Experts in results
From EXprimeNet we have assessed the impact of online reviews for companies today. And for this we have carried out a statistical analysis that allows us to recognise the behaviour of the audience in this regard.
The more time goes by, the more it becomes clear how influential the internet is for business development. But some elements can become a double-edged sword, such as opinion generation.
The main influence that internet reviews have on businesses has to do with reputation. And based on this, it can generate a impact on the behaviour of potential customers.
What are internet reviews?
A review is a critique, rating or simply an opinion that is shared about the experience one has with a business, product or service. When we think of online reviews it is common to think of Google Maps ratings on business and company profiles. However, reviews are also very common for products.
The reviews are also commonly known as "reviews".The new technologies are nowadays very relevant for the audience as well as for business owners and companies.
How common are internet reviews?
Generating reviews of businesses or companies is quite common, and is accessible to any user. In our research we found that 85% users take online reviews into consideration before deciding to purchase or contract a service.
So, it is an element of virtual modernity that is not only very common, but also indispensable. But how objective are the reviews? Google Maps does not impose many requirements for leaving a review.
And this causes even those people who are not customers and have no real knowledge about a company to leave a rating. So, the possibility of unobjective opinions is very high.
However, on platforms such as Amazon there is more regulation, and this has influenced the reliability of reviews.
Well, the platform intends to make this option available to those who have had a real and verifiable experience with a product. This way there are more guarantees of objectivity.
What is the impact of internet reviews on business?
Internet reviews can have a positive or negative effect for a business. More and more people value this aspect as a purchasing criterion.
When it comes to online shopping, trust is an extremely important factor. And a good way to know if a business is trustworthy is to know what their customers think.
Below you will be able to assess the impact of online reviews for businesses:
1. Can influence the final purchase decision
Our research showed that at least 75% of internet users trust a company more if they find out that it has positive reviews.
This is a very high percentage, reflecting the fact that Review generation is a regular part of consumer behaviour.
In addition to the fact that it is clear that users value this information, based on this analysis they can decide whether or not to make a purchase. And this can have a positive or negative impact on a company's sales.
Our research showed that 60% of the users desist from making a purchase or to contract a service after rating negative reviews. This means that for more than half of the users, this is of great significance.
2. Brings more learning about the business to the customer
Internet users place a lot of importance on the reviews they discover from other customers. And some users formulate an opinion about the company on the basis of third-party reviews.
It is challenging to see that internet reviews in some cases are the most important letter of introduction of a company. Therefore, the need for positive reviews is obvious. With this, potential customers will be able to get more information about the business, and will also be able to determine how reliable it is.
In addition, businesses that have multiple reviews benefit in terms of SEO positioning. The greater the flow of reviews, the greater the impact on searches, for example, this applies to Google Maps.
The research conducted by the EXprimeNet team has revealed very interesting data on the use of reviews and their impact. But there are other studies that reinforce this theory.
For example, "The Value of Trustworthy Brand Reputation".The study from 2019 showed that 93.4% of users perform a review analysis when they want to find out about a brand they are not familiar with.
3. It can influence the reputation of the company
Something obvious about the impact of reviews for businesses or companies has to do with the influence on reputation. When a business goes online, it must work to create a personality in the digital world.
Moreover, on the internet, opinions are very important and can hardly go unnoticed. And it is becoming more and more natural for users to leave their contributions.
Our study found that 25% of users rate between 1 to 3 reviews to have an opinion about the company. Whereas, a 31% feels the need to analyse at least 4 to 6 reviews to have its own appreciation.
Other facts on the impact of reviews on business
Our research exposed other important aspects, which in addition to helping us understand the impact of reviews today, allows us to learn about how users deal with them.
Pay attention to the following data:
- At least 80% of internet users rate reviews as if they were recommendations from someone they know.
- In addition, 49 % of users need at least a four-star rating to decide to buy or hire.
- 73% of the surveyed users formulate their opinion by rating the most recent reviews.
Finally, it is useful to know how common it is for users to leave their Reviews, for this purpose, check the following table: