Deloitte’s consumer group completed a study last month and found almost two-thirds (62%) of the respondents to an online poll said they now read online product reviews written by other consumers. More than eight in 10 (82%) of those who read reviews said that their purchasing decisions have been directly influenced by those reviews. People have used the reviews both to confirm initial buying decisions and to change them, the study found.
Let's do the math: .62 X .82 = 50% of all consumers will make a purchase based on reviews!
That means, for a retailer or manufacturer not to have re reviews on their product means that they are turning away 50% of the prospects looking at their products!
This matches the study by eVoc insights done a couple years ago that found 50% of consumers needed reviews when purchasing consumer electronics before purchasing.
In addition, 69% of the respondents said they have shared online reviews with friends, family or colleagues, the report said. So, there’s a viral, word of mouth effect on the word of mouth itself!