Chances are that many of us won’t go to a restaurant without first checking it out at restaurant reviews sites, haven’t bought a product without reading the customer reviews on Amazon and haven’t booked a vacation in a new location without obsessively reading reviews on several websites.
Another reality is the importance of recommendation system: 35 percent of what consumers purchase on Amazon and 75 percent of what they watch on Netflix come from product recommendations based on such algorithms.
Consumer’s decision making on purchases has changed dramatically. For the average consumer, peer recommendations or recommendation systems carry at least ten times more weight than recommendations from salespeople or corporate marketing messages.
In groceries, 40 percent of consumers purchases in the store are influenced by the internet (research, recommendations, peer reviews, friends and family opinions).
Especially the younger generations, they like sharing with their friends. They do it often in social media. They share everything. They like their opinions to be heard – good or bad - as well as like to hear from others. They are used to researching everything online and tend to buy nothing without reading recommendations first.
The Market Radar is adapted to these new consumer buying habits of proactively seek referrals from peers before making a purchase, and interest in recommendations technology.
With the Market Radar consumers can share their shopping experiences and we encourage them to do so for the benefit of others. It is very convenient and easy to find out what your peers are thinking about a product or store.
The Market Radar is equipped with advanced technology to make deal recommendations / notifications, based on individual consumer preferences.
If you are not using it yet, we encourage you to learn about our method here, and to download the Market Radar here. It is free.
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