Price Watch – Pay the Price You Want to Pay, Now That’s an Idea!
Overview & Introduction
People need to shop. Whether they like it or not, it is a necessity. However, people do have the choice. The choice of what to buy, when to buy it, where to buy it from and the price they pay.
Back in 1994, the first online secure retail transaction took place. Around the same time, Amazon was born. Over two decades later, Amazon has a market cap. of over $700 billion. Why? They have solved a problem, well many problems, but let’s focus on them as a retail platform. They provided consumers with the ability to shop for desired products, from a range of retailers, all in one place. Allowing a consumer to instantly see the cheapest price currently listed on the platform. Then purchase, there and then(with delivery being the cherry on top).
By Amazon forming a platform, where the cheapest price for x product is immediately view-able, they have taken away the need for shoppers to research where to purchase the products they desire. One could argue that the internet has been able to achieve this in general. Since a user has the ability to search a number of websites, much quicker than a shopper could nip between physical stores. I would argue Amazon, in this instance, streamlined the task. We also of course understand that the number of options available to a user online, are much greater than what a shopper would have on their local high-street. Therefore, competition is much greater, driving prices down.
However, whether it is Amazon or web-searches in general, they both allow for a focal choice factor to be eliminated. Price. Now whilst I have no concrete evidence on the following comment, I am fairly comfortable in saying that Amazon (or other sellers on the platform) price extremely competitively. They have to, that’s the way the platform was built.
“The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.” – Henry David Thoreau
However, times are changing. No longer do I just want to be assured that the price is the lowest at this current moment in time. I’m also expecting to be assured that the price is the lowest it will ever be. You can see this in Amazon best-price-guarantee offering, provided when customers pre-order a product. Another good example, is the fantastic tool that is Google Flights, and similar app Hopper. They both provide insight into how flight prices have varied over time, and what they could change to in the future. As such, you can make an informed decision on when to buy. The saving can be astronomical!
People love a great bargain. So why is there not a tool that is telling me when to purchase all of the cool products I currently desire? That, if at the correct price, I would purchase in an instance?! An “x” Watch would be lovely, but at £489 it’s a bit too expensive. £400? You have a deal!
With the amount of stores currently online, and the intense competition among them, there is bound to be price drop on products. How do you find that when there is a price drop for a certain product? Surely, no one has the time to keep browsing online shops all day!
As a side, customers are even willing to buy something they have not budgeted for; if the price is right.
Visualising the Data
The number of people shopping online is continuing to rise, with consumer electronics and apparel seeing the largest increases.
As you can see, research suggests that as many as 2.14 billion people could be shopping online by 2021
Interestingly, the consumer trends towards securing a good deal also seems to be on the up! Of the 56% mentioned above, 35% of them are much more likely to look for deals this year – we could be onto a winner!
From browsing physical stores, to browsing online websites and voucher providers, if I know what I would like to purchase – is there really a need to browse at all? How about a tool that takes my wish-list as an input, alongside the most amount of money I am willing to spend for x product, browses the marketplace for me and as soon as the price is right – the tool purchases it.
If you’re not a fan of the complete autonomy the tool has, you could always get a notification instead…
Retailers will overcome the issue of dropped sales, and customers will be assured they are receiving their product of choice, at a price that suits them!
- Competition among online shops
- Customers are on the lookout for good bargains
- Rise in online shopping
- Lack of awareness of such a service
- Monitoring the live prices across a host of websites would be tough
- Consumers love a good price bargain
- Customers are willing to wait for price drop before purchasing a product.
- Ability to make purchases at desired prices
- Ability to make purchases remotely
- Change in trends
- Competitive brands
Today’s idea is all about finding the right deal for the product you desire. It’s about having the ability to purchase your favorite item remotely, and at an affordable price. Do let me know what you think about the idea!
How would you improve the idea? Or, are you still not sold on the concept? Are you there already, and want some further content?
Either way, below is the option to invest in further market analysis. Like the post you have just read, the purchase will allow you to pose a question/problem, with background as to what actionable insight you are currently in search of. You will then receive direct correspondence from myself, where we will discuss your topic. As you would expect, the research will be created bespoke for your request, all for only £100! (please allow for a 5 to 10 day turnaround)
The amount of time and thought that has been placed into forming this process, and the thousands of hours personally invested into studying these topics and working with clients, will mean you’re getting great value!