In the digital world where we don’t get to see one another but exchange goods and money digitally, trust remains the most expensive value.
As far as the internet is concerned, you don’t need to go too far to find thousands of cases of internet scams. This happens and it’s still happening.
But online shopping still continues. Amazon is getting close to a trillion-dollar valuation. You as a small business owner is also getting sales, either minute or groundbreaking. The point is, the number of people shopping online isn’t dropping, instead, it’s rapidly increasing.
However, people are more careful and critical about who they buy from. People only buy from businesses they trust. And to win that trust, you need to build social proof.
The use of social proof in business cannot be over-estimated. Remember the last time you bought something online?
Definitely, it wasn’t a quick purchase. You looked into the product reviews before making a decision, right? That’s the power of social proof.
As a human, we are wired to buy based on others’ opinion of a product or service. This is why companies with positive reviews tend to get more purchase over companies with no reviews or more negative reviews.
As a marketer, you can influence people to buy your product by providing social proof that makes them trust you enough to buy from you.
In this article, I cover the latest social proof statistics to help you have a view of what is working in the industry.
Let’s get started.
What’s Social Proof?
Social proof is a psychological phenomenon in which people copy the action of others. It is what makes people search for reviews of your product before taking the action to buy.
Social proof isn’t a new ideology. It has been existence for a very long time, before the internet age.
Surprised? While the term was officially coined in 1984 by Robert Cialdini, social proof has long existed before then.
It is what we know as an influence. This is why word of mouth marketing and referrals is still the strongest way to gain a customer.
Buyers that are referred by customers are quick to make a purchase compared to buyers just hearing about your product. This is the importance of trust which is only gotten from social proof.
Most of the times, testimonials and reviews are used to build social proof in the internet world.
Ecommerce stores and businesses display testimonials on their landing page to increase conversion rate. Having an influencer recommend your product goes a long way in convincing a confusing prospect.
This is the power of social proof.
Without further delay, let’s dive into the latest social proof statistics and trends for 2021.
Latest Social Proof Statistics for 2021
Social Proof Statistics on Establishing Trust
- 87% of buying decisions begin with research conducted online before the purchase is made.
- 92% of consumers are more likely to trust non-paid recommendations than any other type of advertising.
- The average consumer reads 10 online reviews before making a purchase decision.
- 88% of consumers trust user reviews as much as personal recommendations.
- 82% of Americans say they seek recommendations from friends and family before making a purchase.
- 63% of consumers need to hear company claims 3-5x before they actually believe it.
- 70% of people will trust a recommendation from someone they don’t even know.
- 92% of people will trust a recommendation from a peer.
- Buyers require an average of 40 online reviews before believing a business’s star rating is accurate.
- Shoppers across all age ranges expect an average of 112 reviews per product when they search online.
- Shoppers in the 18- to 24-year-old range expect an average of 203 reviews per product page.
- 85% of consumers think that online reviews older than 3 months aren’t relevant.
Social Proof Statistics – How It’s Used
- Influencer marketing has been considered the fastest-growing consumer-acquisition channel.
- Content from influencers earns more than 8 times the engagement rate of content shared directly from brands, especially among younger millennials.
- 14% of consumers aged 18+ say celebrity endorsements have an effect on the things they buy.
- 40% of people say they’ve purchased a product online after seeing it used by an influencer on social media.
- Twitter users have a 5.2 times increase in purchase intent after seeing promotional content from influencers.
- 49% of users rely on recommendations from influencers on Twitter.
- Businesses are averaging $6.50 for every $1 spent on influencer marketing, with the top 13% earning $20 or more.
92% of customers read online reviews before buying (Big Commerce)
72% of consumers say positive testimonials and reviews increase their trust in a business (Big Commerce)
70% of people trust reviews and recommendations from strangers (Nielsen)
88% of consumers say reviews influence their online purchasing decisions. (Vendasta)
88% of consumers trust online testimonials and reviews as much as recommendations from friends or family (Big Commerce)
97% of B2B customers cited testimonials and peer recommendations as the most reliable type of content. (Demand Gen Report)
86% of customers said online reviews were at least “moderately important” when they were shopping for a new product. (Statista)
72% of consumers will take action only after reading a positive review. (Search Engine Watch)
73% of consumers read six or fewer reviews before making a decision (Vendasta)
12% of consumers read more than 10 reviews (Vendasta)
10 or more reviews can increase in search traffic (Big Commerce)
40 or more reviews are needed before consumers will consider a star-rating accurate (Opt-In Monster)
50 or more reviews on multiple products pages can increase conversions by 4.6% (Big Commerce)
Social Proof Statistics – ROI
- Testimonials can increase conversions on sales pages by 34%.
- For 50% of all consumers, their very next step after reading a positive review about a company is to visit their website, which is one step closer to the checkout, or even getting them on your email list.
- 57% of consumers will only buy or use a business service if it has at least a 4-star rating.
- 97% of consumers say online reviews impact their purchasing decisions.
- 93% of people who use mobile to research complete the purchase of a product or service.
- Consumers will engage only with a minimum business star rating of 3.3.
- Customers are willing to spend 31% more on a business with excellent reviews.
- one-star increase in Yelp rating leads to a 5-9% increase in revenue.
- Between similar products online, 35% of consumers said better reviews have driven them to spring for the higher priced option.
- Positive reviews make 68% of buyers more likely to use local businesses.
- Websites using testimonials saw a 45% increase in traffic compared to those who didn’t (Yotpo)
- Listing 10 or more reviews increased traffic 15 to 20% on Google Business listings (Big Commerce)
- Improving star ratings from 3 to 5 stars can increase clicks on Google up to 25% (Bright Local)
- Businesses with 5 stars earned 69% of total clicks amongst top Google listings (Bright Local)
- Reviews account for 9.8% of total search engine ranking factors (Search Engine Watch)
- 79% of consumers have watched a video testimonial to learn more about a company, product or service (Wyzowl)
- 70% of marketers say video converts better than any other medium (Forbes)
- 90% of users say that seeing a video about a product is helpful for making decisions. (Insivia)
- 2/3 of consumers say they’re more likely to make a purchase after watching a testimonial video demonstrating how a business, product or service helped someone like them. (Wyzowl)
- 47% of people say testimonial videos are effective because they help visualize how a product or service actually works. (Wyzowl)
- Consumers are 27.4 times more likely to click online video ads than banner ads (Usurv)
Summary of Social Proof Statistics
- Video reviews work wonders
- Having reviews on your page works wonder
- It boosts ecommerce sales
- It’s an important element to establish credibility and trust.