Reduces cart abandonment, increases conversion rates and speeds path to purchase
PARK CITY, Utah, April 14, 2021 (GLOBE NEWSWIRE) — Channel Signal, the leading aggregator of product reviews and analysis, today announced the Consumer2Consumer (C2C) Score, the first independent and unbiased review score located at the buy button.
Today, the two most significant challenges facing brands and retailers are cart abandonment and low conversion rates: 74% of online shoppers abandon their shopping carts, and the average conversion rate is 2.68%. The new C2C Score addresses these issues by providing consumers with all of the information and confidence they need to make purchasing decisions.
By providing consumers with independent, accurate, and unbiased guidance at the buy button, product reviews prove to increase conversion rates by 25% – equating to millions of dollars for online retailers.
“Channel Signal has been focused on product reviews and the insights you can glean from them for more than a decade,” said Paul Kirwin, CEO, Channel Signal. “Based on industry trends, consumer buying behaviors, and the insights we’ve gathered over the years, we saw an opportunity to empower consumers to make confident purchases while also giving retailers insights they can’t get anywhere else.”
Channel Signal collects, cleans, and validates thousands of reviews from all major sites, daily. An accurate and reliable score at the buy button drives faster and more confident decisions with fewer clicks. While other vendors syndicate reviews, Channel Signal ensures the reviews are accurate, relevant, and ready to drive confident buying decisions.
Besides helping brands and retailers drive incremental revenue, Channel Signal also works with leading publishers to feature the C2C Score next to the buy button in editorial product reviews and other product features. Outside Media, the world’s leading creator of active lifestyle content and experiences, has partnered with Channel Signal to drive strong conversion rates. A major product for Ski Magazine experienced 5x click-throughs in one pilot project when the C2C Score was next to the buy button.
“We have partnered with Channel Signal for our Gear360 program and the initial results are really encouraging,” said Sharon Houghton, VP, Sales & Strategic Partnerships, Outside Media. “They have built an aggregated score of consumer opinion at the Buy Button. Now our expert and tester opinions are matched with consumer opinion to give a 360 degree look at product performance for our members – and it’s working.”
The Platform: For Brands and Retailers
The new C2C Score is the latest product review innovation from Channel Signal and built upon years of research and development of the company’s powerful platform. Given the millions of reviews collected through its platform, Channel Signal can uncover information and patterns for the first time. Brands and retailers get access to data and insights to make more intelligent actions based on shoppers’ purchasing decisions. They can either access the platform directly or integrate it into their current BI solution.
Platform benefits include:
- Measure performance at the buy button and across the marketplace
- Quickly understand consumer sentiment and feedback
- Utilize review data in predictive analytics models
- Get consistent, reliable human onboarding and support
- Build custom dashboards for superior reporting/organization
- Benchmark performance by defining custom KPIs
- Implement price monitoring
- Seamlessly integrate into any BI platform
Channel Signal also launched a new website today featuring the C2C Score, the platform, its unique capabilities, business benefits, and best practices. Channel Signal is also unveiling “Review Central,” a new destination for learning about the latest and greatest product reviews. It will showcase the latest news, trends, and practical tips for turning thoughts into revenue.
About Channel Signal
Channel Signal empowers retailers and brands to expedite the path to purchase by giving consumers trusted information for more confident buying decisions at the point of purchase, with fewer clicks – reducing cart abandonment and increasing conversion rates by 25%.
As an independent aggregator and verifier of online product reviews, Channel Signal collects, cleans, and validates millions of reviews from all major sites. An accurate and reliable score at the buy button drives faster and more confident decisions with fewer clicks. While other vendors simply syndicate reviews, Channel Signal ensures the reviews are real, relevant, and ready to drive confident buying decisions.