Online reviews have become a key component in helping consumers with purchasing decisions — 68% of Millennials trust online reviews, as opposed to the 34% who trust television advertising. These reviews carry significantly more weight (12X more trust) than product descriptions in the consumer's eyes.
Reviews can be very influential, both in positive and negative directions. For every star a business receives, there will be approximately a 5% to 9% increase in business revenue, and consumers are 31% more likely to spend more on a business with excellent reviews. On the downside, 86% of people will hesitate to purchase from a business that has negative online reviews.
This infographic from WebsiteBuilder.org reveals the enormous impact of reviews, identifies the best review sites by industry and shows the influence of social media on reviews.