Consumer Generated Media - How peer reviews highly influence consumer buying behaviour

Here is something which corroborates my thoughts on Opinion Leaders and CGM and The era of the empowered consumers-
A report published at ReportonBusiness.com about Online Buyers scouring for deals

The findings of the report include-

1. More and more online buyers are turning to peer-reviews for product related advice, before adopting a product.

"When asked to note their most trusted information source, sixty per cent of online buyers said consumer reviews compared to 31 per cent who said newspapers or magazines."

2.Large no. of online buyers indulge in comparison shopping and use social networking sites to do so.

3.Online buyers are early adopters of social networking such as writing or reading blogs, customer reviews, and community websites. They're more likely to share their opinions and give reviews online than people who shop the old-fashioned way.

4.As social netwroking sites abound with users, they will be areas of most potential for e-commerce.

5.Embracing advertising in the web's community sites appears to be very promising for marketers.

Hope the heads of the organisations (The customer was king....)hesitant to adopt CGM as a promotional tool are listening!!!!