The first thing that customers check before buying a product from online e-commerce websites is discounts and deals on those products. With the increasing number of shopping apps and websites with each passing day, the price comparison apps play a major role in guiding the best price to customers for the products that they wish to buy. As the number of shopping websites is growing, the price comparison apps and websites are also increasing. Here in this article, we will how is it beneficial to use price comparison websites while shopping online.
What is a Price Comparison?
Price comparison is the term used when the price of one product is compared in different outlets, retailers and stores. Every customer likes to save money on the things they buy. Price comparison is the natural habit that helps in fetching the best deals from the online marketplace. With the wide number of price comparison apps available, it’s becoming easy for customers to find the best deals and discounts. Not just the prices of apparels but flight tickets, hotel bookings, and even grocery shopping from local marts is made easier with price comparison apps such as Fairbuy.
How do Price Comparison apps/websites Work?
A price comparison app works by comparing the prices of various products that are available online and sold by different retailers. These apps help in guiding you the right place to buy the product at a lesser price by checking the prices from different retailers. While some of the price comparison tools use the barcode to fetch the lesser price, the others do this job by allowing the customer to just type the name of the product that they wish to buy after comparing it over different online shops such as Flipkart Shopping, Snapdeal, Myntra, Amazon, etc. These tools display the information of the product from different retailers and the price that they are quoting for that product. These apps help customers with their research to save money while shopping online.
How Price Comparison is helpful for Retailers?
Helps in knowing the customers: With the use of price comparison tools, you can understand the pricing of your competitors. It also helps in understanding the prices at which customers are getting attracted and based on this information, you can set the discounts.
- Checking product awareness: To check whether your product is being used widely or not, then you can check its popularity from these price comparison apps. If your product or brand is listed on these apps, then it means people are buying it from various online retailers. You can also compare the pricing and offer better prices to further increase the sales of your product.
- Know Your Competitors: You can actually sneak through these price comparison apps that who actually is giving you the competition in the market. With a wide variety of brands showing up each day, it is important to keep track of where you stand and what you should do to become stable in this online shopping marketplace.
Interesting Facts and Figures about Price Comparison
- Approx 80 percent of online shoppers conduct price comparison via price comparison apps while shopping online.
- Approx 80% of customers do price comparison via these apps before finalizing a product even on local physical stores.
- There is a natural tendency of customers to compare prices of costly products on at least 3 websites before lending into any decision. This is the reason why the price comparison apps are mostly used to compare prices of costly electronics and gadgets such as mobile phones, air conditioners, refrigerators, etc. The widely used search query no wonders is the iPhone.
- A study by online shopping researchers states that customers do good research of products that they buy online to get the best deal. The present-day behavior of online shoppers depends on the efficiency of A study by the e-tailing group discovered that consumers highly value the ability to research a product before purchasing it, in order to find the best price guarantee. The current online consumer behavior is based on the competence of price comparison. They make smart decisions by using price comparison apps such as Fairbuy before making an online purchase.
- Approx 70% of customers rely on Amazon for comparing prices on a company’s website. The smart buyers know that the money saved is money earned that is why they compare prices of products available on every possible shop and pay the price they think a product to be worth. This gives them a satisfaction that they got the product at a fair price and they have not paid more for it