Show Me The Money: Bazaarvoice ROBO Study Pinpoints Review Value for In-store, Online Buys
In partnership with 20+ global retailers in the Bazaarvoice network, the consumer-generated content experts evaluate the effect that Research Online, Buy Offline (ROBO) has on retail revenue
AUSTIN, Texas, March 8, 2016 — Bazaarvoice Inc. (NASDAQ: BV), the network connecting brands and retailers to the authentic voices of consumers wherever they shop, today announced the results of a study focused on consumers who research online, buy offline (ROBO). The study, which strove to better understand the directional impact that reviews have on in-store purchase behavior, included data from more than 20 of the leading retailers across North America, Asia-Pacific, and Europe, and looked at consumer behavior across hundreds of brands and product categories.
“Seeking out the opinions of like-minded consumers has been a central component of an informed purchase journey for decades, but as a percentage of shopping has moved away from the physical store, many brands have focused their efforts on the online researcher,” said David Moon, VP of Strategic Consulting and Global Pre-Sales at Bazaarvoice. “We are bringing additional credence to the notion that online consumer-generated content greatly influences the in-store shopper, and has a significant impact on in-store revenue.”
In addition to creating a clearer picture of purchase behavior in an omnichannel environment, Bazaarvoice has developed a ROBO Multiplier, derived from retail data, which helps brands and retailers better identify the in-store revenue impact in relation to online content. Using a patent pending process, the ROBO Multiplier quantifies the in-store revenue influenced by reviews for every dollar that is influenced online.
In the first 10 months, Bazaarvoice analyzed more than 2.2 million data points and found that across all retailers and product categories, 39 percent of consumers who made purchases in-store read reviews prior to purchase, compared to 54 percent of online purchasers.
When drilling down to more specific sub-categories, Bazaarvoice found:
- Within the fitness tracker product category, 64 percent of consumers who purchased in-store read reviews prior to purchase, as compared to 71 percent of online purchasers.
- In the flat-panel TV category, for every dollar of online revenue that is influenced by review content, reviews influence another $4.29 of in-store revenue.
- 28 percent of consumers read reviews of cookware before making a purchase in-store, compared to 70 percent of online shoppers.
This study is ongoing, and results will be updated as more data points are accumulated. For more information about Bazaarvoice’s ROBO study, visit http://www.bazaarvoice.com/ROBO.
Bazaarvoice is the world’s largest network of active shoppers, connecting more than one-half billion consumers monthly to thousands of retailers and brands that represent tens of millions of products and services. Online, in-store, and on mobile devices, Bazaarvoice’s technology platform engages consumers, increases sales, and protects loyalty through authentic ratings and reviews, Q&A, and brand-relevant photos, videos, and social posts. Interactions across the Bazaarvoice network yield insights on past, present, and future shopping behavior, enabling marketers to identify competitive advantage. For more information, visit http://www.bazaarvoice.com, read the blog at www.bazaarvoice.com/blog, and follow on Twitter at www.twitter.com/bazaarvoice and LinkedIn at www.linkedin.com/company/bazaarvoice.
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