The latest data suggests that we’ll have more than 2.05 billion digital buyers by the end of the year. This projected figure is quite significant compared to where the industry stood only a few years ago.
This is why marketers must pay attention to online review statistics. They help measure the impact and importance of online reviews and are helpful for online reputation management.
We have compiled a list of essential stats that shed light on the value of reviews.
Top 10 Online Review Stats for 2021
- Online reviews influence 93% of consumers.
- 87% of consumers read online reviews for local businesses.
- 93% of millennials believe online reviews are trustworthy.
- An average consumer reads ten reviews before trusting a business.
- 12% of consumers won’t use a business with less than five stars.
- One hundred positive reviews can increase conversion rates by 37%.
- Only 6% of consumers don’t believe reviews.
- 40% of consumers also read the business’s response to reviews.
- Positive reviews increase revenue by 5–9%.
- Just one negative review can cost your business 30 customers.
General Online Review Statistics
Long gone are the days when consumers trusted advertisements. Nowadays, buyers appreciate the opinion of their fellow shoppers more.
1. Approximately 93% of customers agree that reviews influence purchases.
According to a recent survey, 93% of customers engaging in online shopping agree that online reviews influence purchasing behavior —the nature of the reviews, that is. Whether the majority is negative or positive helps them decide whether to buy a product or a service.
2. About 87% of consumers read online reviews for local businesses.
Among various other online review statistics, this one is relatively unsurprising. More than 87% of consumers seek reviews for local businesses before making a purchase. This is a significant increase from 2019, when only 81% of consumers read reviews.
3. 93% of millennials find online reviews a trustworthy source of information.
Online reviews statistics show that approximately 93% of millennial online shoppers trust online reviews as a trustworthy source of recommendations. They trust these reviews on the same level as they would trust a friend or family member’s recommendation.
4. An average consumer reads about ten reviews before trusting a business.
Statistics about online reviews and consumer trust show that customers start trusting a business’s average rating after reading ten reviews on average. This holds true provided the veracity of positive reviews and fewer numbers of negative ones.
5. 67% of consumers won’t use a business if reviews claim it doesn’t practice COVID-19 safety measures.
One of the most interesting online review facts is that 22% of consumers have also written reviews to support struggling local businesses during the coronavirus pandemic.
Moreover, 17% have also written bad reviews about businesses that don’t practice coronavirus safety measures.
6. 12% of consumers won’t use a business with less than five stars.
If you want to measure the importance of online reviews, consider that more than only 48% of customers are willing to use businesses rated four stars and fewer.
7. One hundred positive reviews can increase conversion rates by 37%.
Online reviews stats show that business reviews online can increase conversion rates. According to the latest data, a hundred reviews with most on the positive spectrum can increase conversions by 37%, while two hundred increase it by 44%.
8. Reviews can also increase a product’s conversion rate by 270%.
Companies that use product reviewers certainly reap benefits from them. These online reviews provide potential customers with the necessary information that can help them make a decision.
Having at least five online product reviews can increase that product’s conversion rate by 270%.
9. 86% of consumers pay the most consideration to reviews written within the past three months.
Company reviews and ratings published within the past three months are sought more frequently. Since these posts come from recent customers and explain the current situation, service quality, etc., the business provides.
Furthermore, 73% consider reviews written in the previous month, while only 50% pay attention to reviews from the past two weeks.
10. More than 72% of people don’t make a purchase without reading reviews.
(My Testimonial Engine)
More than 72% of customers don’t take any buying action until they read online reviews, thus proving the importance of reviews. Some might still be persuaded by the advertisements businesses put out, but they find user-generated content more compelling.
11. A mere 6% of customers don’t believe in reviews.
A survey revealed that only 6% don’t believe in them out of the many who do take online reviews seriously. This may seem like a downer, but on the contrary, more than 19% of customers always believe online reviews. How is that for online reviews statistics?
12. People don’t just read reviews – 40% of them also read the business’s response.
For the most part, people survey online reviews and business reviews before making a purchase, especially an expensive one. However, more is at stake here as 40% of customers go beyond and read the responses businesses leave to these reviews.
What customers are looking for is if they do actually respond and how. Unsurprisingly, millennials make up the majority of those who read these responses.
