Retail Apps – Are Price Comparison Apps Driving Down Costs?

Retail apps are becoming essential to smart phone users who like to comparison shop. Sometimes shopping in one store checking on prices in another.

Smart phones are everywhere and many people use them to comparison shop. There are many retail or price comparison apps to do the job. A recent Wall Street Journal article showed the effect these apps are having on retail in general. In their words, “threatening to upend the business models of the biggest store chains in America.” read the full article… Phone-Wielding Shoppers Strike Fear Into Retailers

Retail Apps - Are Price Comparison Apps Driving Down Costs?Price comparison apps, sometimes QR scan/bar code scanner apps, are used to find out information about products. They are handy beyond price checking in that consumers can get instant access to product reviews and other important product information that would help them make an informed decision when buying. They are also used to check and see if that item is found anywhere else, online or up the street, cheaper. This is what is causing the revolution for consumers. Prior to this, online checking had to be done at home, and once in store, it was usually easier to just buy since you took the time to drive to the store.

Store sales always shout that their sale price is the best. Price comparison apps now hold them accountable. Consumers now have the ability to see whether “specials are really so special.” A cheaper price on any touted deal can quickly be spotted via a mobile device at an online or offline competitor. If they are cheaper online, they can purchase the item immediately. Prior to this, retail stores often charged just a bit more to cover costs of running a brick and mortar store. This isn’t going to be the case any longer. Big ticket items like electronics are a frequent target. The Wall Street Journal article opined that the recent losses experienced by retailers like Best Buy are directly related to things like price comparison apps.

Consumers always want to get the best deal; retailers want to sell items for a profit so they can stay open. Price comparison apps can be a good idea, but consumers have to keep in mind that they have their place.


 

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