TRANSPARENCY TYRANNY | Facts and figures

Some numbers to convince those execs in your organization who still don’t see the TRANSPARENCY TYRANNY deluge coming…

  • 80% of online shopping time is spent researching products rather than buying them. (TechCrunch)
  • 71% of online shoppers read reviews, making it the most widely read consumer-generated content. (Forrester)
  • In a test of product conversion with and without product ratings by customers. Conversion nearly doubled, going from .44% to 1.04% after the same product displayed its five-star rating. (Marketing Experiments Journal)
  • 60 percent of online shoppers provide feedback about a shopping experience, and are more likely to give feedback about a positive experience than a negative one. (JupiterResearch)
  • User-generated ratings and reviews are the second most important site feature behind search. Retailers who adopt ratings and reviews as a differentiator and retention strategy will gain market share. (JupiterResearch)
  • In a study of 2,000 shoppers – 92% deemed customer reviews as “extremely” or “very” helpful and ~ 71% used keyword searches to find products. (eTailing Group)
  • 59% of their users considered customer reviews to be more valuable than expert reviews. (Bizrate)
    Only 26% of the 137 top retailers surveyed offered customer ratings and reviews, but 96% of them ranked customer ratings and reviews as an effective or very effective tactic at driving conversion. (Forrester)
    63% of consumers indicate they are more likely to purchase from a site if it has product ratings and reviews. (CompUSA & iPerceptions study)
  • Conversion rates are higher on products with less than perfect reviews (less than 5 stars) than those without reviews at all, indicating that the customer feels that the product has been properly reviewed by other customers. (Burpee)
  • 39 percent of those who bought from sites with reviews cite the reviews as the primary factor influencing the purchase decision. (Foresee Results Study, 2006)

(Source: BazaarVoice.com)

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