In today’s business world, the power of the crowd is one of the things that seems to be influencing consumer purchases decisions. Arguably, today’s buyers look up to crowd-sourced reviews to the extent of trusting them to with the finality as if it were a recommendation from a close friend or a relative. This trend consequently has led a number of brands to come up with review-centered strategies to market their products.
One business that is leading this pack is Fabletics. According to Shawn Gold the corporate marketing officer in charge of Fabletics parent company, TechStyle Fashion Group, since the formation of Fabletics in 2013, this company has been able to grow by 200% to revenue figures of $235 million and a million subscription users. According to the executive, a big chuck of this success can be attributed to the fact that the company has been able to embrace the crowd or the users’ reviews. Fabletics aside, the crowd has a direct relationship to customer loyalty, retention and acquisition. The following is how Fabletics as a brand stands to benefit from the power of the crowd.
The current trend is that customers trust reviews
With the advancement in technology, everybody is going digital. This factor has given a significant amount of power to the decision making process of people. Even before an individual makes their purchases, a majority of them will already have made their minds from the many reviews they will have read.
An intriguing fact is one done recently by BrightLocal study. This research found out that 84% of individuals who go through online reviews trust these sources as if they were from people they knew on a personal level. It further suggests that this statistics keeps on increasing every year.
With good reviews come increase of revenue
Fabletics brand is one of the business that has greatly and continues to benefit from this point. Trustworthy online reviews have a tendency to increase the business life at any given point. This review helps to drive SEO ranking attracting more customers in the business consequently leading to improved revenues. Therefore, as part of their business strategy, current businesses are integrating reliable reviews into their product listing as part of their approach to earn repeat and loyal customers into their businesses.
Online review options have become popular than before
In addition to being popular, there has been an influx of online review options compared with the previous years. This has helped businesses such as Fabletics easily tap into these potentials hence optimizing on their revenues.
According to Fabletics and TechStyle Group, the power of the crowd could not be any more helpful in its operations. With the above-mentioned benefits, this business has been able to grow on its client base and loyalty status consequently helping it build on it revenues margins.
About Kate Hudson
Fabletics is an activewear fashion brand lead by Kate Hudson who doubles up as its co-founder. Kate is an instrumental component in the growth and stability of the business as she is involved in daily operational activities of this company. With her at the helm of leadership, a lot is to be expected.