The social media agency Immediate Future has released a new study that shows that product reviews are quickly becoming the preferred source of information for consumers.

Nearly a quarter of consumers identified product reviews as their favorite source of information before making an online purchase. The most popular item is still search terms, which received 33 percent of the consumers' votes, while on-site product information received 27 percent.

More than half of the survey respondents indicated that they had created a product review in the last month, suggesting that product reviews are on track to become the top resource for online shoppers.

"The social shopper is not just a buyer - they are also an expert, critique, influencer and potential advocate," said Adam Lewis, director of Immediate future. "The purchase process of the social shopper is heavily influenced by the opinions and experiences of other consumers - even if they are complete strangers."

According to Consumer Reports, there are many strategies one can employ to find the best deals and save online. The source suggests comparing prices, finding local sales and seeking out specialty sites to save money .on the web.