Consumers rely on niche rating systems for purchasing decisions
Implications - Today's informed consumer is not satisfied with a product's own claim for quality and instead, is relying on open rating systems and crowdsourcing for purchasing decisions. Rating apps are thus being released to assist in an array of choices. This allows for more transparency with a product or service's claimed quality.
Trend Themes
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Crowdsourcing and Open Rating Systems — Consumers prefer open rating systems and are relying on crowdsourcing for making purchasing decisions.
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Social Apps for Sharing Opinions and Ratings — Social apps that help users share their opinions and ratings with others are becoming more popular.
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Mobile Apps for Personalized Recommendations — Mobile apps that provide personalized recommendations based on user preferences are in high demand.
Industry Implications
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Retail — Crowdsourcing and open rating systems can help retailers provide more transparent and credible product information to their customers.
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Hospitality and Travel — Social apps for sharing opinions and ratings can help travel and hospitality businesses improve customer experiences and build brand reputation.
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Technology and Mobile — Mobile apps for personalized recommendations can help technology and mobile companies improve their value proposition and increase user engagement.
