Remember the golden rule of entrepreneurship: the customer is always right - even down to influencing operational strategy. Your brand’s online reputation can be a definitive factor in branding, and consumers are the driving force behind online reviews. To emphasize, 94% of consumers routinely browse online reviews when considering a purchase. As a result, striving to maintain a respectable online rating is challenging work; however, AI can be a handy resource in tackling this debacle.
Consumers prefer investing in high-quality products, and the marketplace is adjusting to reflect that. For example, in 2018, Amazon opened a store in SoHo, NY only offering goods consumers rated 4+ stars. These highly-rated items are also top-sellers, and new or trending. In whole, Amazon’s SoHo location has earned 1.8 million 5-star reviews, and reports have found 90% of Amazon’s clientele won’t purchase any item with a rating less than 3-stars.
There are endless reasons to why a good reputation matters as reputation contributes to 25% of a brand’s overall market value. A lack of time contributes to half of the reason why businesses don’t manage their own online reputation, and a lack of software is another leading factor. Artificial intelligence is an available resource to use in situations where brands are unable to manage their online status, as you can read more about in the infographic below.
infographic by: resources.reputationstudio.com