Product reviews not only boost online sales but also provide crucial data for product development.
Product reviews serve as a crucial element for online customers, with ten positive reviews doubling the conversion rate. Henning Frettem, CEO and founder of the review service Lipscore, discusses the business-critical importance of reviews in an episode with host Urban Lindstedt. Amazon’s founder, Jeff Bezos, attributes much of the company’s success to reviews. While some traditional retailers are wary of opening their stores for public criticism, it’s illegal to remove negative reviews. Brands are increasingly using reviews to guide product development and to negotiate purchase prices. Around 90% of online customers read product reviews, and ease of leaving a review encourages more customer participation. Both negative and isolated cases of negative reviews offer avenues for improvement and signify credibility, respectively.