Strome Business Minute With Dr. Jeff Tanner

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. When shopping online, people use reviews but how depends on the situation. Strome professor Yuping Liu-Thompkins says consumers rely on how many people say they like it when the objective is to gain something good but when the product is bought to avoid something bad, the actual rating score is more important. So a stock broker is selected by how many people like it while an insurance agent may be chosen based on the rating score. But can we trust reviews? Amazon reported blocking thirteen million bogus or fake reviews last year. Reviews matter, as Yuping says a ten percent increase in rating volume yields a three point five percent retail sales increase while a ten percent rating score increase doubles that gain. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.