Never miss a discount
We probably all know the situation that we would like to buy a new product, but we cannot afford it (yet). You really would like to buy a new camera or laptop, but the price is way too high.
As we could read in the article consumer informedness and firm information strategy (Li et al,2014), some consumers show trading down behavior in the process of product shopping. Trading down behavior is the behavior that involves the purchase of least expensive offering. This week a new application is launched, which will help those consumers in the process of product shopping.
Since almost all products drop in price over time, some consumers are willing to wait to get a better deal. Pricepin is an application that will help those consumers. With this new Dutch application, users are able to ‘pin’ their favorite products in the Pricepin application. Pricepin will send you a notification when the price goes down. So if you are not in a rush to buy the product, Pricepin can help you save money on you purchases.
Several price comparison websites, like pricegrabber.com or prijsvergelijk.nl, already exist. However, those websites compare the product to different web shops in order to offer the lowest price.
So how does Pricepin work? For instance, you would like to buy a new camera. After some research, you have decided to buy the Canon PowerShot S120. At the moment, the price is €449 and you cannot afford to buy this. Since you are not in rush of buying it and you have some patients for possible price drops, you pin the product to the Pricepin application. In order to pin the product to the app, you should use the ‘share function’ of a webshop. After pinning the product, you will get notified every time the price changes. Users are able to monitor items with graphs, and they are able to see how the prices develop over time.
Figure 1. Overview of Pricepin Canon Powershot S120