People Are Complete Suckers For Online Reviews

schwit1 shared an article from the New York Post:
No reviews, no revenue. That's the key takeaway from a new study published in Psychological Science, which finds that if two similar products have the same rating, online shoppers will buy the one with more reviews... "[When] faced with a choice between two low-scoring products, one with many reviews and one with few, the statistics say we should actually go for the product with few reviews, since there's more of a chance it's not really so bad," wrote researcher Derek Powell of Stanford University, lead author of the report. In other words, when there's only a handful of reviews, a few bad ones break the curve and bring down the overall rating. "But participants in our studies did just the opposite: They went for the more popular product, despite the fact that they should've been even more certain it was of low quality," he wrote.

Matt Moog, CEO of PowerReviews, previously conducted a study with Northwestern University [PDF] that drew from an even larger data pool of 400 million consumers, which also found that the more reviews there are of a product, the more likely it is that a customer will purchase that product... He has also found that customers who read reviews often click the bad ones first. "They want to read what's the worst thing people have to say about this," he said... Most online shoppers (97 percent to be exact) say reviews influence their buying decisions, according to Fan & Fuel Digital Marketing Group, which also found that 92 percent of consumers will hesitate to buy something if it has no customer reviews at all.