“59% of customers believe that reviews influence their buying behavior.”
(Xu et. al, 2015)
….You can only imagine the influence reviews have on product sales and what a valuable asset they are to businesses!
Especially for experience goods, the generation of reviews ensures quality and provides social control. Throughout the past weeks, the elective on ‘customer-centric digital commerce’ has shed light on the underlying motivations of users to post reviews, the possibilities to structure them and how (not) to respond to them. We have realized that format and style can have significant effects on consumers’ perceptions and buying behavior.
Continue reading The future of reviewing: Videos!
Today, one of my group members stained my suede jacket with permanent marker whilst discussing our business idea. After panicking, the first thing I did is type the sentence “how to get ink out of suede” into Google. The pages I end up at are online communities, in which people share their experiences on the same problem and provide me with the knowledge I need to remove the stain. This example might sound very familiar to you: There are more than 2550 of such communities worldwide! These online knowledge sharing platforms provide a space for social interaction where individuals can obtain knowledge and feedback and exchange opinions on certain topics, such as stain removal.
Continue reading Grandma knows best: Online knowledge contribution
“Don’t underestimate what people are willing to do to save money.” (Kunde, 2012)
These are the words by Tim Kunde, the co-founder of Friendsurance, the first insurance company to break the traditional mindset and pave the way into a social, peer-to-peer insurance sector. The past few sessions of the course have highlighted the growing importance of the customer for the creation of value and pointed towards the innovative business model called the “sharing economy”. From Zipcar to Find-A-Desk, various examples have been outlined to illustrate that this approach has spread into countless customer-centric business areas. Yet, most insurance companies have been hesitant in adopting this business model.
Continue reading Friendsurance: Social risk sharing