Not responding to feedback could cost businesses revenue

The research indicates consumers are satisfied overall with their experiences on ecommerce sites, but they tend to be more fickle.

Businesses that fail to appropriately respond to customers could be losing out on valuable sales, explained Arthur Goldstruck when he recently presented the findings from MasterCard's worldwide online shopping forum in connection to his findings from a World Wide Worx study. The research indicates consumers are satisfied overall with their experiences on ecommerce sites, but they tend to be more fickle.

Goldstruck said that ecommerce consumers tend to give up on web-based shopping if they have a bad experience. The key concern is now whether a customer will receive the correct product they ordered, according to Business Report.

Another way businesses lose online customers is through poor customer feedback, such as word-of-mouth reviews and patrons' personal experiences posted to social media sites. More than 75 percent of shoppers said they review a product before purchasing. Although traffic on social networks gives customers transparency into the company's reviews, it also provides businesses with an opportunity to improve customer satisfaction and loyalty.

Brands can use their accounts on social sites to manage crises and respond to negative reviews, according to Business 2 Community. This gives customer service teams the opportunity to show clients they care about the quality of their products and performance, proving the company is taking an active interest in its customer relationship management to correct mistakes.