How to Increase Conversion Rate Using Comparison Shopping Engines

Published by Salespanel on May 24, 2024

Updated on May 24th, 2024

Source

Consumers today want to know they are getting the best deal possible before they invest their money. With so many products and services available at the click of a button, they need to know they are getting the best value for their money. That’s where comparison shopping engines come in. When used correctly, comparison shopping engines can be a powerful tool to increase conversion rates. In this blog post, we will go over how to use comparison shopping engines to increase conversion rates.

What Is a Comparison Shopping Engine?

A comparison shopping engine is one of the many digital eCommerce solutions for marketers. It is a type of search engine that allows users to compare prices for products across a wide range of online and brick-and-mortar retailers. CSEs are often used to find the best deals on items like airfare, hotel rooms, and other travel-related purchases. However, they can also be used to find the lowest prices on electronics, apparel, and a variety of other goods and services.

CSEs typically work by crawling through hundreds or thousands of online stores in order to find the best deals on the products that users are interested in. This information is then presented to users in the form of a searchable database, allowing them to quickly and easily find the lowest prices.

While CSEs can be a valuable tool for finding discounts, it is important to remember that not all CSEs are created equal. Some CSEs may only list a handful of retailers, while others may include dozens or even hundreds. Thus, it is important to choose a CSE that includes a good selection of retailers in order to ensure the best possible chance of finding a great deal.

What Are Examples of Popular Comparison Shopping Engines?

One of the most popular comparison shopping engines is Google Shopping, which allows shoppers to search for products by keyword and then filter the results by price, merchant, or other criteria. Google Shopping also offers features such as product reviews and merchant ratings, making it a valuable resource for consumers.

Another popular CSE is Amazon’s Price Check, which allows shoppers to scan barcodes or take pictures of products to find the best prices from online and offline retailers. For those looking for even more options, sites like Bizrate and Shopzilla offer comprehensive listings of products and services from a variety of different vendors. These platforms work by allowing users to search for products, compare prices, and read reviews from other shoppers.

Benefits and Challenges of Selling on Comparison Shopping Engines

While every comparison shopping engine has benefits and drawbacks specific to brands, some of the most important advantages and challenges to take into account are the same.

Here are some advantages of selling on CSEs:

• Increased Visibility: Listing products on comparison search engines (CSEs) exposes your brand to a broader audience actively searching for similar items, enhancing brand visibility and attracting potential customers who might not have found you otherwise.
• Enhanced Trust and Credibility: CSEs often feature customer reviews and ratings, which can build trust and credibility for your products. Positive reviews and high ratings can influence purchasing decisions and improve your reputation among potential buyers.
• Competitive Pricing Advantage: Showcasing competitive prices can help businesses attract price-sensitive customers. CSEs allow shoppers to compare prices easily, giving you the opportunity to highlight cost advantages and special deals to win over budget-conscious buyers.

Following this, here are some challenges of selling on CSEs:

• Intense Competition: CSEs are competitive platforms with many vendors vying for attention. Standing out among numerous competitors can be challenging, especially if larger retailers dominate the listings with lower prices or better marketing strategies.
• Price Sensitivity: Since CSEs focus on price comparison, businesses may feel pressured to lower prices to remain competitive. This can lead to thinner profit margins and a potential race to the bottom, affecting overall profitability.
• Dependence on Accurate Data: Success on CSEs relies on accurate and up-to-date product information. Maintaining this data can be resource-intensive, and any discrepancies or outdated information can result in lost sales and negative customer experiences. Ensuring consistent, high-quality data across all listings requires continuous effort and monitoring.

How to Use Comparison Shopping Engines to Increase Conversion Rates

Now that we have gone over what comparison search engines are and some of the most popular platforms, let’s take a look at how marketers use them to increase conversion rates.

Use a comparison search engine to research products

If you are thinking about selling products online, a comparison search engine can be a valuable research tool. By entering a few relevant keywords, you can quickly get an overview of the different products available and their prices. This can help you to choose the right product to sell and set a competitive price.

A comparison search engine may also be able to help you to find suppliers for the products you are interested in selling. Simply enter the name of the product you are interested in, and the search engine will provide a list of suppliers. You can then contact these suppliers to get more information about their products and prices.

Select the appropriate comparison search engine

There are many different comparison search engines available, and each has its strengths and weaknesses. If you are new to comparison search engines or have a limited amount you can allocate to marketing, it is best to start with a free option such as Google Product Search.

Once you have gained experience with a free comparison search engine, you may want to decide whether it makes sense to invest in a paid one such as Amazon Products Ads or Shopzilla. Paid CSEs typically offer more features and higher visibility, but they also require a monthly fee.

Want to know about the benefits of CSEs? Here are some of the advantages of premium price comparison websites:

• Increased product exposure from reputable sources
• In-depth analytics dashboards
• Ability to customize your listings
• Keyword and competitor tracking
• Dedicated account managers

However, if you would really like to maximize the use of CSEs, you should know about their shortcomings too. Here are some drawbacks of paid price comparison listings:

• Potential restrictions on how to market to website visitors
• The need to continuously monitor your account to ensure maximum ROI
• Additional fees beyond the monthly price

In case you are selling products that are not easily found on general CSEs like Google Shopping or Amazon, you may want to consider a specialty CSE. These engines focus on specific types of products, such as electronics or travel.

