For almost everyone, browsing the internet is a must, but when it comes to shopping, it might be tough to remember which sites provide the information that you need. For example, the finest buying portal for acquiring your outfit or the lowest price and best offers for the other product you want to buy. Price Comparison Websites (PCW) save time and money, so it’s no wonder that 85% of online customers employ them to get the greatest offer before deciding on a seller. Do you know that more than 85% of consumers use price comparison websites to discover the best deals when purchasing goods or services? So, what exactly is a price comparison website?
You’re in for a strange journey if you’re trying to figure out how to make a comparison website and monetize it. We’ll walk you through all there would be to know about price comparison websites and how to make money with them.
What is a Price Comparison Website?
These websites, on the other hand, assist you in comparing the prices of goods and services from a variety of businesses. This enables the user to obtain quotations from a range of companies in a single action, ensuring that they receive a contract that is tailored to their needs at the best possible price. The website also provides a brief description, shop availability, rating, reviews, and other information about the product. As a result, the consumer can compare not only costs but also other significant aspects of the desired product/service.
Both the business owner and the buyer benefit from price comparison websites. Customers benefit from better prices, a more convenient shopping experience, wider connectivity across major e-commerce sites, and a wider range of options for the same goods. Business owners, on the other hand, profit from increased lead generation, improved conversion rates, and improved customer service. For shopping, insurance, flights, vehicles, electronics, and mobile phones, we have price comparison websites that provide a wealth of information and make the purchasing process easier.
Now, let’s check,
How does a Price Comparison Website Work?
Price comparison websites gather information from a variety of sources, including product pricing, reviews, features, and descriptions. These facts are then gathered and modified for quick access on the price comparison website. As a result, when a consumer looks for a product on the website, the site compares and shows related products from a variety of sellers fast. Because the customer may compare criteria such as price deals, shipping charges, and other characteristics, this procedure streamlines the buying decision.
But, how does it gather information?
Many businesses try to collect data on a huge scale for their pricing comparison engines. The following methods are used by price comparison websites to obtain product data from numerous sites:
Benefits of Price Comparison Websites for Users!
Some or all of the following are some of the advantages of using a price comparison website:
- Provides users with the most affordable pricing for the product in question.
- Users are given the Web addresses of the websites where they can make their purchase.
- Users save a lot of time because they don’t have to use various other sites.
- Users form an opinion on the positive and negative elements of the thing they wish to buy.
- Users look for the most suitable substitutes for the product in question.
Now, let’s move forward and discuss,
Must-have Features for Price Comparison Websites!
Well, there are many price comparison websites available in the market, and if you want to make your website stand-out from the rest, then you need to include the best possible features. As the top web development company, below we’ve mentioned some of the features that you can consider, so take a look!
This functionality can be implemented in a variety of ways. The most basic and often used method is to search using keywords and then filter results by category. They can add filtering options by price, rating, popularity, and other factors to make the listing more user-friendly.
Price push notifications
Allows you to keep track of how much the selected or best products in the listing have changed in value. It can be removed using push notifications, SMS, or email. Some websites allow customers to set a price restriction, which must coincide with the time when you need to send a notification.
Your price comparison website would benefit by showing users all of the products that are now trending based on their previous searches.
Users can access product information from a variety of websites and platforms. It will assist people in purchasing the greatest goods at the best price.
Third-party API integration
Immediately getting information from retailers. Your system will use the API to send queries to shopping platform sites, obtain the relevant data (price, availability, color, pictures, delivery terms, and so on) and store it in your database. This is a straightforward and practical approach for obtaining accurate and timely information.
The capacity to track price changes over a period of time. Users can monitor trends individually by using the “Search for the cheapest month” or “Compare by month” criteria.
Users will be able to browse products according to their preferences with this function. Users can also classify the desired product according to the many categories and prices displayed on various eCommerce sites.
Users can use this functionality to pick desired products and place orders based on the price structure shown. Users can save money and be certain of receiving high-quality products at a reasonable price in this manner.
How to Successfully Build a Price Comparison Website?
Here are some steps that you need to consider during price comparison website development!
1. Find a niche
Smart internet shoppers can easily compare products/services and pricing before making a purchase using comparison websites. There are a lot of decent, established comparison sites out there, but if you can identify a niche market or offer something unique, it’s a concept worth considering. Comparison sites can produce a lot of money if they’re properly monetized.
2. Decide a model
You can’t merely monetize price comparison websites with ads because there isn’t much entirely separate content. You may also find it difficult to achieve high search engine rankings for the same reason. The most common monetization methods for price comparison websites are Cost Per Action (CPA) and Cost Per Click (CPC). Online shops will pay you a commission on purchases made through your website if you use CPA. Most comparison sites provide information to consumers for free and make money through affiliate sales, advertising, or commissions from suppliers. You should carefully consider your monetization alternatives. It’s worth seeing whether your chosen vendors have an affiliate partner program where you can earn a percentage on each sale. Alternatively, you can negotiate with each supplier to have them give you a commission for each sale or lead.
3. Decide data sources
You’ll need the sites’ APIs and specialized web crawlers — bots that retrieve information from online target stores — to harvest data from e-commerce websites. It’s critical to have timely access to pertinent information. Additionally, the data should be structured in a logical and straightforward manner; while short online forms convert better, you should employ many filters to improve search results and persuade consumers that they are comparing like with like. To earn clients’ attention, you must deliver actual value, as well as a variety of services and material (such as thorough product descriptions and shopping suggestions) that visitors would not obtain by simply visiting a retailer’s website.
4. Consider MVP
The MVP is the basic version of your proposed works. It is highly simplified and frequently lacks all of the capabilities and features that will be present in the final version. The MVP is published to the market to gather user input, assess its benefits and shortcomings, and provide a solid foundation for future web development. A minimum viable product is a tool for verifying the economic feasibility of a company proposal that uses the fewest resources. It also pumped as the foundation for the final approval. It may be of tremendous assistance to young entrepreneurs who wish to put their ambitious and inventive ideas into action, both in this position and as a periodic process of evaluating a business idea. But, it’s very important to partner up with the right MVP development company.
Now, let’s check,
How much it’ll cost to Develop a Price Comparison Website?
The cost of a custom PCW is determined by many factors, including the number of stores from which you’ll extract data and their willingness to engage, the unpredictability of a ranking algorithm, the multitude of filters that support product search, and the course of action to use cutting-edge technologies. Many experts believe that you may always start with a Minimum Viable Product (MVP) version of the website and broaden the size as your platform evolves; however, in this case, it is critical to creating scalable website architecture from the initial phases of a project. If you want, you can indeed contact us to get a detailed quote for price comparison website development.
We hope you got a clear insight about how to build a price comparison website. In this blog, we’ve discussed all ins and outs of price comparison website development. But, still, if you find that we missed something important, do let us know and if you’re looking for the best website development company to get your custom price comparison website developed, contact us. We would love to assist you!