How to use price comparison tools for the E-commerce Industry?
How to use price comparison tools for the E-commerce Industry?
E-commerce began as a new way of buying and selling goods & services – electronically – towards the end of the 20th century. More than two decades later, there have been various gradual changes occurring in this industry. Gone are the days when only big e-commerce players ruled the industry or the uber-rich did online shopper.
Today many smaller e-retail websites have come into the field to stay in the competition and increase their reach. Similarly, Millennials more than ever are engaged in online shopping. These changes have brought with them various new trends. One of which is the various price comparison tools. Around a decade back, in 2010, price comparison websites became a part of the emerging e-commerce in UAE market trends. And this trend is still about and running.
Initially, the purpose of price comparison websites was simple – to provide the comparison of prices offered by various e-retailer/e-commerce websites for a product. They would thus help online buyers to land the best deal. However, as time went by, price comparison tools became an important aspect of the e-commerce industry. Thus price comparison tools like the GoBazzar price comparison website & mobile app crawl & scan e-retailers to collect real-time e-commerce data. For some price comparison tools, the e-retailers directly provide the data to get listed on them. This is because the price comparison tools provide various benefits to e-commerce/ e-retail websites.
. Other than the listing of e-retailers for comparison, how can these price comparison tools be used for the e-commerce industry? Read further to understand.
- They enable consumers to find the best real-time deals: Consumers can easily search for any product using the price comparison tools and find the list of e-retailers who sell that product along with the price they offer. They even provide a comparison between the ratings and reviews. Consumers can thus, easily get all the real-time comparisons and choose their best deal. This means that price comparison tools can easily drive more high intent traffic and sales to the e-commerce websites listed under them.
- They give exposure to smaller e-commerce websites: Giant e-commerce websites have a strong footing in the e-commerce industry, however, price comparison tools enlist smaller websites too. Thus, smaller e-commerce websites can partner with these tools and increase their exposure. This gives them a chance to compete with well-known e-commerce giants and ultimately improve their sales and profits.
- They give e-commerce sites a competitive edge: By monitoring price comparison tools, e-commerce sites get insights into their competitors’ pricing. This then helps them to understand the market pricing situation and accordingly they can plan their pricing strategies and ultimately make their pricing decisions which can be profitable as well as give them a competitive edge over their competitors. Using them even small e-commerce sites can succeed over the sellers under the e-commerce giants.
- They help in building consumer relationships: E-commerce websites can use price comparison tools to get insights into consumer behavior and buying patterns. This can help them understand how to influence their loyal consumers, retain their customers, and even attract new consumers. This will ultimately increase their traffic and also help them build a solid relationship with their consumers.
Thus, price comparison tools can be used in the e-commerce industry by consumers to get good deals & save money. Similarly, e-commerce websites can use them to obtain insights into competitors, get a competitive and market edge, get consumer insights, improve their customer services, and finally obtain overall improvement.