Turning reviews into revenue

With the changing pattern of times the idea of adopting an online form of business has become quite popular. Many people are selling their products online and many stores are making a profit of multi-million by selling their products online

 The international selling brands are signing deals with these stores to sell their products the biggest example of the online stores are amazon and eBay that are selling products of a thousands of brands internationally.

When it comes to sell a product online the reviews and ratings of the product are the best source of letting your customer know the value of the product you are selling that is why a number of stores ask you to rate their product and services after delivering it to you.

Reviews on a product are made in a number of ways sometimes they are written in a form of paragraphs and sometimes by ways of answering multiple questions about the product. The customer who is reviewing your product is putting his name behind your product that is why it is hard to convince a customer to write a review on your product.

 However a customer can be persuaded to write a review on your product. He can be encouraged to write a review by ways of offers and reward. You can reward a customer for writing a review on your product or you can offer him a free item from your store for writing a review.

Product review is a powerful tool of building the trust of people in your product especially when it comes to online selling. Recently an article was written by an business journalist Michael Fertik in which talking about the importance of product reviews he wrote that 89 percent of the customer find the review of the product trustworthy and the products having an review has 12.5 percent higher conversion rate than the products which do not have a review.

The review can also help one to optimize their stores by knowing the opinion of the customer about the quality of his product. The reviews can also be taken via e-mail with the permission of sender to get it published online.

However all the reviews do not have an equal importance because many companies add a fake review about their products which can cause them a loss of customers and trust of the people to buy their other products as well.

 So a fake or sponsored review worth nothing as it can only provide you with a short term benefit and can cause you a long term or perpetual loss. So instead of asking someone to write a fake review of the product one should conduct the actual review and take the negative review sportingly.

One should take a negative review as a source of information and should start working on the product to fix its flaws and re-launch a better version of it. Many companies has re-launched their failing products with better qualities and found that the same product which were failing to earn profit to the company is doing well in the market after being re-launched with better and reviewed quality.

Reviews and ratings are becoming money making devices for the people in the business of online selling they build the trust of the people in your product and accelerate the sale of the product, a recent survey conducted on the benefits of product reviews showed that 71% agree that consumer reviews increases their comfort that they are buying the right product and service, 70% of people consult reviews and ratings before purchasing a product and about 74% increase in product conversion is made by the customer review.