Trustpilot Experiences Record Growth as Businesses Harness the Power of Online Reviews

Company sees 80 percent year-over-year increase in revenue, secures $25 million in funding during momentous year

NEW YORK--()--Trustpilot, the leading review community for online shoppers, witnessed a year of exponential growth in 2014, marked by a 50 percent gain in posted online reviews and a 56 percent year-over-year increase in traffic to Trustpilot’s B2B websites. With 80 percent year-over-year revenue growth, the company increased its staff from 127 to 325 across its offices on three continents. In January 2014, Trustpilot received $25 million in funding, kick-starting a year of growth and propelling the launch of Trustpilot’s Product Reviews, which were made available this month to enterprise customers and via a plugin to Magento users. Like Trustpilot’s Seller Reviews, the Product Reviews increase trust and transparency between businesses and consumers, increase customer acquisition and retention, reduce product returns and boost SEO.

As the demand for online shopping increases, so does the necessity for verified, accurate consumer reviews. Today, 72 percent of Internet users in North America and Western Europe shop online, with an expected increase in the number of Internet users of 16 percent by 2018. With analysts predicting an increase of 79 percent in global e-commerce sales by 2018, building trust with customers via online reviews will become an even more critical ingredient for success, which is why brands such as JustFab, WordPress, StorageMart and RoadRunnerSports.com, among others, use Trustpilot to gain insight from customers and then use it to improve overall business operations.

“We began using breakthrough technology to pioneer the direct marketing of term life insurance more than 25 years ago, providing unbiased price comparisons from the highly rated insurance companies we represent and streamlining a traditionally lengthy and involved application process,” said Andrea C. Hatch, vice president of operations at SelectQuote Insurance Services. “We measure our success with our customers’ satisfaction. Trustpilot helps us stream clients’ testimonials on our homepage in real time, which proves our trustworthiness when it comes to one of the most important decisions people will make in life – their life insurance policy. Trustpilot’s open platform shares all of our reviews, positive and negative, as well as responses from our team, which show prospects and customers that we’re committed to complete transparency and are worthy of their trust.”

“According to a survey conducted by Nielsen, 68 percent of consumers use opinions posted online when making buying decisions. This illustrates how essential online reviews are for businesses that want to gain insights from their customers and improve the entire customer journey,” said Peter Mühlmann, chief executive officer of Trustpilot.

Trustpilot’s focus on transparency helps businesses ensure that the reviews their customers write are authentic and accurate, and that TrustScores are truly based on the wisdom of the crowd. The company’s 27-member trust and transparency department is dedicated to securing the trustworthiness of reviews with tools and strategies to fight misuse and fake reviews. With an open review community that supports discovery, acquisition, retention and advocacy, Trustpilot’s growth reflects the value of customer feedback for businesses, which generate up to 40 percent more revenue by using online reviews to create strong online presences, measurably improve business operations through voice-of-the-customer (VoC) initiatives, and foster trust among customers.

Additional resources:

Trustpilot blog: http://business.trustpilot.com/blog/were-gaining-momentum-update-ceo-peter-muhlmann
Customer case studies: www.business.trustpilot.com/customers/case-studies
eGuides: www.business.trustpilot.com/resources

About Trustpilot:

Trustpilot offers a global, multi-language online open review community that builds trust and transparency between consumers and businesses. Launched in 2007 and boasting more than 100,000 businesses and 12 million consumer reviews, Trustpilot produces a TrustScore for businesses based on recent reviews. Every day, more than 10,000 consumers join Trustpilot and every five seconds a new review is posted. The platform helps businesses generate actionable insight through real-time analytics of customer review data, which can be used to improve business operations, increase customer satisfaction and drive innovation. Trustpilot has customers in 65 countries and offices in Copenhagen, London, New York and Melbourne. Trustpilot was selected as one of Crain’s 2014 Best Places to Work in New York City with 300 employees representing 40 nationalities.

Contacts

For Trustpilot
Jessica Moog, 617-236-0500
trustpilot@metiscomm.com

Release Summary

Trustpilot sees 80 percent year-over-year revenue growth in 2014, increasing its staff from 127 to 325 across its offices on three continents.

Contacts

For Trustpilot
Jessica Moog, 617-236-0500
trustpilot@metiscomm.com