What You Need To Know About Price Comparison Sites
The world is a strange place from what it was 50 years ago. Within the last few decades with the widespread adoption of the internet, the world as a whole changed. The internet and computer technology has revolutionized every aspect of society. One of the perks of having the internet and a small computer in your hand aka your Mobile is that you can shop online.
That’s how E-commerce platforms were born. Within the E-commerce platform, there have been countless innovations. One of the biggest innovation within this sector is the price comparison search engine. There are plenty of price comparison sites on the internet.
This is because customers are always looking to get the best value for money in their deals. Price comparison tools help them achieve this. Allbusiness.com states that 62% of online shoppers use comparison shopping to make their purchase decision.
On top of that, it has been seen that online shoppers who use comparison shopping are 25% more likely to buy than those who don’t. With such great potential for business here are you surprised that so many price comparison apps and websites have popped up?
So price comparison sites are great for the customer and great as a business idea that much we did cover. But what makes a good price comparison site into the best price comparison site in the US or the world even?
Within the following passages, we will be diving into the details of online price comparison tools utilized apps and websites. We will also look at a few tips that can make your price comparison site standout amongst the rest. So let us begin!
Table of Contents
- 1 Price Comparison, What Is It Really?
- 2 How Do They Work?
- 3 How Does Price Comparison Help Retailers?
- 4 Some Cool Price Comparison Facts
- 5 How To Optimize Your Online Price Comparison Site To The Fullest
- 6 Understanding the Competition
- 7 Reviews
- 8 Don’t Give Up
Price Comparison, What Is It Really?
So the idea is pretty simple. You compare prices between two or more products across different outlets, platforms, and brands. This way you get to find the best deals on the internet. I mean we all love saving money.
And online shoppers developed this trait when the market was flooded with a variety of different options. Now with a plethora websites adding price comparison tools and deals on their websites shoppers find it really easy to get value out of their purchases.
Nowadays you can comparison shop for almost anything. From flight prices, or hotel prices for a vacation to grocery shop product prices to auto parts. Everything that can be bought can be used to compare with its contemporary, online. The advent of this technology has helped people get the biggest bang for their buck and it is most definitely here to stay.
How Do They Work?
Basically, a price comparison tool pulls up information about a certain query a customer made. This means when someone searches for a product the price comparison tool brings up all the list of the retailers who are selling it. The customer can then check out the retailers to find which retailer to buy from based on reliability, quality, and most importantly price.
There are many price comparison tools where you would need to scan a code to get the details but most use a keyword-based search system. ScopePrice app has both and you can use any of the features to find the product you need. You need to remember that customers are pretty savvy now, they will not go for overpriced products that they can get for much cheaper somewhere else.
This is why when you open a store you need to make sure you price accordingly. However, do not think I am telling you to lower the prices so that you can attract customers. Getting the best deals mean getting the most cost-effective deal. You just need to make sure that you are offering the most cost-effective deal.
Also, the customers who are going to buy will usually be using a price comparison website to do their research so make sure you are the best deal around.
How Does Price Comparison Help Retailers?
Price comparison websites help out retailers in a number of different ways. One of the ways it helps out is by making sure yours is the best deals around. When people are shopping they are always looking for the best deals.
When using a price comparison tool you will be able to see what prices are attracting the best sales numbers. With these numbers, you will be able to determine how to carve out the best deals you can offer for the customers. Also, if you are a retailer you need to know if your products are popular or not.
This is how you can measure your store’s growth and value. One of the easiest ways to determine that is to find out if your products are being featured on price comparison websites. If you see you are being featured on price comparison websites then you would need to find out who is offering better prices than you.
However, if you find out your brand is not there but the products you sell are even though you are offering better prices then you are just losing money and brand value. You need to figure out how to be featured in those sites. A blog from Orbelo might be able to help you out here with the pricing. With the price comparison sites, you can also find out who your competitors are.
Nowadays, there is a lot of competition. You need to stay competitive to be in business. One of the best ways you can do it is by using price comparison tools. You can easily find out who your competitors are and compare your brand with theirs. This will give you an upper hand on how to approach the business.
So another way price comparison tools can be utilized by retailers is if they are used to figuring out the best price for the product. How one does this is by looking up competitors in their niche. You can compare your brand with your competitors to find out what sort of pricing they are offering.
