There’s no doubt about it – online shopping and the ability for consumers to compare prices before buying is drastically changing how retailers conduct business. This day in age, tech-savvy consumers are focused on two things: saving time and saving money. Therefore, it is absolutely crucial that traditional brick and mortar retailers have a strong web presence and, if possible, a fully functioning online store. Anyone with a computer and Internet connection (or even a Smartphone) can take part in the world-wide phenomenon of online price comparison shopping. Consumers can virtually shop from anywhere, at anytime, 365 days a year – and never have to leave the comfort of their own home. The increasing popularity of online shopping comparison websites is making time consuming and irritating tasks like waiting in long lines, fighting crowds at peak seasons, and overpaying a thing of the past!
While some people will always feel more comfortable making purchases inside an actual store, many consumers are turning to online shopping tools to help them make more informed shopping decisions. There are a couple different ways that customers can utilize price comparison shopping websites. For example, a person might visit his/her local electronics store to test out a few cameras and compare in person. Once he/she determines which camera to buy, the consumer can then turn to online price comparison tools (like ShoppingNexus.com) to compare prices from several different retailers in order to find the lowest price. Likewise, some consumers prefer doing all research online and then using online comparison shopping websites to find the best deal.
The advent of such price comparison tools is completely changing how the retail world operates. For example, retail giant Best Buy recently announced that they are looking at getting into electric vehicles because so many of their products they offer in-store are getting cannibalized by online sales (read more about this topic here). As consumers turn more towards online shopping, this may become a problem for many other companies. Retailers may have to get creative and think of ways to expand their product offerings and reach new markets in order to keep traffic in stores. One big question to consider is how will consumers react to the electric vehicle being sold at Best Buy? Would anyone actually choose to buy a car from Best Buy instead of a traditional car dealership? Maybe…if the price is right!