What’s the value of a customer review? New data from Stackline reveals their impact on brand performance.

For high-consideration products, as we see in Baby, shoppers diligently read every review, pushing the average value of a five-star review to $472.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
화요일, 10월 10, 2023
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Tags: 
Technology, Retail, Social Media, Online Retail, Electronic Commerce, Professional Services, Other Retail, Marketing, Software, Digital Marketing, Advertising, Data Analytics, Communications, Data Management, Multimedia, Perception, Commerce, OS, Clothing, Shopper, Shoppers Drug Mart, Ecosystem, Consumer electronics, Content, Growth, Electronics, Price, Online shopping, Rating, Amazon, Infant
Geotags: 
WASHINGTON, UNITED STATES, NORTH AMERICA
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STACKLINE
요약
Key Points: 
  • For high-consideration products, as we see in Baby, shoppers diligently read every review, pushing the average value of a five-star review to $472.
  • For instance, we've found that retention rates have plummeted, with only 12% of brands successfully retaining their shoppers annually.
  • They are not just a component but the most vital element for brand success, beating out pricing and inventory.
  • Reach out to us - Stackline has been helping brands navigate complex connected marketplaces and achieve scalable growth for years.


Stackline, the leader in full-funnel connected commerce, and only provider of Amazon-verified shopper-published reviews, has released stunning learnings around the importance of Ratings and Reviews to brand performance.

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The true value of a five-star review depends heavily on the product. For high-consideration products, as we see in Baby, shoppers diligently read every review, pushing the average value of a five-star review to $472. Similarly, with high-ticket items in Consumer Electronics, the value is $441. (Graphic: Business Wire)

The true value of a five-star review depends heavily on the product. For high-consideration products, as we see in Baby, shoppers diligently read every review, pushing the average value of a five-star review to $472. Similarly, with high-ticket items in Consumer Electronics, the value is $441. (Graphic: Business Wire)

For years, we've known that Ratings and Reviews play a role in attracting shoppers. However, our understanding of the complete shopper journey has evolved with the launch of Shopper OS, our revolutionary platform that aligns first-party data into a comprehensive view of the omnichannel shopper. For instance, we've found that retention rates have plummeted, with only 12% of brands successfully retaining their shoppers annually.

So, where do Ratings and Reviews fit in? They are not just a component but the most vital element for brand success, beating out pricing and inventory. Here are six groundbreaking insights illuminating how Ratings and Reviews shape the connected commerce ecosystem.

  1. Shoppers prioritize Reviews. In a survey of 50,000 shoppers, Reviews emerged as the most crucial factor in purchasing decisions, outpacing Price, Content, and even fulfillment.
  2. Brand leaders recognize the shortfall. In a survey of 400 brand leaders, 87% reported the need for more reviews, and 81% expressed the need for better ratings. But why?
  3. Shoppers rarely leave reviews. On average, shoppers review only 0.2% of the products they purchase. This lack of engagement is prevalent across the connected commerce ecosystem, not just on Amazon. It's no wonder brand leaders are eager to find solutions.
  4. When shoppers do leave reviews, they're not always glowing endorsements. On average, brands receive a 3.93-star rating. Except for Apparel, brands in every department fall below a 4-star rating on average.
  5. Five-star reviews make a significant impact. Leveraging Stackline's vast data capabilities and our ability to empower reviews for the world's largest brands, we conducted a study. Adding 20 five-star reviews to a product page resulted in remarkable results. Visitor traffic increased by 8%, thanks to improved organic placement and enhanced brand perception. Moreover, conversion rates experienced a staggering 22% boost. Brands must recognize these results.
  6. What's the actual value of a 5-star review? The true worth of a five-star review depends on the product. For high-consideration purchases, like Baby, where shoppers meticulously read every review, the average value of a five-star review is $472. In the case of high-ticket items like Electronics, the value is $441.

Where do brands go from here?

Reach out to us - Stackline has been helping brands navigate complex connected marketplaces and achieve scalable growth for years. With Stackline's Shopper OS platform, brands now have the power to automate, collect, and syndicate authentic reviews across top online and brick-and-mortar retailers.

Stackline offers the only scalable way to garner thousands of verified customers with an average rating of 4.8 across retailers like Amazon and Chewy.

About Stackline

On a mission to fuel the future of commerce by bringing brands and customers closer together, Stackline is the first full funnel connected commerce platform for the world's most innovative brands. Business leaders, product innovators, performance marketers, and financial firms trust Stackline as the single source of commerce truth. Stackline's market insights, revenue metrics, behavioral data, and autonomous functionality create the actions that determine success or failure.

Founded in 2014 in Seattle, Stackline employs over 250 connected commerce professionals creating value for 7,000 global brands.

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