E-commerce is currently on the rise. Every year, its global revenue climbs higher and higher because customers switch from offline shopping to online shopping. However, there is one particular aspect that differentiates the process of online shopping from the offline experience: the inability to see and try the product before buying it. The same can be said about any service – you can’t have your own opinion about its quality before you try it. That’s why you need to look online for the opinions of other people. These opinions and reviews are relevant because it’s the experience of someone else who actually spent his/her money and time to try it before you.
Most people (84% of customers) feel the need to check online reviews before buying something, but at the same time it can be hard to tell the real opinions apart from the paid ones. That’s where we can use blockchain technology to verify that any given review is an honest one. Let’s take a look at why everyone can benefit if we integrate the blockchain into e-commerce and why it is this important directly from the experts in the field.
Thanks to agency.howtotoken.com for support in creating this topic (First platform with proven ICO contractors)
Opinion leaders – a new marketing channel for brands
Professors Saito, Teramoto, and Inoue are a group of scientists from the leading Japanese universities who specialize in market research.
Five years ago, displaying ads was the main channel of marketing. Now it’s become more complicated than that. People are bored with countless ads asking them to buy something. They don’t trust ads because ads have only one purpose: to sell something. Opinion leaders are a different story, however. They are ordinary humans, like you and I, who we can observe as they go about their everyday lives, and if we follow them daily we begin to trust them. That’s why if they use something, we feel like it’s worth giving it a try, too. Brands can successfully use that behavioral pattern to sell their products.
“Voting and daily purchasing behavior of people tend not to be influenced directly by the mass media but rather by the familiar individuals who receive and edit information from the mass media and then spread peripherally. A person who can influence others around him/herself via personal communication is an “opinion leader.” Influential individuals have been gathering much attention from marketing scholars, and there are many studies concerning opinion leaders as well as market mavens… A brand will be a success if it is accepted by them. Otherwise, the brand will be a failure.”
Yes, these opinion leaders are the most reliable channel now and brands have to take them into account or lose the competition to other brands. Nike uses them, Adidas uses them, Calvin Klein uses them. Nobody wants to lose.
It’s vital to adapt now
Matt Janaway is a digital marketer from Marketing Labs with more than 17 years of experience in SEO, PPC, and SEM.
In business, things change fast because there is always competition for money, and anything that could give even the slightest edge over competitors gets adopted almost immediately. Look at blockchain technologies, big data, or complex analytical tools for marketers, all serious businesses integrate or consider integrating them into their operations. It may be hard to do sometimes, because it requires changing the whole workflow but in the long term, history tells us that it’s worth it.
“The biggest challenge for already-established businesses sometimes goes deeper than just digital. It is easy to turn a small speedboat, but much more difficult to turn a large cruise ship. Most established businesses already have fixed ways of doing things and are reluctant to change. In these situations, it is vital to educate and encourage the whole business to understand digital for a common goal of success.”
The same process happened when businesses went online: the whole commerce industry changed. Some companies lost the competition and went bankrupt and some companies became the new leaders. Now it’s not enough to be presented online, it’s important to be efficient, more efficient than all your competitors, and to give the customer an additional value; a brand story that improves trust. What story is better than someone else’s experience with the product? Also, let’s not forget about the data-driven analysis that should be done after every marketing campaign; all results must be used to improve the following campaigns and reviews are the valuable feedback from the brand’s customers.
Less attention to celebrities
Lesley Vos is a seasoned web writer and blogger at Bid as well as a contributor to many publications on business, marketing, and self-development.
When advertisers work with opinions, they should know that celebrities won’t generate sales for them. They will give them reach and brand awareness; that’s all they’ll get for their money. Everybody understands that every soccer player mentioning Nike or Adidas does it as a paid endorsement, and nobody would base his/her decision on that alone.
“…the statistics change today: according to the Collective Bias survey, only 3 percent of consumers trust celebrities when it comes to product purchase decisions.
It happens so because more and more celeb influencers promote products in which they have no interest. They take money to mention you on Facebook or Instagram stories, but they don’t sound genuine. And consumers feel that.”
Let’s just remember: celebrities posting paid ads don’t count as reviews. Users see them posting too many ads everyday, so they don’t trust them as well as TV ads. What’s the solution? It might be a good idea for an advertiser to dedicate his/her efforts into get more reviews from their own customers.
More attention to ordinary people
Aimee Milwood is the Director of Content at Yotpo,and a contributor at TechCrunch and Entrepreneur.
Reviews written by ordinary customers seem genuine to other customers, even if they are written by paid authors. People believe that other customers are unbiased; why would someone pay them if they aren’t celebrities? That’s why reviews must be used, and today there are more and more ways to do so.
“If you have a smart review generation strategy and you still need to get more reviews, there is no replacement for giving rewards. People are more likely to give when they have an incentive – so give customers that final push by offering them a reward for writing a review.
Some businesses like to offer points or raffles. We’ve found that coupons are really effective — one for writing a review, and an additional one for sharing it on social channels…Also, they become a repeat customer when they come back to your store to use the coupon (and then write another review).”
Nowadays, using a blockchain solution gives many benefits to an advertiser. The token economy gives a way to instantly reward product reviewers. The blockchain can be used to confirm their identity, make sure it’s not a paid bot, and to make sure that reviewers will get their earned rewards.
The blockchain allows cost cutting while benefiting everyone
Coinworldstory is an expert site specializing in ICO reviews.
Big advertising platforms like Google and Facebook get most of their profits from global marketing revenue. Users viewing ads don’t get anything, but now there’s an opportunity for them to earn a reward for simply sharing their opinion.
Winnest allows companies and users to engage in an cooperation that is mutually beneficial for both parties: when a user recommends a product they like on social media, they get rewarded with WNC tokens via the Winnest platform, for the sales generated from their recommendations. Advertisers can get the much-needed reviews and viral reach and cut costs by removing large intermediaries, such as Google or Facebook, from the scheme.
“Winnest are witnessing the development of a new generation of companies whose concept is based on the principle of the collaborative economy. Close to the P2P digital exchange principle, the collaborative economy relies on a simple principle; enable its users, professionals and individuals to get in touch directly to exchange goods and services. New technologies make it possible to overcome the usual infrastructures whose operating costs usually swallow up a considerable part of the profits.”
Implementing the blockchain into e-commerce platforms is a win-win for users and advertisers; it’s an easy way for advertisers to work directly with their customers, to get honest reviews, and a way to earn money and monetize their social networks for users. After reading all this, do you still have doubts about the importance of working with reviews? Over time, their importance will only be increasing.