Following his talk at London’s eCommerce Expo, we caught up with Feefo’s very own Chief Revenue Officer, Matt West to find out how smarter insights from real reviews are helping businesses survive today’s competitive online environment.
Why is collecting customer reviews so important for eCommerce businesses in today’s fast-paced environment?
The way we shop is constantly changing and businesses need to adapt. Consumers have never been more informed and while online shopping is nothing new, people are increasingly empowered to compare products, prices and opinions like never before. Our latest research found that 94% of shoppers are influenced by reviews when deciding where to shop, equating to £23bn of UK spending. There is so much insight to be gained from simply listening to what your customers have to say.
What is being done to combat the spate of fake reviews that is casting a shadow on the industry?
We know that fake reviews are becoming a huge concern for consumers. We’ve seen recently that the likes of Amazon and TripAdvisor are struggling to ensure that the reviews posted to their sites are genuine, and this is starting to have an effect on consumer trust.
At Feefo, we are strong advocates against fake reviews and have taken significant steps to help bring trust and regulation back to the industry. We ‘ve worked very closely with the BSI to create the review industry’s first ever ISO standard to help reassure the 83% of consumers who don’t believe the industry is being appropriately policed.
What are the biggest benefits for businesses looking to invest in an insight-driven reviews platform?
By listening to what your customers are saying you can start to cut out the guesswork and make informed decisions. Where are you going wrong? Where are you going right? You may think you know, but the actual answers could take you by surprise! That level of visibility is invaluable, and you can use it to guide everything from the products you stock to the focus of your next ad campaign.
Isn’t it time consuming for businesses to analyse all of this data?
Not anymore. Businesses can now gather 1,000s of reviews, track sentiment and pick out key themes in their feedback all with just a few simple clicks. Growing investment in automation tools and smart technology is allowing businesses to delve deeper than ever into customer feedback without it eating too much into their time – and more importantly their budget.
How can businesses use this insight to help improve the customer journey?
All too often people find themselves with what feels like an infinite amount of reviews to wade through when choosing where to make a purchase. Often, shoppers are only concerned with one or two features, perhaps the battery life of a phone or scent of a perfume, yet they have to spend a lot of time searching for the answers they need. It’s the job of the reviews provider to try to make this experience easier for shoppers. Using the insight gained from customer reviews, AI technology categorises feedback into key themes, letting shoppers easily access the information that matters most to them. We hope that smart solutions like this can help reduce the average time a person spends reading reviews allowing them to make confident decisions, faster, without having to research elsewhere.
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