Price Comparison Function Offers Competitive Advantage
It works for insurance companies and perhaps it will
also work for e-tailers. The “it” is a comparison shopping function that
allows consumers to see how the site they are shopping on stacks up price-wise
According to a new study by the e-tailing group, Comparison
Shopping Is A Way of Life, 36 percent of consumers spend more than half
an hour comparison shopping before making a decision on purchasing a commodity
product while online. Nearly two-thirds spend at least 16 minutes.
consumers are using the Internet to find value, particularly when shopping
for commodity products. Efficiency of price comparison and the ability to
merely Google it, check Amazon’s prices or visit a few competitors is core
to today’s consumer shopping behavior,” said Lauren Freedman,
president of the e-tailing group, in a press release. “This survey certainly
shows that consumers would like the convenience of accessing such information
on any given retailer’s website.”
Sixty-three percent of consumers say they
would like to see competitors’ prices while shopping on a retailer’s website.
Seventy-eight percent of consumers said they would likely return to a site
that shows competitors’ prices. Thirty-six percent said they would be “much
more loyal” to the retailer
displaying the information as a result.
Questions: Will we see comparison-shopping tools begin to appear in large
numbers on retailers’ websites? Do you see more upside or downside
in providing a comparison-shopping app on e-tail sites?
- New Research: Onsite
Comparative Pricing (OCP) Paves the Way for Convenient and Confident Shopping