Did you know that 88% of all consumers trust online reviews as much as they trust personal recommendations? In addition, 72% of consumers say that positive reviews make a company seem more trustworthy. However, the problem is that the majority of consumers never think to leave a review! Read below to find out how you can increase your conversion rate by simply collecting and managing online reviews!
1.Why are reviews important?
Online reviews are a form of social proof. They are evidence that the seller/ product/ service, etc. are legitimate and worth spending money on. This is why both the quantity and the quality of your reviews are important. The more reviews you have, the more evidence your potential client has that your products are worth it. When a customer sees only a couple reviews under your product, they might not be sufficiently convinced to buy it. Having plenty of reviews removes a big part of the uncertainty customers experience when shopping online.
On the other hand, the quality of the reviews is crucial as well. Detailed reviews fill in the missing information about a product or service and might sway your customer’s buying decision in the right direction.
2. Both on- and off-site reviews matter for conversion rates
A conversion rate is the number of conversions divided by the total number of visitors. For example, if your website gets 500 visitors per month and has 50 sales, then your conversion rate will be 25%.
Therefore, it is important to collect both on-site and off-site reviews. Here are some interesting facts:
- If a product has 50 or more reviews, this leads to an average of 4.6% increase in conversion rates
- 63% of consumers are more likely to make a purchase from a website with reviews than one without
- Consumer reviews are almost 12 times more trusted than the product description
- Reviews lead to an average of 18% more sales
- Third-party user reviews strengthen the impact of sales on retailer-hosted reviews.
By having both on- and off-site reviews the consumer has more transparency about what they are purchasing, and consequently, good companies receive more trust and therefore more business.
3. How to get good quality reviews?
Good quality reviews lead to more sales and therefore higher conversion rates. In order to get good quality reviews, encourage your customers to include a lot of detail, description of the product, and comparison to competitors. In addition, having some negative reviews in the bunch gives you more credibility, as no company is perfect. If you manage those negative reviews successfully (by replying to them and fixing the issues) this will further encourage other potential customers to buy from you.
By getting many good quality reviews you can substantially improve your conversion rate and bring more business to your company. Using a customer feedback tool can also help you track what is improving your conversion numbers and what is not. If you are curious about how to retain and grow your customer base, read our article on the topic: “5 Customer Success Secrets to Retain and Grow Your Customer Base in 2019”.