What Reviews and Recommendations say about consumer behavior?

What Reviews and Recommendations say about us?

I wonder how much customer reviews and customer ratings play an important role in every part of life, be it online or offline.

Earlier, when online shopping was not that prevalent, consumers tend to rely on their social circle. But with online platforms, our decisions are now based on several people's recommendations (often in millions) converted into ratings and reviews.

Every time, when I place orders online, I look for ratings of the products: below 4 is always risky and above 4.5 is the safest. And it goes with every product and service out in the market.

I am sure the majority does the same.

But why do we do that?

Because:

1. It not only validates the interaction (to-be made) but also gives us a sense of being a part of a larger community.

2. Secondly, we tend to avoid risk and play safe.

Having said that, I also wonder about those products and services from new businesses that do not have a following to build up reviews and ratings at the initial stage.

Though I know of businesses buying ratings and reviews to boost sales in the initial stage, but the larger question here is how much are we, as consumers are reluctant to try those things that do not have ratings or reviews. Are we losing out on something?

P.S:

1. This also depends on the risk appetite of a particular person. A more risk-taking individual may go against what the majority says while a risk-averse person will stick to what the majority prefers.

2. It does not hold true for luxury products and services where people look for and demand exclusivity.

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