Online shopping has become part of everyday life for many Americans. Not only often saving money on purchases as compared to going to the store, but the convenience of having your shopping delivered right to your door is also appealing to many. But did you know that the online review you leave on Amazon could be worth billions of dollars?
A few days after buying something online you may get an email asking you to leave a review, with one analyst arguing that the comments you and other shoppers leave are worth $400 billion!
Some expert analysts argue that just having one review increases the chance of someone actually buying a product by 65%. On the other hand, it is estimated that one-third of shoppers won’t buy something that hasn’t got a positive review.
While all online reviews are seen to be important, it is those left on Amazon that are deemed most valuable of all. This is because 55% of shoppers begin their research into an item there. In fact, one-quarter of shoppers will check Amazon for a review while they are actually in a store!
Having launched over 1,000 lawsuits against fake reviewers, Amazon are serious about their reviews and are therefore seen as the most trustworthy. They also use algorithms to check the reviews for reliability and will cross-reference to those who actually bought a product.
The reason online reviews are so important is because of the massive reach they now have, compared to when you might chat to a couple of friends at your local mall. An online review can be read by millions, meaning that they are worth a lot of money to businesses.
Data shows that reviews effect 20% of online sales which, when taken as a proportion of the total global e-commerce ($2 Trillion), those reviews are worth $400 billion.
So, how about a kick-back to the 5-10% of consumers who actually leave reviews?
Well, it was worth a try!
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