Facilitating Better Buying Decisions
Never before, in the history of mankind, has change taken place at a faster pace. Technology and the internet has changed the global business landscape. It is no longer feasible for commercial entities to limit themselves to traditional mediums for revenue generation.
The rise of E-commerce has given traders access to new markets. Marketers are devising new methods for attracting consumers from around the world. Online shopping stores are now an established and accepted part of the global marketplace.
According to data experts, the annual revenue of online shopping websites is in excess of USD 1.2 trillion and is expected to cross USD 1.5 trillion by 2018.
According to data experts, the annual revenue of online shopping websites is in excess of USD 1.2 trillion and is expected to cross USD 1.5 trillion by 2018.
In Pakistan, which is an ecommerce backwater by comparison, online transactions have crossed the USD 100 million mark. Industry insiders believe that companies spend around USD 50 million on digital media, which is still a miniscule amount compared to the global digital advertising spend.
‘Comparison Shopping Engine’ (CSE) is easily one of the most influential developments in the advancement of ecommerce. CSEs, as they are commonly known, is based on a software that helps the consumer compare online prices of a specific product as listed by multiple retailers.
How CSEs work?
The more established CSEs, or price comparison websites, perform the role of an online shopping mall. They have, on their panel, a large number of retailers who provide an active feed of new product listings and updated prices to the CSE website.
Once a consumer knows what s/he wants to buy, he or she can log onto the preferred price comparison website and enter the product name, description, model number or any specific detail.
The website will provide an extensive range of retailers offering the product along with the price listed by each one. The consumer can then choose the best available option in terms of product features and price.
Added Benefits:
Price comparison websites also allow the shopper to view a merchant or retailer’s reliability through a peer-review or crowd-sourced feedback system. Being independent of the retailer, the CSE has no vested interest in promoting one retailer over another, thus ensuring that the shopper gets unbiased information.
Similarly, product reviews are made available to the shopper. Certain CSEs also offer the ‘similar products’ option, providing the buyer with alternatives to the product that they need.
