When looking for a great deal on a product, you may focus solely on price. But the price is just one aspect of comparison shopping. Here are five other factors to consider. Price comparison will help consumers find the best deal, increase website traffic, and outdo competitors. Using price comparison tools will also reduce the amount of cart abandonment. So, how to master the art of comparison shopping, and what are the benefits of price comparison?
Price comparison helps consumers find the best deal
While searching for a product online, price comparison engines can also help consumers find the best deals. Most customers who use price comparison engines have already decided to buy the item. Therefore, they simply want to compare prices to get the best deal possible. However, companies can exploit this and take advantage of consumers’ needs to find the best deal. Below are some price comparison engines that can help consumers find the best deal.
A study by the e-tailing group found that consumers value research and the best price guarantee. Price comparison is also important because of current online consumer behavior. Most consumers would Google the prices of a product to find the best price or use Amazon’s price check to find the lowest price. Comparison shopping engines and apps are meeting this growing consumer need. However, it’s essential to remember that price comparison is not the only benefit of comparison shopping.
It increases website traffic
Listed on comparison shopping engines, e-commerce merchants have seen a rise in traffic and sales. The comparison shopping engines enable direct competition among similar merchants by collecting quality product information from the web. These comparison shopping sites crawl shopping websites to collect relevant product links and prices. As such, they are the go-to website for thousands of comparison shoppers from all over the world. Therefore, listing products on comparison shopping sites will significantly boost your website’s traffic.
While it is essential to optimize your product pages for comparison shopping, you must also optimize your site for the comparison shopping engines. It is possible to do so by lowering prices or offering one-of-a-kind products. Comparison shopping engines are like the search engines for eCommerce, but they are crowded with competition. To be listed on comparison shopping engines, your eCommerce site must have unique products and check their categories to ensure that your listing is relevant to various product types.
It helps eCommerce merchants out-do competitors
The power of comparison shopping is no longer confined to the internet. Six in ten internet users check product availability before visiting a brick-and-mortar store. By offering a “local inventory” feature, a retailer can enable comparison shopping with the click of a button. Many retailers, such as Sephora, are taking advantage of this, which recognized that consumers were searching for product reviews and ratings online.
The benefits of comparison shopping for eCommerce merchants are numerous. First, using price comparison sites to market your products allows you to get in front of highly interested consumers. These consumers are looking for the lowest price possible and are highly intent on buying. Google Shopping, for example, integrates with Google’s Ads pay-per-click platform, enabling you to reach a high volume of potential customers quickly.
It reduces cart abandonment
Many online shoppers try to find the best deal, so they don’t settle for the first store they come across. Instead, they search for a product, park it in their cart, and then hunt for a better price at a competing store. The research habits of online shoppers, their desire to compare prices and offers, and their interest in ease of shopping, make comparison shopping the leading cause of cart abandonment. No wonder comparison shopping is one of the most effective ways to increase conversions.
A welcome campaign to encourage visitors to complete their purchases also works well. For example, a company like Sephora welcomes new visitors by automatically enrolling them in the Beauty Insider program, where they can receive discounts and freebies if they buy certain products. Messenger marketing may be the most promising tool to reduce cart abandonment. Messenger marketing has rapidly expanded in recent years and promises better engagement than other channels.
It improves ROI
The benefits of using comparison shopping services have a clear ROI impact. Consumers clicking on comparison shopping links are more likely to complete their purchase than those who browse without using such services. As a result, retailers can generate more qualified traffic to their websites. Additionally, comparison shopping services make it easy to compare prices across products. As a result, eCommerce retailers can see a sustainable increase in traffic and sales. However, the benefits of using comparison shopping services aren’t limited to e-commerce.
First, consumers tend to shop by price. 79% of respondents said they actively search for the lowest price before purchasing. This means that competitors competing on price will ultimately lose sales. This strategy will be risky in the future, especially since the likes of Amazon can offer low prices to lure consumers. However, by focusing on quality, a company can easily attract loyal customers and increase ROI. This is the most significant benefit of comparison shopping.
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