05 Jan Blog: How Knowledge.io Allows For Better Product Ratings
Blog: How Knowledge.io Allows For Better Product Ratings
Product reviews are popular online. Think Amazon. But the system is riddled with flaws.
Strangers with fake profiles write false reviews. Sales pitches disguised as advice are posted. Uninformed opinions distort product descriptions. And on and on. As a result, consumers skip reading the reviews altogether because they don’t trust the information on their device screens.
The Knowledge.io ratings system, however, identifies reviewers who have relevant knowledge that can help consumers improve their buying decision. “The platform gauges the interest level of a particular user about a topic based on the sum of scores for correct or incorrect answers provided through a series of different questions,” says a Knowledge team member.
It’s simple but can be powerful in making the marketplace behave efficiently.
Users answer a series of questions about a certain niche, and through their interaction, people identify themselves as beginners or experts, and anything in between. Those who attain high Knowledge Scores are deemed experts who qualify to leave valuable feedback about products and services.
In effect, the expert reviewers become influencers in the marketplace by sharing insights that matter. In exchange for their effort, stakeholders (such as advertisers and marketers) can reward the experts/influencers with KNW tokens that can be saved, traded or spent in a marketplace.
Over the past two decades, media platforms have democratized to allow anyone to publish, tweet or record a video. But decentralization opens a Pandora’s Box of false or biased information. It creates a need to strike a balance between openness and truth.
Unfortunately, a significant number of reviews are fake or written by competitors, harming consumers and their wallets. The lack of trust does significant damage to the marketplace. Unhappy customers whose expectations are unmet return billions of dollars of goods each year. Merchants pay costly chargeback fees. One or both parties pay extra shipping costs.
Knowledge.io builds an incentive against false information. Experts can earn more tokens to spend in the marketplace by publishing helpful reviews. “Because the KNW token is used in conjunction with a Knowledge Score, respondents can be vetted and compared using objective metrics to determine their relative mastery of the subject matter in question.”
The system gives advertisers and merchants the ability to target reviewers who can provide the best opinions. In other words, advertisers can target experts in a particular topic through keyword searches. For example, a car expert might know a lot about Toyotas and Audis, but not Mazdas. As a result, those advertisers can gain a better idea about who to provide promotional material to and at what point of the knowledge journey they can be most effective for the brand.
“By understanding the knowledge of audience segments, advertisers and other parties can craft knowledge-appropriate messages for current or prospective consumers,” says a Knowledge team member.
Genuine reviews are key to improving the buying process. When reviewers are vetted and validated, consumers gain trust in the system. Openness may be good, but not anarchy.
Authors: Marvin Dumont, Patrick Stafford and the Knowledge.io Team
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