According to a reliable estimate, more than 80% of internet users utilize websites to compare and find the best deals. These web-based organizers are employed by everyone involved in ordering or purchasing goods or services.
As you can see, price comparison sites support customers in making inexpensive purchases and, on the other hand, assist various merchants in finding new customers. The owners of distributors also don’t continue to lose money, therefore, this is unquestionably a perfect win-win scenario.
And if you aren’t a seller of products or a supplier of services, it is time for you to join the group of people who generate profit from online comparison websites. You can make good money with this business, which only requires the creation of a unique site for price comparison.
Don’t be confused. Here we will clarify all the issues step by step of pricing comparison sites, and also will conduct a thorough analysis of the topic.
So let’s get going… 💨
🤔 What is a price comparison website?
Price comparison websites gather data on product prices across several websites, and show this data, to enable customers to choose a business to make a purchase based on price.
A site like this is obviously not so simple to create because there are many different features and technologies. But helping customers find things at the best prices is the whole goal.
Being the owner of an internet pricing comparison website is like finding gold. This opinion is supported by a number of statistics, some of which we listed here:
- More than 25% of people across all age categories in the UK use price comparison websites at least once every week.
- 90% of consumers who purchase electronics online look up for the best price first before purchasing a product.
- According to a survey, 78% of participants stated they would prefer to purchase a good from a discount online retailer.
According to the aforementioned figures, this industry receives a lot of consumer support, mostly because it is convenient. As a result, there’s no denying that this is a market where your firm may make a ton of money.
💪 How does a price comparison website work?
Using price comparison tools, you may search for your goods and compare the costs offered by various merchants. The tools for price comparison then display a list of merchants that offer the same product and their respective prices.
✔️ Price comparison tools search through many e-commerce sites to gather information about goods and services, including costs, features, descriptions, and customer reviews. This data is then compiled on a website that compares prices, and the search engine is used to curate the results.
As a result, when a customer searches for a product on a price comparison website, the site compares and presents listings for the same product from other merchants. In order to find the greatest offer, the consumer can compare listings based on pricing, features, and shipping charges.
✔️ Data is input to the algorithms that power price comparison features. For price comparison systems, retrieving and updating this data in real time is a challenge. Additionally, e-commerce websites employ dynamic pricing that, due to its rapid changes, must be updated right away with price comparison engines.
For instance, Amazon reacts to a price adjustment in exactly two minutes, which is 43,000 minutes quicker than the industry standard.
✨ What to know before launching a price comparison site
With hundreds of new tech items appearing frequently, you must take decisive action to ensure that your product will be well-received by your chosen target market.
Offering a special pricing comparison service is a fantastic strategy to accomplish your goal. Why do we mean that? Improve your service with compelling innovation.
👉 Here are some ideas for differentiating your product:
- Own a distinct business model
- Apply a unique comparison methodology
- Provide access to a special market
We are aware that this may appear exceedingly nebulous or unimportant.
Using the aforementioned advice, your platform can quickly do great accomplishments. To use these suggestions to their full potential, you must first be aware of the financial implications.
The price of building a comparison website is listed 👇 below:
🧐 The features of a product comparison website
Any such website has a comparable future list by default. Offer added value if you want to differentiate yourself from the competition. This means that you need to think about more than just listing goods and services with prices.
Here are a few key elements you ought to include in your price comparison website design:
✅ Processing data import
We’re referring to the features required to import information about products, their costs, or other features, process it, and then translate it into a format that the end user can understand.
✅ Categories and search
The foundation of any transaction is a search. In fact, the aggregator catalog may contain tens of thousands or even millions of products, so you should make this search as efficient and convenient as you can.
✅ Product item card
At this point, the prospective customer needs to have access to all the details regarding the particular product he would require.
That is a list of offers made by several merchants for a specific product. Users can visit the store page on the platform or the seller’s website to make a purchase by clicking on a specific item in the list that has data pulled from a database.
✅ The evaluation of products
Specifically, the capacity to contrast the price and other features of two or more products.
✅ User space
Following authorization, information pertaining to the user’s behavior will be kept on the page of his individual account. It could include things like browser history, likes, or things whose price movements are being monitored.
An individual can sign up for price change notifications if the desired item is currently out of his current price range. This strategy enables customers to buy what they want when the pricing is right.
✅ Seller region
Similar to the customs area, this section shows vital information for retailers, such as sales volume, order processing status, top products, and so on.
✅ Price movement
Although it is an optional feature, it might be useful. Giving users the chance to assess pricing dynamics over a specific time frame is the main goal.
