© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - How Important Are Online Reviews to Businesses? Statistics to Know
Posted 27th October 2023

How Important Are Online Reviews to Businesses? Statistics to Know

Source – Unsplash Everyone reads reviews before making a purchase. You may be a business owner, but as a consumer, you know you’re also reading them before making a purchase. It freaks some leaders out – 78% of them are worried their brand’s reputation is unmanageable. They act as a digital word-of-mouth, influencing consumers’ perceptions […]

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

How Important Are Online Reviews to Businesses? Statistics to Know

Source – Unsplash

Everyone reads reviews before making a purchase. You may be a business owner, but as a consumer, you know you’re also reading them before making a purchase. It freaks some leaders out – 78% of them are worried their brand’s reputation is unmanageable.

They act as a digital word-of-mouth, influencing consumers’ perceptions and purchasing decisions. Some people will only read the negative reviews. But every review, be it positive or negative, shapes a company’s reputation and credibility in the market.

Let’s delve into the significance of online reviews, their impact on service and retail businesses, and how they can be effectively managed to maximize benefits.

The Influence of Online Reviews – 99% of Consumers Read Reviews When Shopping Online

Online reviews are integral to the modern consumer’s decision-making process. According to research, 99% of customers read online reviews before making a purchase.

What’s even more staggering is that nearly half trust them as much as personal recommendations. This shows that online reviews are highly influential in driving consumer behavior.

Managing your online reputation is paramount in 2023. Here’s why:

Online Reviews Affect Businesses

The impact of online reviews on businesses is multifaceted. Positive reviews can improve a company’s visibility, credibility, and, ultimately, its sales.

On the other hand, negative reviews can tarnish a business’s reputation, possibly leading to a loss of customers.

Improved Visibility

Online reviews are vital for improving a company’s visibility on search engines.

They act as user-generated content that is constantly updated, making it more relevant in search engine algorithms. The more reviews a business has, the higher it will rank on search results, making it easier for potential customers to find.

Unfortunately, not everyone has a full-time marketing squad to handle their online reputation management. Many small businesses have turned to outsourcing, using online platforms like PulseM to do most of the heavy lifting.

Increased Credibility

Positive online reviews also improve a business’s credibility. Consumers are more likely to trust a company with many positive reviews from real customers.

It helps establish the authenticity and reliability of the business, leading to higher customer trust and loyalty.

Sales Boost

Consumers are more likely to make a purchase after reading positive online reviews. This is because positive reviews act as social proof, assuring potential customers that they are making the right decision in choosing a particular product or service.

Managing Online Reviews Effectively – Half of Consumers Want to See This…

To reap the benefits of online reviews, businesses must have a robust review management strategy in place. There are several key statistics you should focus on here.

The first is that customers expect a response to their negative reviews within a week. Most would like to see their problem handled faster.

Almost half of consumers surveyed claim they want to see at least 100 reviews for a product, business, or service. Beyond that, lots of people will use a filter. They will only look at a product or company that has a 4-star review or better.

Whether the review is positive or negative, it is essential to acknowledge the customer’s experience and respond professionally.

Encouraging Positive Reviews

Businesses can encourage satisfied customers to leave positive reviews by providing exceptional customer service and actively asking for feedback.

This helps improve a company’s online reputation and acts as a form of free advertising, showcasing the business’s strengths to potential customers.

Dealing with Negative Reviews

Negative reviews should not be ignored. They should be addressed promptly and professionally.

By responding to negative reviews, businesses can show that they are committed to improving their products or services based on customer feedback.

This can help mitigate the impact of a negative review and even turn the dissatisfied customer into a loyal one.

Conclusion

Online reviews stand as powerful influencers in today’s business landscape. They hold significant sway over consumer decision-making processes, effectively shaping the course of a business’s success or failure.

Positive reviews can bolster a company’s visibility, credibility, and sales, while negative reviews can tarnish its reputation.

By responding to all reviews (positive or negative), encouraging positive feedback, and professionally addressing negative criticisms, businesses can constructively use online reviews to their advantage.

Categories: News


You Might Also Like
Read Full PostRead - Eye Icon
Tapping into the American Psyche Using Market Sentiment
Innovation
12/12/2019Tapping into the American Psyche Using Market Sentiment

Most commonly used in the trading world, market sentiment refers to the overall attitude of investors towards a particular market. Now, Apple’s Steve Jobs famously said he didn’t pay attention to market research and, instead, aimed to give customers someth

Read Full PostRead - Eye Icon
How Smart Management Tools Enhance Business Scalability
Innovation
16/08/2024How Smart Management Tools Enhance Business Scalability

Scaling a business can feel like juggling too many balls at once. The good news is smart management tools are here to lend a hand, offering solutions that simplify growth. Picture navigating uncharted waters with the right technology compass – these inno

Read Full PostRead - Eye Icon
The Digital Operational Resilience Act: What This Means for the Finance Sector and Its Legacy Technology
Finance
02/11/2023The Digital Operational Resilience Act: What This Means for the Finance Sector and Its Legacy Technology

The main objective of the Digital Operational Resilience Act (DORA) is to strengthen the IT security of financial entities such as banks, insurance companies and investment firms. The EU deems this necessary because of the growing risk of depending on Informat

Read Full PostRead - Eye Icon
Victory for Vitality
Innovation
05/01/2021Victory for Vitality

The world of pharmaceuticals and healthcare has been around for centuries, but great advancements have been made since the days of Hippocrates. Where once there was guesswork, now there is understanding and the ability to bring meaningful change to people’s

Read Full PostRead - Eye Icon
New Azure App Identifies Cloud Computing Costs
Innovation
05/05/2015New Azure App Identifies Cloud Computing Costs

A new Microsoft Azure app, which helps global organisations identify and track their cloud computing costs, is formally launched in the UK and globally today.

Read Full PostRead - Eye Icon
Alcumus Acquisition  of Safety Management  & Monitoring Services
Innovation
02/04/2015Alcumus Acquisition of Safety Management & Monitoring Services

Martin Smith, Chief Executive Officer at Alcumus, shares his vision for growth within the TIC and GRC markets.

Read Full PostRead - Eye Icon
The Ultimate Partner For Your Cleanroom
Innovation
14/05/2024The Ultimate Partner For Your Cleanroom

Drawing on its vast expertise in the industry, DITTEL Engineering has full responsibility in planning, qualification/validation, metrology, and project management for cleanroom technology. Based in Schlehdorf, in Upper Bavaria, Germany, it works to advise and

Read Full PostRead - Eye Icon
What is Regulatory Hosting and How Does it Work?
Finance
29/07/2021What is Regulatory Hosting and How Does it Work?

Regulatory hosting enables businesses to carry out regulated activities without directly being FCA approved. We go into more detail in this article.

Read Full PostRead - Eye Icon
How Can Insurance Protect Businesses During Daily Operations?
News
12/01/2023How Can Insurance Protect Businesses During Daily Operations?

What type of business do you run? Is it small or large? Are you self-employed? Whatever your business looks like, it’s worth thinking about the type of cover you’ll need in order to protect you, your employees and your company from any unexpected costs tha



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow