- 30% of online shoppers under 44 years read reviews before every purchase
Although some consumers only think about reading reviews when making a huge purchase, about 30% of younger customers read reviews with every acquisition. Older customers above 45 years also read reviews for a decent amount of time. In fact, about 20% of customers aged between 45 and 68 years read reviews with every purchase.
- 58% of online buyers are willing to pay more to companies with positive reviews
According to a recent study, 58% of online consumers are willing to pay more and wait longer to buy goods from companies with positive reviews. 41% of American consumers also believe that reviews are a crucial consideration when checking out local businesses.
- 94% of consumers avoid businesses with negative reviews
Over 90% of consumers say they’ve avoided physical and online businesses due to negative reviews. Additionally, 80% of online consumers say they trust more businesses with over four stars. Anything under four stars is highly likely to drive consumers away.
- Fake reviews waste the customer’s money
Fake reviews are among the most concerning issues that consumers deal with when buying products and services online. Fake feedback and testimonials cost the average American shopper about $125 per year.
- Asked to leave a review, 72% of people would do so
Over 70% of consumers are willing to leave an honest review about a company or product when asked to do so.
