Yelp reviewer adds business11/22/2023 ![]() ![]() I think everybody’s realized this is an easier, more convenient, and, frankly, more transparent way to shop, and I’m not going back. I think that pace may have slowed some, but it hasn’t gone backward. ![]() And so when you think there have been ten years of reviews before that, that’s a lot of reviews in a very short period. And so really what you do is you get similar products at roughly the same price point, and now it’s just a matter of ratings and reviews.Īnd some of our proprietary research has suggested as much-that the increases in e-commerce penetration due to COVID-19 are not likely to recede or regress to prepandemic levels, which means that particular behavior has been adopted widely by consumers.ĭave Fedewa: I think the total number of global reviews something like doubled in the year after COVID-19 started. When consumers have essentially transparent information about the product that they’re purchasing, it gives them permission to trial as much as they want across the category, right? You don’t have to rely on brand. COVID-19 essentially forced the trial of a number of new categories, and consumers had no choice in the early part of the pandemic but to trial e-commerce as a channel. Online ratings have been with us for a long while, but why are they more important now than ever before?Ĭhauncey Holder: COVID-19 is the short answer. Roberta Fusaro: Chauncey, Dave, thanks so much for joining us today. Why customer reviews matter now more than ever The McKinsey Podcast is hosted by Roberta Fusaro and Lucia Rahilly. The following transcript is edited for clarity. ![]() After, meet Princess Daisy Akita, a mathematician, lawyer, and currently an early-tenure consultant at McKinsey. In this episode of The McKinsey Podcast, Roberta Fusaro speaks with McKinsey partner Dave Fedewa and McKinsey senior expert Chauncey Holder to understand how and why businesses must prioritize customer reviews-or risk falling behind agile competitors. McKinsey research has shown that peer purchasing insights seem to have more influence on consumers than any marketing strategy. ![]()
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