The Impact of Positive Online Reviews
What can positive reviews actually do for your business? Let’s find out!
13. Positive reviews increase revenue by at least 5–9%.
According to online review statistics from 2020, businesses were likely to earn an increment in revenue with every star they gained on their average Yelp review. In fact, each star gave businesses a 5-9% increase in revenue, especially independent restaurants.
14. Customers are willing to spend 31% more on businesses with positive reviews.
According to recent data, customers are willing to spend 31% more on businesses with excellent online reviews. This online review statistic is a given. This translates to the fact that businesses with more positive reviews will generate more trust from customers.
How Negative Reviews Affect Your Business
You might think that a negative review will turn a few potential customers away, but they have a much more sizable impact!
15. 94% of consumers will avoid a business because of a negative review.
This shows the importance of resolving negative reviews and that answering customer reviews, both positive and negative, is essential for closing the gap between reviews and reality.
16. Businesses with a 1–1.5 star rating have 33% less revenue.
(CMG Local Solutions)
Along with positive online ratings and reviews, negative ones are also a common occurrence. They happen to the best of businesses. However, online review stats reveal that the more negative reviews your business has, the less revenue it will have.
17. Just one negative review can cost your business 30 customers.
To stop your potential customers from avoiding your business, try to respond to every review promptly. Moreover, be realistic and admit mistakes, while highlighting your business’ strengths.
Some Interesting Online Review Stats
You probably know that Google is the home to most reviews, but here are some interesting facts and stats on online reviews you don’t know.
18. Google hosts 73% of reviews — good and bad.
Online review market size is represented in the fact that Google and Yelp are the two top websites for customers to leave reviews on — both negative and positive.
While Google is in the lead with 73%, Yelp has 6%. Facebook and Yelp follow them with 3% both.
19. 63.6% of consumers search for Google reviews before visiting a business location.
Considering that Google hosts the great majority of reviews, it makes sense that more people access Google to find reviews.
Yelp comes in second with 45.18%, while Tripadvisor and Facebook follow with just a bit over 25% and 24%, respectively.
20. Almost nine out of ten consumers read an online review before deciding to purchase a product or service.
89% of buyers look up reviews before deciding on a purchase, which implies that online reviews are essential for the buying process. This also shows how much trust consumers have in fellow shoppers’ opinions.
21. Only 38% of millennials trust celebrity reviews.
One of the most interesting media influence statistics reveals that millennials rather trust the influencers they follow on social media, 52% of them. Furthermore, 78% of millennial online shoppers trust website reviews, but 84% of them trust friends and family reviews the most.
What percentage of consumers read online reviews?
As we mentioned at the beginning of our article, 87% of consumers read online reviews about a business they’re interested in.
Do positive reviews make a business more trusted?
94% of customers searching for local businesses tend to trust positive reviews. On the other hand, 92% say that negative reviews will make them less likely to use a business.
Do good Yelp reviews mean more business?
Approximately 45% of customers search for business reviews online on Yelp. Out of that number, 98% have made a purchase based on the positive reviews they’ve read.
Do reviews engender trust in a business?
Yes, they do. As we explained, customers read the latest reviews before trusting a business, while a great number of them don’t trust companies that have no reviews.
Do bad reviews damage conversion rates?
A business may risk losing about 30 customers due to one negative review. However, there’s a contrary opinion according to which negative reviews can increase conversions.
User reviews statistics show that negative reviews intrigue people and compel them to spend more time on the business’s website to figure the reason behind the bad review, which increases conversions.
What percentage of customers write reviews on Amazon?
Approximately 5–10% of buyers leave feedback and reviews on the website after a purchase. This may not seem as much, but considering the number of buyers Amazon has on average, this is pretty impressive.
Do customers read fake online reviews?
False reviews have become a problem. To benefit from the impact of online reviews, companies fake them. Data shows that 80% of consumers believe they’ve read a fake review in 2019.
Furthermore, 45% of them spotted multiple fake reviews, while only 20% of consumers claim they didn’t read a fake review.
The Bottom Line
Online review statistics are a source of vital information that can help you optimize your website and customer experience. With that said, ignoring the importance of online reviews is not an option.
Create strategies that convince customers to fill online reviews questionnaires. Sprinkle in some other online marketing strategies, and you can rev up your bottom line!