Onsite Comparative Pricing (OCP) provider WinBuyer says that analysis of the performance of its solution over the Christmas shopping period has found that providing shoppers the prices charged for products by other retailers on the product page can deliver a sales lift of 5%.
According to WinBuyer's research, those retailers that provided their online shoppers with the Onsite Comparative Pricing application experienced increases in conversions and average order value as well as a 5%+ lift in total website revenue after adding WinBuyer's application.
"Let's face it, as much as we all focus on providing a fantastic experience and great customer service, when purchasing a commodity product, customers will price compare," says Rob Levy, CEO of UK electricals retailer Electric Shopping.
"While they may give preference to a trusted e-tailer, if the lure of a good price is too great, the lower priced store will win the sale 90% of the time," he added. "Onsite Comparison Pricing keeps the customer engaged right there, on our site, building trust and proving to them that when we say 'price promise' we mean it. In testing, we've seen a significant jump in conversions for products with Onsite Comparison Pricing enabled. 2009 has been a tough year for retailers and customers alike, but by adding Onsite Comparison Pricing to our conversion toolset, electricshopping.com has seen a larger than expected revenue lift in the fourth quarter."
The WinBuyer Onsite Comparative Pricing application can be implemented by any online retailer in minutes, providing their online shoppers with comparative pricing information via one of WinBuyer's partners including Shopping.com, PriceGrabber and Shopzilla, says the company.
Readers can download a PowerPoint presentation providing full details of the analysis from WinBuyer's website.