The review economy

The market size of the consumer ratings and reviews platform industry is projected to reach USD 15 billion by 2027 with an expected growth rate of 13.1% CAGR during the period 2024-2031.

Online reviews are the cornerstone of consumer trust in our digital age. They are the foundation of p2p feedback and provide invaluable information about the quality and reliability of local businesses.

A 2024 Brightlocal study shows that 97% of all internet users use online reviews for local businesses. 77% use them on a very regular basis. An earlier study in 2018, also from Brightlocal, states that 91% of consumers between the age of 18 to 34 are big believers of online reviews, trusting them as much as personal recommendations.

Some amazing statistics:

• Yelp receives 26,830 new reviews per minute

• Yelp had a total of 244 million reviews in 2021

• Over 178 million people visit Yelp every month

• Tripadvisor passed one billion reviews in 2022

• Tripadvisor had a pre-Covid annual revenue stream topping $1 billion

It is clear that the review economy has a massive impact on human behavior. The number of reviews, the existence of negative reviews, average star ratings, review frequency, and date & time - in relation to consumer experience, are all review-related factors that are of importance and contribute to this growing market. Despite this positive growth, the review economy faces some dark challenges.