It is part of our routine that every year our company undertakes task of local consumer review survey. According to the latest results revealed through a survey, it is found that the purchasing decision of a rational consumer is influenced to an extent by online reviews. Be it electronic gadgets or food item or may be a movie show, consumer always wants to take best decision. Due to number of alternative options available in the market the consumer is always confused about what to purchase. In this situation online reviews are of great help to the consumers. The online reviews are not just by the consumers, they are often provided by experts from different areas which is of great help in taking a wise decision.
How do we do it?
A professionally designed and well structured questionnaire was sent to a local consumer panel. This included people from different age groups, different level of income, and different demographic profile in total of 2,790 people responded. The data was collected and analyzed using the software programs to reach to a more authentic and accurate analysis.
The purpose of the survey was to get a clear understanding on the behaviors of the consumer towards local business and to know if this is affected by the online reviews. It is same as testing the online reviews influence on the attitudes of consumers toward local businesses and how they directly influence the purchase of local business services. The survey included 15 closed ended questions.
Here are the findings of our latest survey that states:
89% consumers go for online review of the local business before concluding sales. This is a very impressive number. 89% implies 9 out of every 10 consumer prefer online review for making an informed buying decision. If we compare it with our past surveys, we can find that there has been a steep increase in the number of consumers taking online review. This is a positive sign which shows more and more consumers are reading online reviews.
We asked them the number of reviews they read on a single product. The reply was excellent which states that 93.5% consumer read up to 10 reviews before concluding the sales of the product. Reading 10 reviews from different sources reconfirm the quality of review and thus help in taking more informed decision. The consumer often compares the reviews made by one person with someone else on some other website. Around 3% consumers says that they read as much as 20 reviews before making a purchase. The number is small but is very influential, consumer reading 20 reviews means that the consumer is relying on the online reviews and this will build trust of the consumer towards the review that he will receive.
We asked then that do these online review helps you in building trust over the local brands. 7 out 10 say that the trust over local brands is highly affected by the online review they read. This depicts the power of online review which implies that the reviews are so powerful that they can bring trust to the consumer over a product or a brand. This is very impressive.
More than 50% respondent agreed that the trust over a local brand can be established if they find up to 10 positive reviews about the product or business. This means that if a consumer reads more than 10 positive reviews about the product than this means that he is highly probable of making a sale.
In a nut shell we can state that the power of online reviews can affect the trust of the consumer, can increase the revenue of the local bands and is the futuristic way by which the consumer buying behavior is affected.