The use of Price Comparison Websites is on the rise, and familiarity with the main players in the market (Money Supermarket, Confused.com, Compare the Market) has helped consumers to trust and accept the process.
According to online research firm E-consultancy and DoubleClick, 43% of online retailers are seeing 10% of their overall sales coming from Price Comparison Websites, and this is continuing to increase year-on-year.
Consumers aren’t just using Price Comparison Websites as a shop window though, they are increasingly purchasing policies through this channel, and by 2017 over half of consumers were signing contracts directly through these comparison sites. The use of Price Comparison Websites in the energy market is no exception to this rule, with 60% of Brits using switching sites in 2018 to find the best energy deals. One million more people switched their electricity supply in 2018 than in 2017, according to industry body Energy UK, and the rise of energy comparison sites will of course have played a role in this astonishing statistic.
In addition to these comparison channels being capable of delivering more sales, they can also drive down operational costs for the brokerage. As more and more customers are not only browsing prices but are signing up to contracts online, telephone calls are dropping by up to 20%, reducing hundreds of outbound calls that the brokers would otherwise have to make.
One of the main benefits to the end customer of a Price Comparison Website is the ability to shop for new deals at a time and place that is convenient to them. In the business energy market, the standard quoting and contracting model means that brokers call business owners to talk through their contracts over the phone. Price Comparison Websites enable customers to avoid nuisance sales calls that catch them off-guard, and instead allow them to receive a quote before talking through the finer details with a Sales Agent (at a more convenient time).
Catching your customers at the wrong time is one of the easiest ways to lose a sale, so it’s important to put your prospects first and cater to their needs. If you believe you could be missing out on valuable business, now could be the time for you to adopt a Price Comparison Website for your business.
UD Group provides energy suppliers and brokers with the tools they need to gain live and cost-effective access to the B2B utilities market where they can transact energy more efficiently and increase sales. Their innovative, cloud-based software products help customers to compare prices across the industry, generate quotes, produce verified contracts with an increased acceptance rate, manage the sales journey and keep on top of market developments.
Find out more about UD Group’s Price Comparison Website by visiting their website here.
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