Surveys by BrightLocal have shown that consumers today trust and rely on online reviews, with 97% of them searching online for reviews prior to making a decision. They equate businesses' with online reviews as those which can be trusted, with 87% requiring business to have a rating of 3-5 stars before they will use them. A ReviewTrackers survey further concludes that 94% of respondents have avoided a business because of an online review.
A case study on "Reviews, Reputation, and Revenue" by Harvard Business School observed that "a one-star increase in star rating leads to a 5-9% increase in revenue, whereas one negative review can cost a business, 30 customers”. Whilst online reviews have a huge impact on the reputation of businesses, there are problems and challenges with the online review system that limit the usefulness of online reviews as a tool to manage online reputation. These include polarisation bias (where reviews are skewed towards extreme values), fake reviews, censorship (modification of reviews for commercial purposes), and the lack of privacy (where reviewers have no control over what information about being revealed or received).
QashBack connects consumers, merchants, and advertisers through an incentivised online reputation management platform for transparent interactions and ease of mind on data privacy issues. QB provides a decentralised ecosystem based on Ethereum blockchain technology that allows all stakeholders to interact, connect, and transact with each other securely and privately with no third party intervention. The QashBack Token ("QBK") is ERC20 compliant and is used as the clearing and utility token for all transactions performed on the QB Platform.