Last updated on July 14, 2021
What are Ratings & Reviews and Why is it Important?
Did you know? Word of mouth marketing results in 5 times the sales that paid media does. According to Forbes, TrustRadius, and Nielsen, consumers are 90% more likely to trust and buy a product recommended by a friend or peer. With the rise of eCommerce, online Ratings & Reviews have grown significantly in importance. 95.2% of consumers state that online reviews are important to their shopping experience.
Digital Natives put even more emphasis on online Ratings & Reviews, with 96% of Millennials and 98% of Gen Z stating it is important.
Even when shopping in-store, online reviews are influencing purchase decisions at shelf. 88% of in-store shoppers are checking online reviews to aid purchase decisions at shelf.
What this Means for Brands and Retailers
Timely Reviews Are Critical
Maintaining consistent, timely, relevant reviews are critical to attracting and retaining consumers, because 57% of Canadians think Ratings & Reviews older than 4 months are considered “outdated”.
Score Is Everything
Not only should Ratings & Reviews be timely, they also need to meet the minimum criteria to gain consumer confidence. 62% of consumers look for a 4.0+ star-rating when purchasing a product online.
Caddle has an average star-rating of 4.1 due to our hyper- targeting and screening process. Learn more here.
No Reviews Costs You Money
Not only do Ratings & Reviews increase revenue, not having them will impact your business’ bottom line negatively as well. Decreased basket sizes and losing consumers to competitors are the two factors impacted when a brand or retailer doesn’t have Ratings & Reviews. 57% of consumers will have decreased intentions to purchase when there are no Ratings & Reviews. 41% of consumers would switch to another retailer if Ratings & Reviews are not on their website.
One Review is Not Enough
Caddle data shows that 30-50 reviews every 4-6 months is a healthy starting point. 87% of consumers read online reviews before making a purchase. 64% of Canadians read 3 or more reviews before committing to purchase!
More Ratings & Reviews = Higher SEO
68% of consumers are more likely to buy a product if there are 1000’s of Ratings & Reviews. Ratings & Reviews also drive traffic to your website, providing SEO value.
Do Reviews Improve Vendor Relationships? Yes!
Having Ratings & Reviews can directly impact your vendor relationships:
- Provide valuable feedback on products to vendors
- Provides guidance for reassessment of product assortment
- Sparks product innovation
- Reinforces commitment and partnership to long term growth
How Do I Get More Reviews? Enter Caddle…
76% of consumers want to be incentivized and/or rewarded to leave a Rating & Review. The number one reward for over 70% of consumers for sharing their opinion is cash or product – luckily Caddle provides both solutions! Caddle collects Ratings & Reviews without shipping a single product – enabling speed and cost efficiencies, and giving you 90% of your time back.
After strong demand from our clients, Caddle now offers Ratings & Reviews on Walmart.ca. Syndicate to Walmart.ca without syndication fees. Get started today and claim your first product free.
Learn more here.
*Disclaimer: all data presented is owned by Caddle and has a Margin of Error of 1% or lower.
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