Online customer reviews can pave the way for major revenue growth opportunities, forcing companies to give them the necessary attention they deserve, said Stefan Toubia, Founder and CEO of Raayi.
Raayi, the Arabic word for “my opinion”, is the UAE’s first comprehensive business valuation app. The company aims to transform the way consumers make their purchasing decisions while helping businesses better engage with their customers and manage their reputation.
Toubia stressed that brands should leverage the influence of high customer ratings as part of their revenue generation strategies. However, the Raayi executive also warned that just as a great rating could help boost results, a low customer score could negatively impact the business.
“Studies show that about 95% of customers turn to reviews before making a purchase. The number is simply too high to be ignored or dismissed. On the contrary, it tells us that today’s customers have become more independent and demand better value for money. They take their time to go through all the information available before making a final purchasing decision, regardless of the size or size of the purchase. The Internet has made this information easily accessible and therefore very influential. It should also be noted that online reviews can also impact online reputation, which is a crucial aspect for any business, ”said Toubia.
The figures available revealed that a single negative review could cost a business up to 30 customers. Studies have also found that each additional grade equates to an approximate 5-9% increase in earnings. Additionally, the numbers showed that online shoppers in particular would likely spend 31% more on a business with ‘great’ reviews, and 92% of them would choose a local business as long as it has a rating of 4. stars.
During this COVID-19 pandemic, more and more customers have viewed previous customer experiences of products or services through online reviews. According to the results of Bright Local’s Local Consumer Review Survey, around 31% of customers said they had read more reviews in the past year due to the pandemic.
Toubia pointed out that these results prove more than ever to what extent customers today rely heavily on reviews to guide their purchasing decisions. “This in itself means the power of customer opinions, which can greatly affect a company’s profitability outlook,” he added.
Raayi, being the first comprehensive cross-industry platform in the UAE, was created to connect businesses from all sectors to communities and consumers through its three key components. The central element of the app is the Business Directory, which offers information on various industries operating in the UAE. The second element allows consumers to assess and assess the quality of a business. With this feature, it allows individuals to provide feedback on local businesses from over 17 different industries, saving consumers time and effort by providing an easy way for them to find the right business for them. . Finally, the app’s special Curations feature allows users to share information through lists of their favorite outlets.
Additionally, the app benefits businesses by providing owners the ability to interact with customers about their experiences and address their concerns. This is particularly impacting for small businesses that have little or no digital presence. In addition, it produces a defined set of analyzes to provide businesses with relevant insights into consumer behavior. Raayi’s founders aim to create a large amount of rich content and data by an engaged community of users and business owners.
Toubia stressed that customer reviews will only get stronger during this pandemic and its consequences. It is for this reason that companies should pay more attention to integrating customer feedback into their processes to achieve and maintain an “excellent” customer rating.