You likely hear about it a lot. But, just how important are online customer reviews for your business? What’s the impact of these reviews on the average business, and how much would you theoretically lose without reviews?
Fortunately, INVESP has the answer. A recent study whose findings are now available on INVESP shows that customer reviews can make or break your business. The value of every review becomes apparent once you read the report.
Online Customer Reviews Study Takeaways
- Up to 90% of consumers read online reviews before visiting a business: This means you’re completely out of the equation for 9-out-of-10 online shoppers if you don’t have at least a few customer reviews.
- Customers spend 31% more on businesses with positive reviews: This makes sense, given that shoppers are more likely to trust you with their money if previous customers constantly rave about your exceptional services.
- About 92% of users will use a local business with at least a 4-star rating: Many people prefer perfect businesses, i.e., those with a 5-star rating. However, you’ll still do well with a 4-star rating. Unfortunately, trust levels drop massively at 3-star ratings or lower.