15 Online Review Stats Every Business Owner Should Know

The rise of the internet is one of the best things that has happened to mankind. Open information sources, like low-hanging fruit, fast connection with anyone in any corner of the world, opportunity to travel to the farthest corner of the world virtually.

Besides these wonderful benefits, the way of running businesses has cardinally changed.
As Bill Gates stated, "If your business is not on the internet, then your business will be out of business.”

And in this case, online reputation should be a concern for every business owner. This is especially true for small and medium businesses, as a positive online reputation can be the most important asset for the business.
Here are 25 statistics that prove the value of online reputation management:

1. According to Yelp, 82% of the users visit Yelp because they intend to buy a product or service.

2. According to research by social commerce specialist Revoo, consumers spend 5 times as long on a site when they interact with negative reviews, with a 85% increase in conversion rate.

3. Brightlocal survey states that 90% of consumers read online reviews before visiting a business

4. New study: data reveals 67% of consumers are influenced by online reviews.

5. A negative reputation costs a company at least 10% more per hire.

6. 74% of consumers stated that a positive reputation makes them trust a local business more.

7. 84% of people trust online reviews as much as a recommendation from friends or family members.

8. Even one-star increase in a Yelp rating leads to a 5 to 9% increase in revenue.

9. Studies show that businesses risk losing 22% of business when potential clients find one negative article of the SERP.

10. Studies show that businesses risk losing 22% of business when potential clients find one negative article of the SERP.

11. Businesses risk losing 44% of their customers when 2 negative articles are found by potential customers.

12. Businesses risk losing 70% of their customers when 4-5 negative articles are found by potential customers.

13. According to a 2016 report by PowerReviews, 82% of shoppers specifically seek out negative reviews.

14. 48% of consumers take into consideration the reviews written within the past 2 weeks.

15. 96% of consumers also read businesses’ responses to their reviews. The 40% say that they always read the responses.