The online review market is a tricky business, considering the fact that online reviews have the power to influence shopper behaviours and their decisions, and therefore make or break a company.
According to this infographic, it seems like reviews can have both highly positive, and highly negative impacts. For instance, consumers are likely to spend around 31% more on businesses with excellent reviews, whereas for every start a business gets, an approximate 5-9% increase in revenue can be attained. On the other side of the spectrum, 22% of customers will decide to not buy after reading one negative review only. If three negative reviews are read, the percentage jumps to 59%. Not only this, but in average, a single negative review is bound to cost a business around 30 customers. Judging by this data, it is clear why many businesses choose to delete negative reviews, hire people to write fake reviews, and have programs constantly add more reviews on various websites.
However, this practice does not benefit the overall good of the market, and is deceptive to customers, hence the reason why Revain was created. It represents the world’s first truly unbiased review platform, built via blockchain technology.
Transparency for online reviews
To put things better into perspective, Revain represents the next-generation review platform, as it does not allow business or clients to change or delete reviews. By using blockchain technology, the company also created a model which encourages shoppers to write reviews in exchange for RVN token rewards. Not only this, but the Ethereum platform on top of which Revain is built can guarantee the transparency, incorruptibility and immutability of the system.
Yet another great benefit associated with Revain would be its automatic, artificial intelligence-based review filtration system, meant to stop robot-based and fake reviews through machine learning.
In terms of their token, Revain currently employs two separate tokens: the R token, which is the crowdfunding instrument, and the RVN token which has been designed to be a non-volatile inner currency for operations made on the platform.
Once the beta version of Revain is released, the platform will also cover Initial Coin Offerings through reviews and careful research. Therefore, potential investors will find what makes an ICO worth investing in, whether a token should be held or sold and more.
Based on everything that has been outlined so far, thanks to the stable token, artificial intelligence system, immutability of the reviews, rewards, transparency, the unbiased system and quality feedback, Revain may get enough influence to regulate the market, and therefore stop fake reviews, for the good of shoppers throughout the world.