According to Trustpilot report, the average UK consumer has wasted £63 on purchases resulting from unreliable reviews in 2019. In the UK, at least 90% of consumers look at reviews before making a purchasing decision. Respondents cite positive reviews as the key that drives purchases, second only to the reliability of the product or service.
In terms of trustworthiness, word-of-mouth recommendations from family and friends are ranked first while customer reviews are ranked second. However, Trustpilot report also reveals that consumers nowadays are aware of the prevalence of fake reviews. Consumers tend to make purchase decisions based on perceived authenticity instead of the perfect 5-star review.
Consumer attitude towards authenticity has become more sceptical. As a result, 62% of the respondents say that they prefer to buy from a company that has made a small mistake but responded quickly to address the concern. The same number of UK respondents admitted that they are not easily convinced by 5-star reviews. They prefer to make additional research on the brand before making a purchase decision.
Meanwhile, global ecommerce is expected to grow to a whopping $5.9 trillion by 2023. Digital wallet payments are becoming the standard norm for online shopping and daily in-store purchases. In 2019, at least 22% of transactions in brick and mortar stores were completed using mobile or digital wallets.
The fasted growing payment preference for the next 5 years will be the “buy now, pay later” scheme. This means that brands must offer this payment method and digital wallets to keep up with the competition. Currently, Europe, Middle East and Africa (EMEA region) are leading the way in “buy now, pay later” schemes with at least 5.8 % of all ecommerce purchases. It is interesting to note that North America trails behind at 1%; however, it is expected that North America will adopt the payment scheme over the coming years.
Consumers are not the only ones reading reviews; even job seekers consult review sites to get an idea on how companies treat their employees. One example is kingkong.com.au review that was posted by both current and former employees. They consider the digital agency as a great company with many opportunities for growth.