Every smart shopper knows that the key to getting a good deal on any product is comparing prices between different brands and retailers. If you are in the market for a new microwave oven, you don’t simply buy the first model you find that fits within your budget, you look around to see what the range of prices is like, and which retailers are offering the best quality at the lowest cost.
But while the rise of e-commerce has ostensibly made price comparison easier — finding out what a product costs at a major retailer is as simple as a Google search — in other ways it has become more difficult. Because the Internet has exponentially increased the number of products a shopper can buy, sifting through the options to find the best price can be an incredibly time consuming process. Most large retailers present themselves as one-stop-shops where you can find everything you need, but no single retailer can offer the lowest price every time, and while it might seem more convenient for shoppers to purchase all their goods at a single outlet, doing so means not always getting the best price.
This is why price comparison apps and websites are becoming so popular. Research has shown that the sheer number of options modern shoppers face can be demotivating. While customers want a range of products to choose from, if that range becomes too large — as it often is when shopping online — it actually decreases the likelihood that the customer will experience a satisfying transaction. At Yroo, we aggregate prices for millions of products from thousands of different retailers and filter the available options to prioritize the very best deals, allowing customers to compare prices and providers quickly and easily.
According to recent data, the majority of e-commerce sales are conducted using mobile devices such as phones or tablets, which is why apps like ours are such an important tool for retailers who want to reach customers. Not only does our app allow retailers to list their inventory and make it accessible for our many users, it also unlocks a range of traditional advertising options for retailers to use to further increase traffic to their own websites. If you are interested in exploring how Yroo can provide you with a digital channel for selling your products, check out these FAQs and learn about how a direct relationship with Yroo can provide huge benefits for your retail business.
It should also be noted that while price comparison apps make it easier than ever for retailers to reach customers online, they also drive foot traffic to brick-and-mortar stores. While e-commerce is now the fastest growing sector of the retail economy, traditional retail outlets still account for the vast majority of sales, in part because many customers still want to be able to handle a product in person before buying it.
Through features like barcode scanning, we leverage a retailer’s online presence to increase traffic to its physical outlets. A price comparison search is often just the first step in a shopper’s journey, and by making your list of products accessible online, you also make it more likely that shoppers will seek them out in person. If these tools sound like they could be useful for your retail business, visit our ‘about us’ to learn more.
In 2017, e-commerce retailers did $409 billion worth of business, accounting for 9.10% of the whole retail market. This marks an increase of more than 10% over 2016, which is more than three times the rate of growth across the retail industry as a whole. These numbers represent a huge growth potential for retailers who are able to take advantage of the e-commerce boom to expand their customer base and build their brand. By giving retailers a channel to potential customers, price comparison apps can play an important role in helping retailers get their products out there. Give us a call today to find out how we can help you get the most out of the online marketplace!