Before making a purchase, 90% of users read reviews from other customers. 4 to 6 reviews are read by every third user. Any pricing comparison website must include this component. This affects customers’ choices of which sellers to order from and raises conversion rates all around.
💹 How to create a price comparison website
The creation of a highly sought-after pricing comparison website necessitates a solid understanding of procedures and technical elements.
Let’s look more closely at the development processes since this might be very perplexing to people who are not technically savvy.
✅ Stage 1: The Research Phase
The goal of the discovery phase is to learn as much as you can about a certain project that can assist in the accomplishment of your startup’s objectives. The architectural basis of your product development process will be created by the results of this phase.
In addition, it will assist you in choosing the proper eCommerce platforms to collaborate with when creating product comparison software. These websites are utilized as web scraping service providers to obtain the most recent adjustments to product prices.
✅ Stage 2: The Design Phase
Although the design stage is frequently seen as a pointless step, it is actually essential to the core of the development process. This is so important that the founders’ concept can be properly contextualized inside an acceptable schematic description.
The prototype is the tangible outcome that makes this procedure so sacred. And the fundamental reason for this is that it outlines the desired user experience.
This phase should produce a framework and prototype that maximizes the platform’s aesthetic appeal and usefulness while also fostering top-notch responsiveness, efficacy, and engagement.
✅ Stage 3: The period of testing and development
Since it incorporates live coding and application of all outcomes in both the research and design phases, this is the essence of the entire development process. The majority of the work at this level is done by front-end and back-end developers.
The outcome of this phase should be an MVP or a fully scalable user-facing website with all the features and functionality from the prototype that were agreed upon.
✅ Stage 4: Launch, upkeep, and improvement of the website
What comes next now that you’ve developed a user-friendly price comparison software that appeals to your target market? For quick access, you must publish your app on app stores.
Contrary to popular belief, this step is essential to the continued existence of your product and is not merely a formality. It’s time to put effort and money into soliciting feedback from customers and using that information to implement improvements that are centered on them.
An application can only be successfully launched, maintained, and improved with the help of a fully committed development team.
The ideal budget for this team to work with is 25% of the annual development cost for the website. Along with providing support, the group may also assist in resolving technological difficulties that may arise while conducting a product search.
💡 Tips: Make your website attractive by using the ElementsKit pricing table:
We hope you already have an idea of how to start a price comparison site, right?
Now, in case you’re wondering what page builder and addon would help you create a professional look for your website, ElementsKit, an all-in-one addon for Elementor, should be the one you choose.
Its table widget, in particular, would be ideal for a price comparison website. ElementsKit also comes with multiple predefined templates that will help you add the table to an instance.
👇 Watch and learn how to use the table widget with ElementsKit:
🤔 Haven’t heard of ElementsKit?
Well, ElementsKit is a sophisticated Elementor addon that provides comprehensive capabilities for developing websites, with Elementor. A powerful freemium plugin with a variety of practicals and functional features.
Besides these, ElementsKit has many unique features that give you a competitive edge while designing your website. The features include:
✅ Megamenu builder
✅ Header-footer builder
✅ Ready templates and 500+ blocks
✅ Social feeds
✅ Advanced table…and many remarkable features!
You can start with the free version too. Even that one comes with tons of widgets, extensions, and services that will surprise you. There are 42 free widgets and extensions, templates and section blocks, and regular updates.
Apart from all these beautiful widgets and features, ElementsKit for Elementor is fully compatible with any theme and plugin. It also has a 24/7 support center that will assist you anywhere and anytime.
💸 How to generate conversion from price comparison sites?
A pricing comparison website cannot be put up for very little money, so you must figure out a strategy to cover your expenses and make money from it.
So you need aggressively monetize the project if you want it to succeed and start earning you money.
💰 Cost Per Click (CPC)
It is the most typical method of generating revenue for price comparison websites. Referral links are used when users move from your resource to the seller’s website. If you link a certain affiliate program, you can make money from these links (you get paid for the transition, or for the click) which is quite simple to do.
The idea is very simple: when a customer uses your price comparison website to identify a site of interest and makes a purchase, the seller of their choice must pay you a set fee (so it’s not Pay Per Click, it’s Pay Per Order).
💰 Ads by Google
The amount made depends on how popular the website is (measured by the number of hits), and the advertisement itself dynamically adapts to the information on each page.
A convenient and valuable pricing comparison website helps consumers save time, increases sales for businesses, and helps its owners make money.
The creation of a price comparison website is a challenging endeavor that demands significant time and financial commitment. However, if you go about this process correctly, you may develop a fantastic price comparison website that will generate a decent return on investment for your company.