88% of customers trust online reviews as much as personal recommendations, according to Search Engine Land. Businesses also hold high value in online reviews and believe they play an important role in influencing consumer decision making and have an impact on ROI. So it’s no surprise that both businesses and consumers place a high value on online reviews.
Amazon recognizes their customers value online reviews, which is why they filed a lawsuit against people who were writing fake online reviews in exchange for cash. Retailers like Amazon are protecting their clients and their own reputation. They know how important online reviews are to their customers when making a purchasing decision and want the reviews to be honest and real.
Businesses love online reviews because it impacts their SEO and bottom line. According to MOZ’s Local Search Ranking Factors Survey, online reviews make up roughly 10% of how Google and other search engines rank search results. The more positive reviews they have, the higher they’ll appear when customers are searching.
Online reviews also play an important role in an organization’s reputation management. A business’ reputation is in customers’ hands. It’s also proven that customers are likely to spend more on a business that has excellent reviews, because they trust the quality of the product and service being offered. Customers are also more hesitant to make a decision when sites have negative reviews. One negative review can cost a business 30 customers, according to Invesp.
With the holidays quickly approaching and online shopping already soaring, it’s important to carefully consider the reviews you read when making a purchase and for brands to evaluate how online reviews impact their bottom line.