77% of consumers said they trust online reviews less now than they did 12 months ago, and as a result, have less trust in the retailers they purchase from
Dubai, United Arab Emirates, November 2022 – We may have entered a post-truth world, but the damage being caused by fake reviews is very real. Callsign, the digital trust pioneer, has today delivered a stark warning to the industry: tackle fake reviews or get ready to see sales drop.
Counting the Cost
Impacting digital trust and ultimately leading to a loss of revenue for brands and retailers, unverified users leaving fake reviews is becoming a widespread problem.
A recent report by World Economic Forum indicates that online reviews influenced a staggering $3.8 trillion of global e-commerce spending in 2021. As products fail to live up to these bogus reviews, consumers’ trust is dwindling, with many saying they trust online reviews less than they did just 12 months ago.
Especially concerning for retailers was the revelation that if consumers suspect a product has fake reviews, 28% stated they would no longer trust that brand, and 25% would not purchase from the website.
A Growing Concern
Callsign adds that action must be taken quickly: with the problem of fake reviews set to expand unless new solutions are put in place. Self-reported figures from leading e-commerce sites show that around 4% of all online reviews are fake.
Even trusted online retailers are not immune to the problem and have become a prime target for large-scale fake review schemes by so-called ‘review farms.
“Fake and unverified reviews are symptomatic of a broken digital identity system which lacks accountability,” says Saeed Ahmad, Managing Director of Callsign MENA.
“To leave a retail review, we don’t have to prove who we are or that we’ve made a genuine purchase. Fake reviews are fast eroding digital trust and damaging businesses, their brand and impacting revenue,” he added.
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