Bazaarvoice adds 2.71% contribution to total revenue, customers can expect payback in as few as three months
Bazaarvoice, Inc., the leading provider of product reviews and user-generated content (UGC) solutions, today released an independent Total Economic Impact study conducted by Forrester Consulting. Commissioned by Bazaarvoice, the study results reveal the potential return on investment (ROI) enterprises may realize using Bazaarvoice, a financial metric especially valued amidst recession: 400% ROI, a $4 return for every $1 spent on the company’s solutions and services. The study also confirms the payback period of less than three months for time to value.
“We rely on Bazaarvoice for search equity. UGC creates a great avenue for us to get current content on our site and bring attention to our product. That helps us to rank higher in search results and get found better,” UX analyst, CPG (food).
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As part of the industry leading study, Forrester interviewed 10 key decision-makers at five brands and 4 retailers using Bazaarvoice across EMEA and NA. Key findings from the study include:
- Brands and retailers saw content coverage triple on product pages syndicated across retail sites: Bazaarvoice helps organizations to increase UGC coverage and quality for their products. This led to better conversions on product pages, showing 100% improvement from 2% to 4% and average order values that increased by 5%.
- Question and answer content helped increase conversions by 150%: Bazaarvoice helps businesses allow their customers to leave questions for their customer services teams to answer. This additional information improved conversion by 20%, reaching a rate of 5%.
- Conversion rate reached 200% improvement with social and visual content: Bazaarvoice provides the capability for its customers to include visual content from their social media accounts throughout their marketing efforts. When shoppers engaged with this content, alongside other ratings and reviews, the conversion rate rose to 6% for the composite organization.
- Conversion grew 300% when shoppers engaged with content from sampling campaigns: Bazaarvoice helps businesses create sampling campaigns to generate reviews from shoppers. Conversion rates on products where consumers interacted with UGC generated from sampling campaigns reached 8% for the composite organization.
- Improved productivity on UGC operations by 30%: Bazaarvoice’s assistance in integrating organizations’ systems with their retail network, authentication services, and moderation filters on content took significant lift off businesses. Teams were able to reallocate time toward focusing on areas of improvement for their UGC programs.
- In-store sales comprised 21% of total revenue generated: Shoppers used UGC syndicated by Bazaarvoice to research online and buy offline. Retailers tracked performance by surveying buyers after they made a purchase in-store, which helped prove the value generated for businesses by Bazaarvoice.
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“Businesses around the world are driven by profitable ROI, rapid time to value, and customer satisfaction,” said Keith Nealon, Bazaarvoice CEO. “We believe this independent Forrester TEI study validates what brands and retailers have gained as part of the Bazaarvoice program, supercharging their commerce engines with a minimum of 100% increase in conversions on products with UGC, a 3x increase in product coverage, and a 10x increase in content syndication of user-generated content through the unique Bazaarvoice Network, resulting in a 400% ROI on their investment.”