Are you a retailer trying to increase the sales of your website? The ad campaigns have increased the traffic, but why is the conversion rate still low? Have you listed your products on the price comparison websites?
Not yet? Then, you have missed out on the most vital technique to increase your e-commerce sales that no one talks about.
Curious to know more? Read the article to know about the price comparison engine, how it works, why you should use it, and the best ones to consider.
What is a Price Comparison Website?
Price comparison websites, also known as comparison shopping engines, collect information like product name, product price, product description, product rating, reviews, and delivery charges of various products listed on multiple websites by different retailers or sellers.
When a customer searches for products on the price comparison website or search engine, it displays all the relevant products based on the search query. Based on the results, the customers can compare the products offered by different retailers and purchase those within their budget from the product page link provided by the seller.
Some platforms like Google allow buyers to purchase the products directly from the result page without visiting the retailers’ website. The customers who visit your website through these websites are generally the ones who have made up their minds to purchase your products. And thus, it decreases the cart abandonment rates and increases the chances of making sales by a great ratio.
Not only does it help the buyers to pay a fair price for the products, but it also allows genuine sellers to stand out in a hugely competitive market.
How does a Price Comparison Website Work?
So now that you know what a price comparison is, let’s find out how exactly such websites work. There are basically three tasks that a price comparison website performs, which are as follows.
- Data collection: Price comparison websites use different methods to collect data, such as,
- Some, like Google, ask merchants to feed the data.
- Few collaborate with third-party APIs and let them scan different websites for data.
- Few use web scraping techniques to grab data directly from merchant websites.
- Data processing: It is not required if the merchants feed the data, but if the website uses scraping tools or third-party API, it is essential to process the raw data before presenting it to the user.
- Displaying the data: Once the data is processed, it displays the data on the price comparison engine in a structured manner.
Five Best Price Comparison Websites in India
If you have an ecommerce store in India, here are five price comparison websites you must list your products on.
1. Google Shopping
Launched as Froogle in 2002, Google Shopping is the leading and the most common price comparison website used by various business people and buyers today. In 2012, Google introduced a wholly paid version of the website, where retailers could list and promote their products.
Over time, it introduced many features that let you compare your competitors’ prices and analyse the average product price and benchmark product prices. Apart from it, you can also create ad campaigns after linking your Google Ads account to your Google Merchant Center account.
2. Yahoo Shopping
Yahoo entered the e-commerce marketplace in 2014 with the introduction of Yahoo Stores to help small enterprises set up and run their online stores efficiently. However, Yahoo was a little late introducing Yahoo Shopping in 2021, which also includes the Yahoo Mail Inbox Shopping feature introduced in 2020 in a partnership with Walmart.
It is more of a price alert tool that is more focused on the buyers than the retailers. Yahoo Shop allows buyers to add products they want to purchase to a wishlist, and Yahoo tracks the price changes for them.
A product of Connexity, PriceGrabber lets you list and compare prices of a wide range of products starting from pet supplies to auto parts. To use the platform, you do not have to pay any signup or subscription fees, making it economical for small businesses.
Also, another great feature is the products listed on PriceGrabber will also be listed on Yahoo Shopping. Thus, you can gain benefits from both platforms. Apart from this, you also get access to the massive customer network of Connexity, a performance marketing and technology network company.
Shopping.com, a part of the e-commerce giant eBay, has a separate version for France, Germany, Italy and the UK. The price comparison engine helps you reach your products to millions of customers across the globe.
Other than that, it also permits you to track customer reviews and ratings provided by the customers, which you can utilise to make your products even better.
Founded in 1996 when online shopping was not yet cool, Shopzilla is one of the oldest price comparison websites in India. Similar to Shopping.com, even Shopzilla has different versions of websites for France, Germany, Italy and the UK.
It is a simple platform that lets you list all your products and assist your customers in seeing every product detail along with that of your competitors.
Benefits of Using Price Comparison Site
Here are a few reasons to list your products on price comparison engines.
- Higher visibility of products
- Better reach
- Brand awareness
- Higher customer retention rate
- Lower cart abandoned rate
- Increased ROI
- Discover new competitors
- Decide the price of your products
- Better targeted audience
Listing your products on a price comparing website is necessary to understand the benchmark price of your products and at what price the competitors are offering the same. It also allows you to analyse your brand’s online reputation by checking the rating and reviews provided by the customers. Together, all these factors will enable you to make essential decisions regarding your product price and quality.