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Revealing competitors’ prices can help win over online shoppers, study says
63% of online consumers who comparison shop like to see competitors’ prices while shopping on a retailer’s web site, and 39% say such a display would make them more loyal to that retailer even if its rivals’ prices were lower, The E-Tailing Group says.
Managing Editor, B2B E-commerce
63% of online consumers who comparison shop like to see competitors’ prices while shopping on a retailer’s web site, and 39% say such a display would make them more loyal to that retailer even if its rivals’ prices were lower, The E-Tailing Group Inc. says in a new study, “Comparison Shopping Is a Way of Life.”
The study also notes that 53% of online shoppers say that, after shopping on retailer’s web site that revealed competitors’ pricing, they would be less inclined to comparison shop elsewhere.
“This survey dispels the notion that displaying competitive prices will encourage customers to abandon that retailer and go to a competitor,” The E-Tailing Group says. “Conversely, findings provide assurance that 78% would likely return to a retailer that shows competitors` prices on its web site and 36% would be much more loyal to that merchant.”
The study, which is based on a survey of more than 1,000 frequent online shoppers, was sponsored by WinBuyer, a provider of a comparison pricing application that retailers can deploy on their own e-commerce sites.
The study also found:
- 36% of online shoppers spend more than half an hour comparison shopping, and 65% spend at least 16 minutes comparison shopping, before deciding whether to purchase a commodity product.
- 95% of online shoppers visit at least two web sites when comparison shopping, and 51% check four or more sites, prior to making a purchase decision.
- 57% of survey respondents said it’s important to have comparison pricing information on an online retailer’s product pages, and more than 40% said this would save them time and money.
- 58% of respondents said they expect all retailers of commodity products to offer comparison pricing on their e-commerce sites.