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Check product ratings often? Consumer reviews matter now more than ever.

On Point

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Edited by Katy McLaughlin
Senior Editor, Southern California

Considering consumer reviews

In the news

•

Survey says…? Many businesses have long relied on customer satisfaction surveys to gather feedback. But since so many surveys are ignored, they tend to give limited information about how consumers are feeling or what problems they have, companies say. Instead, US companies are turning to tools that use machine learning to analyze language in calls and chats. Business leaders say that the technology can help them figure out what customers want, and how frustrated they are—before their complaints spread across social media. [WSJ]

•

Darned good reviews. Website administrators might want to loosen up the rules against customers using some profanity when reviewing merchandise online. A new study finds that reviews with a few swear words are perceived as more helpful than squeaky-clean attestations, particularly when describing an attribute. When an online review says something like, “this product is damn good,” readers assume that the reviewer believes more strongly in their evaluation. [Phys.org]

“The good news is that analyzing reviews to get the insights that you need is neither very complicated nor very sophisticated.”

On McKinsey.com

•

Golden age of reviews. The total number of global reviews roughly doubled in the year after the COVID-19 pandemic started, with many people trying e-commerce for the first time. This sea change has vastly increased the importance of consumer reviews, even to sell items in brick-and-mortar stores, McKinsey partner Dave Fedewa explains. Fifteen years ago, if an overseas manufacturer wanted access to the US market, one of its biggest challenges was getting on the shelves of a handful of big retailers. Now a product with good reviews can practically sell itself.

•

Feedback loop. The most successful entrants to online marketplaces are the most responsive to reviews. They use natural-language processing to learn what customers think of products and then turn those insights into product improvements. They also scrupulously manage expectations: for example, if they market “spicy salsa,” they make sure there’s a bona fide kick. Even a modest uptick in a product rating—say, going from a 4.2 rating to a 4.5—could be worth millions of dollars in company growth. See why businesses must prioritize consumer reviews.

Understand consumer reviews

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:13 - 11 Oct 2022

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Beyond burnout: What helps—and what doesn’t

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Check product ratings often? Consumer reviews matter now more than ever.

Considering consumer reviews

In the news

“The good news is that analyzing reviews to get the insights that you need is neither very complicated nor very sophisticated.”

On McKinsey.com

Archives

in

info@learn.odoo.com

Beyond burnout: What helps—and what doesn’t

MAX happens only once a year - don't miss out

Check product ratings often? Consumer reviews matter now more than ever.

Considering consumer reviews﻿

In the news

“The good news is that analyzing reviews to get the insights that you need is neither very complicated nor very sophisticated.”﻿

On McKinsey.com

Considering consumer reviews

“The good news is that analyzing reviews to get the insights that you need is neither very complicated nor very sophisticated.”