TLDR: Comparison is an equalizer in online shopping. Whether you’re buying makeup, gadgets, or planning a trip, comparing options makes sure you get the best deal. The same applies to sellers who can get exclusive deals showcased to the public increasing sales conversion.
What is the purpose of comparison shopping? Why It Matters for Smart Buyers
Do you remember the last time you wanted to buy an appliance or beauty product online? You wanted something affordable and of good quality, right? Did you score the best deal, or did you end up making an impulse buy? A survey by Ask Your Target Market shows that 78% of customers use comparison shopping when shopping online.
Comparison shopping websites are a great way to get the most out of your online shopping experience. This is the age of the internet where information about anything is a browser search away. Of course, not all purchase decisions require comparison for instance, you do not need extensive research to buy toothpaste. However, it makes sense for consumers to compare cosmetic skin products, automobiles, vacation trips, and even home decor.
Comparison shopping plays a big role when making informed decisions.
There’s more—
In this article we shall look at:
Understanding Comparison Shopping
What is the purpose of comparison shopping
How comparison shopping works
Features of comparison shopping tools [online shoppers+sellers]
Tips for effective comparison shopping
Summary: Comparison Shopping
Frequently asked questions
Are you interested in ways of enhancing your Shopify ecommerce experience? You can check out the following articles:
Now, let us dive deeper into the importance of comparison shopping.
Understanding Comparison Shopping
Comparison shopping is where you search through different stores online to arrive at a specific product. A search can be done on a shopping website, a popular search engine, or a price comparison app. Here prices are compared while cross-checking different retailers.
Internet accessibility has created a highly competitive ecommerce space. Search any product online and multiple alternatives show up, narrowing your decision-making process to features and pricing. From a buyer's view, never before has choice been more abundant and empowering when shopping.
Today there are several comparison shopping sites. Some allow you to sign up and receive alerts when it hits the lowest price. However, not all are similar as some are set up by manufacturers when promoting their products. Others only list or showcase the products of sellers who pay them. Only narrow on comparison shopping sites that are reputable.
Fun fact: The measure of a good purchase is always value for money. Whether at a physical store or over the Internet comparison shopping is the same.
Now let us look into what is the purpose of comparison shopping.
What is the purpose of comparison shopping?
When comparison shopping take advantage of sales, discounts, and other special offers. If you run on a sensitive budget, comparison shopping prevents you from going over. For instance, when you compare two products, you will quickly look at their reviews and what customers say about them. Customer reviews are the strongest form of social proof, helping you decide if the product is the best choice.
Healthy competition is where consumers have a wide range of options when making buying decisions. Online store owners like comparison shopping because it brings in more customers when used correctly. If they maintain competitive pricing, their products will compete favorably.
How comparison shopping works
Let’s imagine a customer is looking to buy a certain product and how they would go about comparison shopping.
How much does the product cost?—comparison shoppers will be looking at pricing, delivery charges, warranty, shipping, taxes, and other fees
What’s the catch?—Are the additional terms behind this ‘bargain ’ for instance, do you need to buy goods exceeding a certain value before you qualify for the ‘offer?’
Read through the product description—check out for words like “vintage,” or “refurbished” which could mean a product is not brand new. Expensive products sold at unrealistic low prices could either be knock-offs or stolen.
Is there a price-matching policy?—different brands match their competitors’ prices or even go lower than what you find online.
Customers also pay attention to the return policy and what form of record keeping or receipts are required for this.
Features of comparison shopping tools [online shoppers+sellers]
Comparison shopping is useful for both buyers and sellers. Buyers are always wired to scout for the best deals that save them a buck. On the other hand, sellers use them a lot to get new customers.
Let’s check out the features of comparison shopping for both buyers and sellers:
To shoppers
Updated pricing in real-time—customers only get to see the latest prices when an adjustment is made ensuring they never miss out on limited offers.
Price history trackers—information graphs on the ups and downs of the price of a certain good can help you predict the likelihood of a downward turn and prepare to make a purchase.
Price notifications—those who are patient can set a tool to notify them when a product hits the best price and influence them to take action.
Barcode scans—this tool on your mobile allows you to scan any product’s barcode and immediately runs a price comparison with other online platforms.
Reviews and ratings—learn what other buyers think about a product and whether they are looking at other merchants or items.
Shipping times—this information is handy as where shipping is free or significantly low, it can offset the higher price charged for a product.
To sellers
Easy to integrate—the tool must simplify adding and regularly updating product listings on the ecommerce store.
High user engagement—the platform you work with must web significant web traffic to increase the chances of converting more.
Analytical tools—price comparison websites give insights into how listings perform against competitors, helping you strategically adjust your prices.
Presence of ads—in some platforms your products can be placed strategically or advertised at a fee.
Tips for effective comparison shopping
Whether you intend to buy or sell a product, here are ways you can utilize your price engines effectively.
Shoppers
Look up prices on multiple platforms
You need to check several comparison sites to do a proper price search. Sometimes, stores make special deals or partnerships with comparison sites so limiting your search to one might make you miss out.
Always judge a deal with the final purchase price
You can only tell if you landed a bargain after all purchase costs are added up. This includes taxes, shipping, and return policy.
Price notifications
If you are a patient shopper, set up a price alert and take your time. You will get notified when the price of a certain product drops and special deals are updated.
Sellers
Perfect your product feed
Have a well-formatted product category feed that delivers a strong user experience. All images must be of the right product quality while text descriptions should remain short and accurate. Set your prices to compete favorably while still maintaining your bottom line.
Utilize platform insights
If the comparison platform shares user data with you, use it to enhance your listings. Information is power, and acting on it strategically is necessary to maintain an edge over your competitors.
Boost product visibility
Explore the benefits of the premium features on a comparison site to see if they increase conversion. Some platforms showcase your product features while others promote your listings. If the benefit outweighs the cost of the advanced subscription, go for it.
Summary: Comparison Shopping
To an indecisive buyer, comparison shopping helps with smart decision-making. Purchases are always based on value for money. The only way to guarantee that are making a good choice is by knowing that had you spent an extra week or two shopping for a better deal, you would still arrive at the same conclusion.
Business owners know that comparison shopping is not just about getting potential customers cheap prices, rather the deals and bargains pull in wider audiences and increase customer satisfaction. That is why ecommerce stores are integrating comparison shopping tools such as Lookfor Sales Assistant on their sites to help buyers find what they are looking for. AI-powered software solutions bring out the benefits of comparison shopping to users online.
Frequently asked questions
How do websites that compare prices work?
Consumers use price comparison websites like curated search engines that pull up current product information while displaying offers from various retailers. Specific details on how one product differs from another are also captured. Some sites have product tracking functionality that notifies customers of favorable pricing changes.
Comparison sites have certain terms and rules for listing products on feeds. You might need to pay a fee or submit content for the products listed. Using insights from comparison apps can help in strategic planning.
What are the top comparison shopping engines?
Google Shopping
PriceGrabber
Bing Shopping
Shopbot
PriceSpy
Become
Shopzilla
Yahoo Shopping
Which Shopify tools are the best for comparing prices?
Lookfor- Product finder
Prisync
PriceMole
Price Comparison and Affiliate by Arrow
Equate - Product Compare
Lengow
What other things should you think about when comparing prices?
When comparing prices, think about where the products are shipped from, the quality of the products, the brand name, and the material they are made of.
