Statistics are helpful to make decisions. We have referenced several statistics to help retailers decide whether or not to put ratings and reviews on their site:
- 63% of users prefer sites with ratings and reviews (eVoc Insights)
- 48% of shoppers seek reviews before making a purchase decision (eVoc Insights)
- Conversion of customers buying a single product nearly doubled after the product received a five-star review, going from .44% to 1.04%. (Marketing Experiments / Shopping.com experiment)
- 59% of users considered customer reviews to be more valuable than expert reviews. (BizRate)
- Users who contribute product reviews visit a site 9 times more often than average users, and they remain twice as loyal and buy twice as often. (McKinsey)
These are great stats about customer impact, coming from multiple sources, all which seem to concur that ratings and reviews are effective. But for skeptics, it would be helpful if several different sources survey the same question and come up with the same answer.
That just happened.
After a presentation from Lauren Freedman of e-Tailing Group at this week's Internet Retailer show, we know that Shop.org, MarketingSherpa and the eTailing Group have all surveyed retailers and come out with essentially the same result — Ratings and Reviews are the most effective merchandising strategy:
96% of retailers rate customer ratings and reviews very or somewhat effective
Shop.org 2005 Annual Study
94% of retailers rate customer ratings and reviews very or somewhat effective
MarketingSherpa Ecommerce Benchmark study, March, 2006
92% of retailers rate customer ratings and reviews very or somewhat effective
JC Williams/e-tailing group Survey; 2006
Of course we like the fact that retailers are rating ratings and reviews with 5 stars!