Then you will be able to determine what sort of pricing the customers are attracted to and price the products accordingly. All this will actually boil down to what the final point is going to be. Which is basically setting the price of your product. Price comparison helps you understand the product and its market rate.
You can look at the average price of what your competitors are selling the product for. With that, you can find out the industry standards and know where you stand on pricing the product. You don’t necessarily need to offer lower prices to be competitive, remember if it affects your margins severely then you are better not changing the price.
Some Cool Price Comparison Facts
Often times with blogs like this people don’t tend to believe the writers, nor should you. So here are some cool facts about price comparison online. Studies have shown that 81% of customers research products online before buying.
On top of that studies have also revealed that 80% of people compare prices online even if they are making the final purchase in stores. Another cool fact is that customers go to at least three different websites before making a decision.
This basically depends on the amount of money the customer is going to spend. The more money they are going to spend the more websites they will check out. On top of that customers will most definitely check out the prices on big marketplaces like Amazon, Google, and others.
This is where the services of a price comparison website are required. And as you can see this is why their demand is so high in the e-commerce platform. Remember 70% of shoppers use Amazon to compare prices. This is how they judge where they will get the best value.
How To Optimize Your Online Price Comparison Site To The Fullest
As you know already that price comparison tools are becoming the norm in the US and the whole world in general. So if you decide to get into the world of price comparison then you need to know what you can do to get the best result out of your price comparison website.
The following passages will cover a few steps you can implement to make your price comparison website function to its fullest capability.
Getting More Out Of Your Ads Budget
As you saw already that 62% of all online shoppers use price comparison sites. Also, they are 25% more likely to spend. This gives price comparison sites a good head start when it comes to attracting visitors. However, the best way to sustain visitors is to have a concise and targetted ad budget and campaign.
You can do this by maximizing the output of your ad campaign. Here analytics come into play. You need to analyze your business vertical and competitors. On top of that, you need to find out what your website is getting the most hits out of. Once you are done analyzing the raw data you need to find coherence or pattern within the data that can have a meaningful impact.
Now, this is where you can use your cost-per-click (CPC) or pay-per-click (PPC) budget concisely. By making sure you implement the finding from the data into your ad campaigns. By targetting specific keywords and products you will be able to maximize exposure and have meaningful visitors who have a higher rate of purchasing a product.
SEO Ranking Efforts
Well, you know that the digital world hierarchy is decided by who ranks at the top or near the top. SEO is one of the quintessential need of any online business especially, a price comparison site.
Make sure you use the right techniques and methods to build up a great SEO profile so that you rank best or near the best for the target audience you want.
Understanding the Competition
Understanding the competition is basically understanding the market. When you look into your competition you will be able to understand what they are doing to bring in visitors. This is a valuable insight as it will give you ideas on how you can bring in visitors yourself.
You should do a mixture of both, you should follow their best practices and innovate and build ideas that are completely unique to you. This way you will be able to offer your customers something your competition isn’t.
Businesses are built on great reviews. So price comparison sites make sure that they implement a feature for visitors to look-up the reviews of other customers who bought the product. This builds a trust value for your price comparison site. Visitors coming in will know that you are dedicated to helping the customers get the best value for money.
You can even try to integrate review sites and even reviews from major marketplaces like Amazon and eBay. Your business should be built on trust and customers should always feel safe with their decision when they are on your site. You can model your price comparison sites after industry leaders like PriceGrabber, Shopzilla, Shopping.com, and PriceRunner.
Don’t Give Up
So these are some of the most important things you needed to know about price or shopping comparison websites and what makes them function. It’s always good to remember that even when you are trying your best it may take time. Remember you cannot gain trust overnight. So you have to be patient when expecting returns.
The initial response might be lower than expected but if you keep up with the efforts you will be well on your way to becoming one of the best price comparison websites in the USA. For research purposes, you can look up our blog on the best price comparison websites around. With that being said we will end the discussion here.
We have covered everything here from our knowledge and experience working in the field. If you feel like we missed something or if you have any other queries leave a comment below. We are always looking forward to your input, suggestions, and thought on the topic.
Also, let us know what sort of topics you want us to tackle next. With that being said I will bid my Adieu, Until Next Time!
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