Buying online in recent times has become an easy and quick way to get nearly anything you want, but lots of products aren’t as good as advertised. So the vast majority of consumers typically read the reviews of a product when considering a purchase. This means that if your product isn’t well received and gets bad reviews, it can drag your whole business. Reputation of your business can affect more than the sales of your business, although with high ratings, brick-and-mortar stores can make as much as 4.5 times the amount of their online counterparts, good reputation can convert potential customers into sales, it can boost your online presence, and help you stand out from your competitors. Reputation can even be worth as much as 25% of a company’s total market value.
Consumers trust the internet when it comes to online reviews. 90% use the internet to comparison shop for every purchase, 78% trust online reviews as much as personal recommendations, and 68% are more likely to visit a local business after reading positive reviews. So having many positive reviews can bring in more sales. As well as bringing in more sales, a good reputation can change your business’s rank in search results, making your business easier to find to interested customers. Going from only an average of 3 stars up to 5 stars can yield up to an astonishing 25% more views from Google. In 2018, 86% of consumers read online reviews for local businesses – 40% of consumers say that any negative reviews turned them away from buying there.
Maintaining a good reputation is a big deal, but it can take a lot of time and effort to make it happen. Find out the difficulties in maintaining a good reputation using AI to optimize that process here.