Online Reviews - Gaining Momentum
It’s a global trend we foresaw in 2007 when Trustpilot first began, but we couldn’t have predicted the speed at which it would grow.
We’ve seen a boom in social shareability since the release of the first iPhone, back when Twitter and Facebook were only young. Now eight years later in 2015, a new review is posted every five seconds on our sites around the world, proving there’s no sign of the market slowing down with consumers now holding the power to define a brand’s reputation. We’re functioning in a different business environment than days gone by.
The demand is clear – customers want to be listened to
Companies are no longer competing on value alone. In today’s digital world, businesses need to differentiate themselves by more than price. This is where customer experience comes in. Consumers care what other people think, no matter where they are. Your business is therefore no longer what you say it is; it’s what your customers say it is.
There’s a growing understanding amongst businesses about the voice of the customer. Retailers in particular are recognising this way of thinking, but it’s not just limited to your ‘traditional’ shopping experience. At Trustpilot for example, we’re seeing growth in areas across the services industry as more and more businesses understand the importance consumers place on the previous experiences of their peers. From undertakers to airport parking, the word is out.
Let’s take a moment to reflect
The online reviews market strives to guide people to better shopping experiences and be at the cutting edge of a new market as it develops. As such, every hurdle the industry faces, online review platforms face too. It comes with the territory when you’re at the forefront of a new world.
Challenges such as fake reviews must be met head on, with rules and regulations, company policies, and educating business behaviours. While online reviews are a widely used channel of communication, they are still unregulated so the industry itself is still learning and adapting. Operating a business within a market which is continually evolving, means your business needs to do so too, so flexibility to meet changing demands is of utmost importance.
It’s been a tough nut to crack and whilst we’re not there just yet, we’re certainly making leaps and bounds by closely listening to consumers and businesses to understand their wants and needs, where their pain points lie, and adapt accordingly.
So what’s next for the online reviews market?
The times we live in are in our favour. As consumers, we’ve never listened as much before. At Trustpilot we recognise the opportunity this presents and have a pipeline of exciting product launches, helping businesses utilise the rich data online reviews provide. This is coupled with further investment in even better standards, our people, and in new technology systems which are key to ensuring continued high standards of quality control and fraud detection services.
It’s an exciting time, so watch this space.