Technology is upgrading the retail industry year by year, with the balance tilting towards consumers, rather than businesses. Consumers’ awareness of the latest products is being changed by social media platforms, while comparison websites help them make the best decision for their pockets. Keeping up with these changes and being able to shift towards less traditional methods will determine which retailers will survive the democratisation of this industry.
New market entrants are emerging from everywhere and they aren’t few in numbers. To stay relevant and to maintain high sales numbers and loyal customers, businesses must broaden their innovation opportunities. Research from Oracle Retail revealed that the retailers’ number one priority should be investing in the right technologies that would ultimately allow customers to shop how and when they want. What customers want is full control over their purchases, as well as the shopping process; meaning retailers must commit to offering the highest value-adding services.
With the online market now offering an endless array of brands, products, and services, customers have started looking into comparison sites to be able to make an informed decision. These websites are the go-to tool for online shopping research. The biggest pro for using them is that they save both money and time; money because it leads consumers to the business that offers the cheapest price for the product they were looking for and time because it only takes a few clicks to see dozens of different quotes.
There are various comparison websites available now, many of them even focusing on a niche rather than the entire retail industry. On bonusfinder for example, people with an interest in sports betting or gambling can find all the legal online casinos and online betting sites around the US, together with their offers. The website also provides expert reviews to help customers make an educated choice.
Other businesses have also identified gaps in the market and explored them thoroughly. Swogo, a laptop price comparison website, made £60k in only two months after its official launch. Another successful start-up was Bikmo, which explored the cycling niche by offering those passionate about this sport a way to find new bikes or equipment for their bikes.
When using comparison websites, consumers not only save time and money, but they find the details of each product that they normally wouldn’t. These include extra costs such as shipping and payment security, as well as the refund policy. Of course, every seller presents its product like it’s the best on the market, but it’s only the reviews and ratings that could confirm or refute that statement. Luckily, some of the sites allow buyers to share their experience with the products.
By making this information accessible to everyone with the help of the latest technologies, the retail industry has undergone huge changes. These comparison services will keep growing in popularity and influence the decisions of thousands of consumers. For this reason, businesses must monitor their products better and embrace the need for adaptability in order to stay relevant and not fall.