Customer Reviews Lead To Results
If the recent eMarketer study on the effects of customer ratings on their websites is anything to go by, banks should be looking seriously to let users leave testimonials or user reviews on their sites. The study shows that over half of online retailers in the United Kingdom, the United States and Europe said their overall conversion rates had gone up in the past year. Over three-quarters said their site traffic had increased. And average order values rose for 42% of the responding online retailers. The survey conducted by E-consultancy and Bazaarvoice found that 28% of online sellers were using customer ratings and reviews. More than half said they were considering it. More than half of all online sellers considered user-generated content either extremely important or very important to company strategy over the next year. A majority of online sellers thought a major benefit of such reviews was to increase conversions, while 73% thought improved customer retention and loyalty were major benefits. Nearly six in 10 thought the fact that customer reviews improved search engine optimization was a major benefit. More at eMarketer.
Bill W 3:55 am on August 11, 2007 Permalink |
This makes the Hearst acquisition of Kaboodle look even better.
With the explosive growth of Social Networks, I believe we will continue to see reviews fuel online sales across many markets. Properties like PriceGrabber and shopzilla that connect shoppers from reviews to retailers have the opportunity for explosive growth. It will be interesting to see the development of new tools and widgets that connect shoppers from review to retail.
icontract 7:35 pm on August 11, 2007 Permalink |
I just wonder when large banks and financial institutions will open up to such ideas