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What is a Reputation System?

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A reputation system is a technology that allows customers to rate a business or peer. For example, a reputation system may allow for ratings and comments about hotels, restaurants, ecommerce sellers, contractors or peers in a sharing economy interaction.
Popular reputation systems are known to transform industries, driving unpopular businesses to make improvements or lose customers. As such, they tend to drive economic improvement.
Reputation systems are also essential for peer-to-peer business activities as they allow individuals to establish a reputation to gain trust with potential clients.
Overview: Reputation Systems
Type
Information Technology
Ecommerce
Definition (1)
A system that allows customers to rate businesses or peers for their performance in a transaction or commercial relationship.
Definition (2)
A system that rates businesses or peers based on an algorithm or customer rankings, ratings and comments.
Value
Allows businesses and peers to establish a reputation.
Drives improvement as highly rated businesses are rewarded with greater demand.
Related Concepts
Ranking vs Rating
Business Models
Competitive Advantage

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