Bazaarvoice has some new research out looking at how brands and retailers drive business value with consumer-generated content (CGC). This includes reviews, questions and answers, social media posts, pictures, videos, and chat comments.
According to the report, brands and retailers are seeing an increase in conversion rates and increased revenue per visitor with customers who interact with CGC before purchasing. The firm says that across its network, if a person who doesn't interact with CGC spends over $20, one who does interact with CGC spends $39.26. For every dollar of online revenue, another $6.50 of revenue is influenced by CGC, it says.
"Now more than ever, visual content is an integral aspect of the CGC mix, bringing a more emotional, 'right-brain' experience to complement ratings and reviews and influence shoppers," Bazaarvoice says.
Here's a look at where brands and retailers use CGC other than their website:
"Focusing on key phrases such as 'wish,' 'if only,' or 'only problem' from CGC is helping brands and retailers make improvements more dynamically and in near real-time response to consumer comments," it says.
According to the findings, 51% of brands and 91% of retailers plan to increase use of CGC across the customer journey over the next year.
Images via iStock, Bazaarvoice