Every quarter, we get reports that online retail spending has grown yet again, almost always outpacing traditional brick and mortar retail. There are dozens of reasons why eCommerce growth has been so explosive, but one of the reasons is online comparison shopping. But what is comparison shopping? Comparative shopping is the ability to compare prices on products across different retailers, and choosing the store where the product is cheapest. 59 percent of customers prefer to shop online because comparative shopping is much easier. Industry aggregate sites let you compare the prices of multiple stores side by side, and it’s easy to do yourself if you know what product you are looking for.
For eCommerce retailers, online comparison shopping means that almost every time someone thinks about buying something from your store, your prices and value will be compared to your competitors. Customer loyalty means a lot less in an era where the customer can see just how much that loyalty costs them with a click of a button. If you can’t match the low prices of your competitors, consider other ways to add value in the eyes of the customer. Good customer service, discounts, offering free shipping, or a strong brand presence are all things that can make your product, and store, more attractive.
Do you use price-comparison sites when you shop online?