Last month I wrote about the importance of implementing consumer feedback systems on your website.  A study conducted by Compete had found that, among other things, twice as many consumers found customer feedback a more reliable source of information than the company behind the website or the product.  The study also suggested that people were more likely to make purchases from websites that offer product reviews and other forms of CGM (consumer generate media).

Internet Retailer has a brief write-up about the success several companies have had with implementing customer reviews on their sites.

Overstock.com says that conversion rates on products with customer reviews are as much as 20% higher than products without said reviews.  Overstock recently threw out its own customer review system and switched to a hosted service by Bazaarvoice, Inc. which gives the retailer more control over the questions consumers are asked about the wide variety of products sold on the site.

Similarly, Bass Pro Shops says that conversion rates are up 20-30% since the company implemented a customer review system.  The company's director of operations and direct marketing told Internet Retailer that his company recognized the fact that customers "would rather believe other customers than the retailer any day of the week".

Evogear.com has attributed much of it's recent growth to the installation of a consumer generated media system that allows customers to upload digital media along with their reviews.

If you sell merchandise or services, you really should have some sort of review system in place.  Bass Pro's director said it best:  customers trust other customers more so than companies.  Customer reviews can not only help you sell more merchandise, but they can also help you plan future inventory buys.  If something you sell is getting horrible reviews, get rid of it and introduce something else.  Reviews and feedback forms are some of the easiest, most cost effective ways for companies to gather that valuable consumer opinion.

Take advantage of it.