Power to Consumers, Steering Opportunities for Companies
Ratings are driving the economy: More and more customers rely on product ratings when making purchases. What began mostly in tourism is now commonplace across many industries and regions. But what is it exactly that customers value about ratings? What do they gain when they read them; what motivates them to give them? And how do companies deal with this development? Since strategic changes around pricing, marketing, and sales belong to our core competencies, we wanted to find some answers. So, for the first time, we conducted in the spring of 2019 a global study, the Trend Radar. Focusing on the topic “Rating Economy 2019,” we asked in the consumer survey approximately 6,400 consumers in 23 countries worldwide about their rating behavior, and in the accompanying company survey more than 1,600 companies across all industries about their rating strategy.