Some popular specialty CSEs include:

• PriceGrabber (electronics)
• Magellan Travel Shopping (travel)
• Nextag (comparison of local deals)
• NerdWallet (financial products)

For example, if you are selling electronic products, PriceGrabber is a CSE that you may want to consider. This platform offers product listings, merchant ratings, and product reviews to help shoppers find the best deals.

Similarly, a product marketer in the fintech space would want to take a look at NerdWallet, which is a CSE that informs users about financial products like credit cards, loans, and investments. Specialty CSEs can be a great way to increase conversion rates by connecting shoppers with the products they are interested in.

Optimize your data feed for the CSE you’re using

In order to list your products on a CSE, you will need to first create a data feed. This is a file that contains all of the relevant information about each of your products, such as the product name, price, and description.

Start by familiarizing yourself with the requirements of the CSE you are using. Each CSE has its own specific requirements for the format and content of the data feed. Once you know what is required, you can begin collecting the necessary information about your products. After gathering the required information, you can use one of the many data feed creation tools available online to generate your file.

It is critical to adhere to a CSE’s specific data requirements in order to maximize profits and continue to use their platform. Determine whether you can manage this on your own or whether you will need a virtual assistant to work on it with you.

Keep track of CSE updates and manage your program on a regular basis

To be successful with comparison search engine marketing, you need to keep track of updates from the various comparison search engines and manage your program on a regular basis.

This may seem challenging, but there are a few steps you can take to make it easier. First, create a system for tracking updates from the various CSEs. This can be as simple as setting up Google Alerts or subscribing to RSS feeds.

It is best if you also set aside time each week to review your program and make changes as needed. This will help you stay on top of the latest developments and ensure that your program is always up to date.

On a final note, if you have any inquiries, feel free to contact the support staff of the search engine tool you are using. They will be more than happy to help you troubleshoot any issues you may be having as well as inform you of policy updates.

Optimize your website to turn visitors into customers

Source

The best way to turn customers into buyers is to have an optimized website. When your customers click on your ad from the price comparison tool, they should be taken to a landing page that is relevant to their search and that compels them to buy from you.

Your website should be easy to navigate, with clear calls to action that make it easy for customers to find what they are looking for and make a purchase. In addition, your website should be mobile-friendly, as more and more people are using their smartphones to shop online. Here are some quick tips for optimizing your website:

• Use persuasive calls to action that encourage visitors to buy from you
• Make it easy for visitors to find what they are looking for with a high-quality user experience (UX)
• Ensure that your website is mobile-friendly
• Make sure your site loads quickly (under two seconds is “acceptable”)
• Use high-quality product images and videos and include alt text
• Include customer reviews and testimonials on your website
• Use website visitor tracking to understand how customers are using your site.

By following these tips, you can be sure that your website is optimized to turn visitors into buyers.

Continuously track your campaign to ensure its success

Source

If you want to guarantee long-term success, you must continuously track every campaign metric. The most important metric to track is your cost per click (CPC). This will give you an indication of how much you are spending on each click, and whether or not your campaign is profitable.

You should also track your click-through rate (CTR) and conversion rate. These two metrics will give you an idea of how effective your ads are at driving traffic and generating sales. You should also track your average order value (AOV), as this will give you an idea of how much revenue your campaign is generating.

Besides this, you should track your return on ad spend. There are several different ways to calculate this metric, but the basic formula is simple: take the total revenue of your campaign, and divide it by your total ad spend. This will give you a clear picture of how much revenue you’re generating for every dollar you’re spending on ads.

By tracking ROAS, businesses can ensure that their campaigns are profitable and make adjustments as needed. While it can be challenging to calculate this, especially if you have multiple product listings, several online tools can help. Additionally, many digital marketing agencies like Goodway offer this tracking as part of their services.

The Future of Comparison Shopping Engines (CSEs)

With the world of eCommerce being rapidly turned on its head, what does the future of comparison shopping hold?

Here are certain assumptions we have about the future of CSEs:

• Use of AI and Machine Learning Will Increase: To give customers more individualized and focused search results, comparison shopping engines will make greater use of AI and machine learning.Better user experiences and more precise product suggestions will come from this.
• Social Media will Have Deeper Integrations: To enable customers to make purchases straight from social media sites like Instagram and TikTok, comparison shopping engines may integrate with these networks on a deeper level.This might lead to a rise in impulsive purchases and a stronger emphasis on social media marketing on the part of retailers.
• Increased Emphasis on the Evolving Customer Experience: To deliver a smooth, modern customer experience, CSEs will have to constantly adjust. This could entail creating loyalty programmes or new payment methods, as well as mobile-specific features and interfaces like voice-activated search and augmented reality buying.
• Changes in Competition: Competition will change as brands and retailers reconsider their own selling strategies, putting CSEs up against new rivals. Will more companies decide to provide D2C products? Will merchants create their own labels based on their own experience selling branded goods on marketplaces? Retailers and brands will search for alternatives to boost profits as costs grow due to inflation and other global events, which could lead to new forms of competition for marketplaces.

Final Thoughts

In conclusion, comparison shopping engines (CSEs) are powerful tools that can significantly boost your conversion rates by increasing visibility, attracting price-sensitive customers, and enhancing credibility.

To maximize these benefits, ensure your product listings are accurate, competitive, and optimized with high-quality images and detailed descriptions. You should also regularly monitor and adjust pricing strategies based on market trends and competitor analysis.

By integrating CSEs into your overall marketing strategy and continuously refining your approach, you can drive more qualified traffic to your online store, ultimately increasing conversions and sales. Following the tips in this blog post, you can be sure that your campaign is successful and helps grow your eCommerce business effectively.