News Article Published:
Monday, 22 October 2007
Category:
Financial Services
The importance consumers' place on other consumer's opinions has been highlighted by a study that shows that around 80 per cent of purchase decisions have been directly influenced by other consumers' opinions on the web.
Deloitte's Consumer Products group carried out a survey that revealed that 62 per cent of consumers read reviews written by other consumers on the internet, with eight out of ten of those being influenced by what they read.
And the survey also concluded that reviews read online are often shared, magnifying the importance of each review which could also reach customers who did not read the original - seven out of ten of the respondents said they passed on the information they picked up in reviews.
Pat Conroy, vice chairman and US consumer products group leader at Deloitte & Touche USA, said "In the past, clever marketers and advertisers shaped brands, but now consumers are increasingly empowered, everyone has a voice, and information and opinions are instantly dispersed... Consumer product companies need to determine how best to capitalise on this new landscape. "
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