Question of the Day: What do 98% of consumers do prior to buying a product?
Answer: Read online reviews
- Why do you think that so many people want to look at reviews before making a purchase?
- Do you check online reviews prior to purchasing products? How do you know if reviews are credible?
- Do you vary the amount of time you read reviews based on the cost of the item that you are looking to purchase?
Behind the numbers (re: Charity):
"We are generally uncertain when it comes to making decisions. That’s why 98% of us consult online reviews before we buy a product nowadays (according to Cialdini). Knowing that others have supported or purchased helps give us more certainty."
Interested in behavioral finance? Be sure to check out NGPF's Behavioral Finance and Psychology of Money Certification Courses which will be offered this summer. Check out the schedule here.
Did you know that we have a mini-unit on Behavioral Finance? Check it out here.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
To get access to NGPF answer keys, assessments, and teacher-only resources: create a FREE Teacher Account