Since most of the reviews shown on the company's website will be positive, I think the customers are more likely to go through other standard review sites (or depend on google reviews or yelp) to look for feedback. I think that space can be used better.
If you want to get more knowledge on how reviews affect the credibility and conversion rates, Read This : https://conversionxl.com/blog/user-generated-reviews/
Now, my views on it: I would have said Yes if you would have asked this question to me 2 years back, but now it's a personal no.
Your point of many positive reviews is pretty valid because now-days marketing companies or even the website owners allow or post fake reviews hence people feel much worse after the product doesn't meet their expectations.
Now, what is the solution to make people trust your product and in turn increase credibility?
Show people statistics. That your product is used by 100,000 happy customers. 100 more customers are currently tieing up with the product. How many customers have referred your product to others. Which all part of the world your product is used in.
People are more responsive to statistics than some random vague statement. Show them how many customers have paid membership. That automatically implies your service is pretty good and credible.
Now if you belong to a new or young company. Brief the user about your working pattern and initial clients, how you solved their problem and how happy they are.
If you want reviews to increase the credibility, you need to do it the right way or an interesting way.
Hope this helps :).
Yes, showing reviews increases credibility. They are called testimonials and they go hand in hand with the concept of social proof.
A lot of people feel uncertainty and doubt when they buy something for the first time. Completely natural; you don't know what to expect yet and you don't know if it's the right decision. Reviews help with removing that sense of unease. We are social creatures and we tend to match and imitate the behaviour of the people around us. If other, similar people are doing this and they're happy with their decision, we should probably do the same, right? It doesn't matter if its a person you've never heard of. You still assign value to their opinion all the same.
We tend to trust online reviews and testimonials as much as recommendations from people we know. Whether testimonials are presented with text, video, or include a picture of the sender’s face, they offer social proof giving your value claims more legitimacy.
Only showing positive reviews is not necessarily a bad thing, as long as the content is genuine and the testimonial is made by someone similar to the type of users you have. People understand you want to show your good side to them, but they will question you if reviews sound fabricated.
90% of online consumers trust recommendations from people they know; 70% trust unknown users, 27% trust experts, 14% trust advertising, 8% trust celebrities (Econsultancy, July 2009, Erik Qualman, Socialnomics)