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Online consumer reviews strongly affect offline buying behavior

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We already know most consumers rely on the Internet and unbiased consumer reviews before buying anything. What we don’t know is how significant is its impact to offline buying habits.

A new study of comScore and The Kelsey Group reveals that nearly one out of every four Internet users (24 percent) reported using online reviews prior to paying for a service delivered offline.

This study also showed that consumers were willing to pay between 20 percent and 99 percent more for an Excellent (5 star) rating than for a Good (4 star rating), depending on the product category.

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“This study underscores the importance of providing not just good, but excellent, service if a business hopes to generate positive consumer reviews which will result in greater sales,” said Brian Jurutka, senior director, comScore Marketing Solutions.

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Originally posted on November 30, 2007 @ 5:56 am

Consumers to spend less this holiday

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Although the latest report on U.S. retail e-commerce is positive, a new study conducted by Q Interactive reveals that more than 40 percent of consumers plan to spend less on holiday gifts than they did last year.

Among the 3,500 surveyed consumers, 45 percent intend to spend the same amount and only around 15 percent plan to increase their spending from last holiday season.

Of those who will spend less on holiday gifts, the 52 percent indicated the primary reason is they are “earning less money” and “have more expenses” this year. Other reasons for not spending as much this year include: “high gas prices” (11percent); “worried about the economy” (11 percent); and a feeling that “the holiday has become too commercial” (13 percent).

Even if nearly 80 percent of consumers report they will buy most their gifts at brick-and-mortar retailers, the Internet will still play a key role, however, as nearly 59 percent of consumers will research at least some of their gifts online and 19 percent will research all of their gifts online before purchasing them at an offline store.

Originally posted on November 14, 2007 @ 5:30 am

Shopping search engine TheFind.com buys female shopping site Glimpse

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Comparison shopping search engine TheFind.Com buys out female-powered startup Glimpse.com to add to its growing empire of shopping guide sites.

Based in Moutain View CA, TheFind continues its mission to deliver comprehensive results that would lead online shoppers to the right places through a technology they call “Product Ranking Engine.” With Glimpse reaching the cut for Time Magazine’s 50 Best Websites for 2007, this female shopping site is definitely an added asset as it continues to make fashion shopping easy to the vast female market across the web.

TheFind.com was launched last fall, and Glimpse.com just last April. There was no disclosure as to the amount of the buyout is concerned.

Originally posted on August 31, 2007 @ 5:16 am

Teletrade to auction online large gold coin

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big-gold-coin.jpgHow would you like to own a pizza-sized gold coin? If you are the highest bidder in the upcoming online auction put on by Escala Group, a global collectibles company in stamps, coins and militaria, you will.

The coin, which will be on auction beginning August 16, is a 100 kilogram coin published by the Royal Canadian Mint. It weighs over 220 pounds contains more than $2 million of gold bullion. The auction coincides with the launch of Teletrade Direct, a new service to sell gold, silver and platinum bullion coins.

“It’s the most valuable coin ever offered in an online-only auction,” said Ian Russell, President of Teletrade, an online rare coin auction company. Teletrade is part of Escala’s Spectrum Numismatics division.

Originally posted on July 30, 2007 @ 4:10 pm

LogicBuy.com users vote on best tech deals

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logic-buy1.jpgLogic Media has launched what it is a calling a hybrid tech deal Web site for using community members to find and rate shopping deals online. LogicBuy.com is designed to help shoppers find the lowest prices on electronics, video games and computers.

LogicBuy.com uses its community and a team of editors to rate submitted deals offered by popular online merchants. Editors look for the latest deals to post on the Web site while community members also shares potential great deals they have found in their Web explorations.

Deals, once posted, are voted upon in a “Hot” or “Not” style format. Those deals which get more positive feedback appear higher in the listings, while deals considered to be “Not” get buried because they are not considered as compelling.

Originally posted on July 26, 2007 @ 5:22 pm