What is Price Comparison?
According to Wikipedia, price comparison “allows people to see different lists of prices for specific products.” Basically it is a way to see similar products from different companies so that you can compare the price and save money. Price comparison has been around for a while, but it really took off in the 1990s during the internet boom. Before the internet, if frugal customers wanted to compare prices, they’d have to drive all around town to the different locations where the products were sold. The internet changed all of that. On one website people can find dozen of different brands and make informed decisions from the convenience of their home.
What are the Benefits of Price Comparison?
Obviously there are numerous benefits to comparison shopping, but two main ones that make it so valuable. First of all, you can save a lot of money in two different ways: by spend less money overall or by getting more value for your money. Most people who have good money management skills practice some form of comparison shopping. Secondly, you get a wide variety of options that you just could not have any other way.
What is Social Media?
Social media is a form of communication that uses web-based technologies to allow social interaction. It is very much its own entity and will only continue to be more prevalent as more and more people get access to broadband and Wifi.
How does Social Media Effect Shopping?
The Social Media effect on shopping has been very interesting. It runs on the old “word of mouth” principle but on a much larger scale. Social media will allow you to inform all of your close siblings and friends whether you loved a product or not. This may also influence them to purchase the product. Social Media also effect shopping in that people can leave reviews on products services, which tends to have a huge influence on potential customers.
What is Price Comparison and Social media Hybrid?
Obviously a combination of price comparison and social media would create the ultimate shopping experience. One would have the benefit of comparing several products while also having the reviews and recommendation of others who had used the product previously. With that amount of power in the hands of the consumer, companies will be forced to lower prices and raise quality in order to have a chance at beating out their competitors. And that is a victory for consumers.
Price comparison will save you a lot of money in the long run. There are many price comparison websites online that will give you the resources you need to take more control over your spending. If you have internet connection and a computer, then not comparing products and weighing your options before you commit to buy anything is being fiscally irresponsible.