The Importance of Online Reviews for Your Business: Key Insights for 2023

19 Jan 2023

As consumers, we all pay attention to online reviews – both good and bad. For any online business or website, online reviews can mean the difference between a sale and the loss of a customer. In today’s digital age, it’s important to understand just how impactful online reviews can be for your business. To help you understand the significance of online reviews, we’ve compiled some key statistics for 2023:

Key Review Insights for 2023

  • 93% of customers say online reviews impact their buying decisions
  • 91% of 18-34 year olds trust online reviews as much as personal recommendations
  • 97% of consumers use online reviews when researching a local product or service
  • 94% say an online review has convinced them to avoid a business
  • 92% of B2B buyers are more likely to make a purchase after reading a trusted review
  • Customers are likely to spend 31% more on a business with excellent reviews
  • 89% of people read how a business responds to reviews

But why do customers leave reviews online in the first place? The answer is simple – as consumers, we rely on the opinions of others to make informed decisions about products and services. We trust the experiences of other customers and look for reassurance before making a purchase. By leaving a review online, customers contribute to the cycle of information and help future customers make better buying decisions. This is why it’s crucial for online businesses to have a solid base of positive reviews.

Positive online reviews can have a significant impact on a business. They can boost customer loyalty, encourage more sales, build brand trust and awareness, and establish communication channels with customers. Positive reviews can also improve a business’s online reputation, making it more likely for potential customers to choose that business over a competitor.

However, it’s important to note that negative reviews can also have a powerful impact on your business. Negative reviews can lead to loss of sales and revenue, less referrals, and can be an opportunity to communicate with customers and improve negatives. In fact, 94% of consumers have been convinced to avoid a business altogether after reading a negative review. To avoid these losses, it’s important for businesses to actively manage their online reputation and respond to reviews in a timely and professional manner. This can help to mitigate the negative impact of a bad review, and may even lead to a customer changing their negative opinion.

In conclusion, online reviews are an important aspect of any online business. Positive reviews can boost your business, while negative reviews can harm it. It’s important for businesses to understand the impact of online reviews and actively manage their online reputation to ensure they have a solid base of positive reviews. By understanding the significance of online reviews, businesses can make informed decisions and ultimately drive more sales and revenue. By actively engaging with customers, addressing their complaints and concerns, and showing a commitment to improving, businesses have a golden opportunity to improve their service and customer satisfaction.

If you’re looking to leverage your online reviews and establish a positive online reputation for your business, look no further than VIIRL. Our team of experts is dedicated to helping businesses of all sizes and industries succeed in the digital world. Contact us today to learn more about how we can help you manage your online reviews and drive more sales and revenue for your business. Don’t let negative reviews hold you back from reaching your full potential. Let VIIRL help you build a strong online reputation and establish trust and loyalty among your customers.