Consumer

Retailer price flaws are costing consumers more than money4 min read

May 13, 2018 3 min read

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Retailer price flaws are costing consumers more than money4 min read

Reading Time: 3 minutes

Online shopping has changed everything. With a couple of clicks on my laptop or a few swipes on my phone, I can buy just about anything my heart desires and have it delivered to my doorstep within hours. No longer having to walk or drive from store-to-store, this efficiency has made us blind about how much we’re actually paying. Over time, the retail industry’s online transition has led us consumers to believe that we hold all the cards in the relationship as we’re under the impression that our go-to shopping options automatically offer the best price. But I’m here to say, we’re all being had!

Millions, if not billions of consumers around the world are being ripped off

Millions, if not billions of consumers around the world are being ripped off: Like the working mom who doesn’t have two to three hours to spend combing through multiple web browsers of retail websites or the dad who’s overpaying affects a family’s budget relying on every cent to make ends meet.  Price flaws by the most trusted retailers are causing shoppers to lose both time and money,  slapping the term “deal” on everything ad hoc. Also, they have access to data on consumer behaviors, a power that allows them to know when and where we like to shop, how much we’re willing to spend and how much they can charge us.  It’s past time that consumers have the power and choice to find the best price and real-time access to information that online retailers have held for decades.

The motivation to even the score for everyday consumers led me to create Shopbrain, an AI-powered shopping assistant that scans thousands of retailers for over a billion products. Shopbrain does all the searching for us and empowers its users with the confidence that they are receiving the best deal every time; all without collecting personal data. Our recent survey of 1,004 adults across the US found the leading frustration among online shoppers is having to find a different price on different sites for the same product.

Our recent survey of 1,004 adults across the US found the leading frustration among online shoppers is having to find a different price on different sites for the same product.

Shopbrain addresses this frustration for consumers shopping in-store or from the comfort of our homes through a Chrome browser extension and new app, the latter powered by AI barcode scanning technology, helping shoppers find the best price no matter where they are.

Online shopping is the present and the future of retail, but consumers must be given the power to shift the imbalance of information. If an item is labelled as “50% off”, consumers need to know if that sale isn’t a percentage off of a price that was inflated by the retailer a day or two before.

These price flaws among the leading online and brick and mortar retailers can add up and eat away at a disposable income that could otherwise go towards other family necessities.

Shopbrain uses AI to search more stores than anyone has before with prices on products readily accessible wherever we shop. Others in the market have tried to accomplish the same, but none have been able to accomplish this without collecting our personal data or move beyond traditional retail. Although most shoppers are familiar with coupon sites and rebates, I believe the first step in levelling the playing field is to find customers the best price.

Shopbrain uses AI to search more stores than anyone has before with prices on products readily accessible wherever we shop.

In fact, in the month of April alone, Shopbrain users found a better price 49% of the time when shopping online, savings that average about $306 per user.

Shopbrain delivers these results and more with complete transparency and without the need of giving up our Google or Facebook login credentials.  As we expand beyond traditional retail into travel and lodging, it will always work to protect and save consumers two precious resources that retailers have been costing us for ages: time and money. The latter we may get back, the former – we never will.

James Cunningham is the CEO and a founder of Shopbrain. He has been active in the technology industry for over 12 years with experience in Merchant Banking, Corporate Finance
and Strategic Planning.