Comparison shopping can save you money when done right. Our article addresses the purpose of comparison shopping and its features. Learn how to find the best deals by comparing prices, reading online reviews, and choosing the right tool. Become a wise consumer and save your budget!
You don’t want to pay more than you must for goods or services. That’s the purpose of comparison shopping. The more retailers you can survey for pricing before making a purchase, the more successful your comparison shopping will be in helping you make informed and cost-effective purchases.
Of course, you’ll likely need to visit more than a few stores for effective comparison shopping and to save money. Fortunately, there are plenty of comparison shopping tools you can use before you ever leave your home.
Key Insights
- Comparison shopping includes more than pricing – shoppers must consider quality and customer service as well.
- 57% of consumers compare prices on multiple websites before committing to a purchase.
- Google Shopping is the most common comparison shopping portal used by buyers.
What Is Comparison Shopping?
So, what is comparison shopping in terms of the consumer? The comparison shopping definition is relatively straightforward, and implies simply identifying an item or service you need, and then using the resources available to find thebest deals on that particular item before making a purchase.
What Is the Purpose of Comparison Shopping?
When considering the purpose of comparison shopping and if it is worth your time, consumer insights claim that it is.
A wise consumer knows that the goal isn’t just to save money. The purpose of comparison shopping is to find the exact item or service you need with the fewest hassles and the best price.
Buying something inexpensive that doesn’t work correctly isn’t going to save you money in the long run, but instead may cause frustration and headaches. Likewise, paying less for something is a rotten deal when you discover the company’s customer service won’t help you in case of issues.
Therefore, the true purpose of comparison shopping is to get the best deal that meets your needs, preferences and expectations.
How to Find the Best Deals Through Comparison Shopping?
Effective comparison shopping has several steps if you’re hoping to find the best deal on what you need.
Define your needs
You can’t compare solutions before you develop a need. Determine what it is you’re looking for as specifically as you can.
Determine your buying options
If you’re looking for a new washing machine, for example, you’ll need to know what options exist in your area – are you looking to have it delivered? Are you able to pick it up? How many stores in your area even sell washing machines?
Read the reviews
Part of comparison shopping is to check out online reviews to understand what to expect. If that company offers free delivery for your new washing machine it might sound enticing until you read customer insights on a review platform that claims “free delivery” is only to the curb, not indoors, or comes two weeks later than you’d expect.
One review on PissedConsumer (#6005653) found out that what appeared to be a good deal on a Maytag washing machine turned out to be trouble when the washer broke after a month. Despite sending a repair company “five times to fix it” the customer had to “wait weeks for the parts to arrive” and then the washer “breaks again within a few days.”
Choose the right tool
There are many comparison shopping tools out there to assist with finding great deals and low prices, and you may need to search for the one that meets your requirements.
Threads on platforms like Reddit deal with the consumer issues of finding the best comparison shopping tools for specific needs.
In one recent thread, Reddit users discuss a gap in the comparison shopping market. One user asks others if there are “free apps that will let me make a grocery list and then tell me the price of the item at local stores?” The responses were all, unfortunately, negative, although some users did have suggestions for workarounds like using online shopping apps or starting your own spreadsheet.
Source: reddit.com
It’s a surprise that such a gap exists in the tech market because comparison shopping is a common aspect of consumer behavior. There are, on the other hand, plenty of apps discussed by consumers in other threads on the forum that offer price comparisons on specific items including well-known options like Google Shopping and less common options like “PriceGrabber, Shopzilla and Price Runner” that “let you search for items and compare prices from different retailers.”
Source: reddit.com
These tools work by comparing the cost of specific items across company websites and digital marketing media. While Google Shopping is the most used price comparison tool, others do exist as plug-ins and apps.
Source: pricegrabber.com
Determine the best deal
Remember that price is only part of finding the best deal. Reading reviews and checking comparison tools can give you greater insight into what happens during and after the purchase. However, you’ll need to do some analysis of your own, especially if there are additional elements to consider beyond what an app or review can show.
For example, perhaps you’ve recently decided to buy a new 55-inch smart television set. When you begin your research, you learn that you can buy the television you want from the Samsung website for $799.99 with free shipping but only a 15-day return window. It does give you the option to pay in installments, which may be attractive.
Source: samsung.com
You can also purchase the television at Walmart for $698 with free one-day delivery and a 30-day return window should something go wrong. You have the option to pick up the television at a local store as well.
Source: walmart.com
Finally, you can buy the same television by Samsung at Target for $799.99 and pick up the television today at a Target store while also enjoying a 30-day return window.
Source: target.com
Since the same television is available for the lowest price after only a day’s wait, you decide to buy the television from the Walmart website. Additionally, by buying the new television from the Walmart website, you can enjoy a 30-day return window and the convenience of storefront locations should there be an issue with the purchase.
In another example, buying a major appliance like the washing machine discussed previously has additional elements to consider beyond the price of the machine itself. Will you need an old appliance hauled off? Do you need the new one installed?
When you calculate the cost of delivery, haul-off service, installation, and the amount of time you’ll need to wait for all of this to happen (and the mountain of laundry you’ll be hauling to the laundromat during that time), you may find that the lowest price online isn’t the best deal for your family.
Crowdsourcing for Comparison Shopping
While there are many comparison shopping engines and apps, these services often simply quote prices – not quality or support. Consumer issues happen with items once they are purchased, not while they are in the stores. That’s why it’s important to go beyond simply what is comparison shopping for price and consider the other elements of what goes into a purchase.
Review platforms discuss what happens after money changes hands, and they can be invaluable crowdsources of support for determining if a low price for an item or service is truly a good deal. Have your own experiences to share? Join the community and leave a review.
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