The sharing economy has emerged over the past decade to revolutionize travel and transportation. Is a similar disruption coming to retail? Unlikely, but that’s not to say that this new way of doing business isn’t having a big impact on the way people shop.
Ratings and reviews are important throughout the ecommerce ecosystem. Local search agency BrightLocal interviewed US internet users in 2010, 2014 and 2015, and the temporal comparison found that that the effect of customer reviews on opinions of local businesses is large and growing.
“The integrity of the two [ratings and reviews] is probably most valuable to people,” said John-Paul Barnych, vice president of sales in North America at Trustpilot. “People don’t necessarily avoid businesses because of one negative review. It’s seeing that the entire store is being presented, and understanding how the business reacts when mistakes happen that really makes people excited.”