EWOM and Ecosystems: LJ 9
I found this week's readings very intriguing, going to very good details about social media ecosystems and EWOM (electronic word of mouth). I had no idea what EWOM meant at first but it is just a Word of mouth or a kind of review. A review can be considered an EWOM or comments you see under a TikTok of someone explaining a product. Personally, I always use EWOM when buying a product, or trying to find something to watch. EWOM is especially useful and can keep people from blindly watching or purchasing something and being extremely disappointed. EWOM is greatly beneficial to both consumers and companies as well. According to Luca in Reviews, Reputation, and Revenue: The Case of Yelp.com, “A one-star increase can lead to a 5-9 percent increase in revenue for restaurants”. EWOM helps customers determine what they should and shouldn't get, as well as helping businesses gain customers. A small increase in positive EWOM can increase sales of products or views. When it co...