Online CPG Reviews Popular With Consumers
Consumer product reviews are becoming more trusted according to a Deloitte Consumer Product Group study. Deloitte revealed that 62 percent of Internet users read product reviews written by fellow consumers.
Over eight in ten respondents in the Deloitte study who read consumer reviews said that they had impacted their buying intentions. They were either more determined to make a purchase or had second thoughts and made a different purchase.
Pat Conroy, vice chairman and US consumer products group leader at Deloitte Touche USA, said, "This increasing market transparency can adversely impact the margins, market share and brand equity of consumer products companies."
"Consumers are increasingly empowered, everyone has a voice, and information and opinions are instantly dispersed," he said. "Consumer product companies need to determine how best to capitalize on this new landscape."
In a separate study conducted by Deloitte in August with Sterling Commerce they found that 42 percent of U.S. online shoppers believed that having consumer reviews on Web sites increased trust in the sites.
Only 32 percent of U.S. ecommerce sites allow consumers to post reviews, according to an Internet Retailer Vovici study, the rest of the sites that do not allow consumer reviews are missing out on the opportunity to build site trust.