Price Comparison Websites Market 2022 - By Application (BFSI, Retail, Travel & Tourism, Others) & Global Region - Market Size, Trends, Share & Forecast 2027
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A price comparison website is a type of search engine only made to compare products or properties' prices. On these websites, along with price comparison, other information related to products such as its quality, features, product life, etc. are also added to better understand the products to the customers. These price comparison websites provide wide range of benefits to consumers as well as to the suppliers. For consumers, they get benefits related to increased number of choices, convenience, saving of time, and for suppliers are benefitted by reaching to the new customers, and increased visibility of their products.
In the expanding world of internet based searches, customers are spread all over the world and are always looking for best deals when they are investing in a product. Comparing prices while buying a product has emerged as a new trend that the customers all over the world have are adapting. Whether it is to compare flight prices or compare the accommodation prices, or even compare prices of grocery items in local supermarkets, customers are choosing price comparison tools. Usually, customers opt for price comparison websites to know where they can get their product's best price. With various price comparison websites available on the internet, it’s been easier for customers to find the best prices around.
Price comparison websites work on different principles and each have their own steps to compare the prices. Some price comparison tools require customers to scan the barcode while others require users to type the product name to find the desired product. Then the tool shows a list of all the available retailers selling the product, and their selling for the product.
There are various factors that are driving the growth of the price comparison websites market. Price comparison sites allow users to save significant money by guiding them to choose the cheapest products. In addition, these websites offer benefits to consumers as well as suppliers. Apart from a wide range of benefits for consumers, for suppliers these sites offer opportunities to reach new customers. This is one of the major factors that are attracting suppliers to make their product related information available on price comparison websites. Moreover, the market is also expected to experience growth due to increased smartphone users and increased internet penetration. Price comparison websites collect data at one place, so consumers can compare products before buying. This factor is anticipated to provide lucrative opportunities for the growth of the global price comparison websites market.
The easily available feature that allows checking the prices of products on various online portals at one place offers convenience and it also saves time. This idea also offers a lucrative opportunity by increasing revenue significantly from advertising and affiliate sales.
Although the market offers various opportunities for the market players to grow, unawareness about these price comparison websites in remote areas of developing and under developed countries is a major factor that may hamper the growth of global price comparison websites market. In addition to the unawareness, lack of feel and touch, no close examination of products, and online frauds are some of the factors that might hinder the market growth.
The price comparison websites market can be segmented on the basis of end use industry, product type, and region. On the basis of end use industry the market is divided into insurance, retail, electronic, travel and tourism, energy and others. Insurance segment is further segmented in motor insurance, travel insurance, home insurance, and others. On the basis of product type the market is bifurcated into products, and services. The price comparison market on the basis of regions is divided into North America, Europe, Asia-Pacific, and Others.
The retail segment is expected to contribute highest revenue share in the market. Reason for the dominance of the retail segment is the growing adoption of price comparison websites by consumers for comparing retail products and rising awareness among consumers about the availability of comparison websites. Moreover, the travel and tourism segment is expected to grow with highest CAGR during the forecast time period.
Asia Pacific market is expected to account for highest market share in the market. Owing to the high adoption of smartphones, laptops, and rapid digital transformation especially in China and India, this region is expected to drive the price comparison websites market in Asia-Pacific. North America is mature and still growing market and hence it is expected to follow Asia-Pacific market in terms of market share. North America region is also estimated to show significant growth rate during the forecast time period owing to the established market players in this region especially in the U.S.
Some of the key market players operating in the market are Google Shopping, Shopping.com, PriceGrabber, Become, Shopzilla, Bing Shopping Campaigns, Amazon Sponsored Products, Bizrate, ShopMania, Camelcamelcamel, and ShopSavvy.
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