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Customer Reviews Provide Competitive Advantage
Online shopping sites that offer customer reviews enjoy greater satisfaction and loyalty and are more competitive than sites without reviews, according to the Top 40 Online Retail Satisfaction Index from ForeSee Results. Customer satisfaction is an important performance metric for companies, and this data demonstrates the importance of customer reviews beyond their word-of-mouth-spreading potential. The study also showed a strong correlation between the satisfaction ratings of the top 40 sites and likelihood of customers to recommend the site via word of mouth.
Other findings:
* 49% of consumers who made a purchase from the top 40 sites prior to the holidays recalled seeing product reviews.
* Customers are 6% more likely to recommend online shopping sites that offer product reviews.
* Satisfaction rates were 5% higher among consumers who reported seeing product reviews prior to making purchases.
* Customers on sites that offer reviews are 5% more satisfied with the retailer as a whole than customers on sites without reviews.