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How will price transparency affect your business?

Nov 14th 2012, 07:46

How will price transparency affect your business?

Price comparison and pre-shopping tools are changing the way consumers shop and ultimately make a purchase, making it easier for them to find the “best deal” using online services, without having to physically bargain-hunt in each and every store.

When one looks at the number of online pre-shopping and price comparison tools emerging in South Africa, price transparency will become an essential focus of the retail business.

“People are not good at "intrinsically" valuing objects hence they need comparisons as ‘anchors’ to assist their decisions. Having seen a product on a comparison website means that the product is already anchored, i.e. it reduces a lot of uncertainty connected to valuing the purchase,” says Oliver Bryant of Guzzle.co.za.

This is particularly important when considering that 50% of all in store purchases are now influenced online, meaning that shoppers research online and make a purchase offline, according to research from Guzzle.co.za.

Guzzle.co.za is a South African pre-shopping website, where consumers can compare prices of the latest in-store broadsheet promotions and specials currently available from major retailers.

“Generally speaking, price is the first variable in pre-shopping considerations, while guarantees and reputation, the second,” adds Bryant.

Pre-shopping and price comparison tools, dubbed a “new era of price transparency,” by Wal-Mart Chief Executive, Mike Duke, will change the way we think about retail and conduct business.

Retailers must take full advantage by listing their products and promotions on these services now, so as to attract customer loyalty and buy-in, first.

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