Henning Frettem, the founder of Lipscore, has been a guest on the e-commerce podcast Ehandelstrender, hosted by Urban Lindstedt—a renowned journalist, author, and speaker specializing in topics like e-commerce, digital marketing, and digital strategy.
Episode Topic: Leveraging Product Reviews for Product Development
Product reviews are a critical tool for building customer trust in online shopping. Ten positive reviews can double conversion rates. In product development, these reviews provide essential business insights into what customers appreciate and criticize. Additionally, mediocre ratings can be used as leverage to negotiate better purchasing prices. In this episode, host Urban Lindstedt talks with Henning Frettem, CEO and founder of the review service Lipscore.
Amazon’s founder Jeff Bezos believes that product reviews have been fundamental to the platform’s success. Meanwhile, many traditional retailers are hesitant to expose their online stores to public critique. Importantly, it is illegal to remove negative reviews. Some brands scrutinize all reviews to fine-tune their products based on customer feedback. Other e-commerce businesses use reviews to negotiate lower purchasing prices. About 90% of online shoppers read reviews before making a purchase. When it’s easy for customers to leave reviews, many will. A negative review is an opportunity to engage with the customer and make amends, while a positive review serves as a powerful purchasing signal for new customers. Contrary to what some may think, the occasional negative review lends credibility to the product. Experienced customers often have the ability to distinguish between genuine criticism and complaints from individuals with unreasonably high expectations for a product or service.