With hundreds of e-commerce sites, shopping online has become really tricky. Besides pricing, fine details like delivery time, quality, discounts and deals tend to be different on different portals. This is where comparison shopping comes into play. Ironically, there are dozens of comparison shopping sites as well.
Delhi based BuyingIQ wants to take on the space by helping users make smart decisions when it comes to shopping online. BuyingIQ is an intelligence based comparison and shopping engine. It helps you find the best deals across many ecommerce portals in the electronics category.
Currently, it gives price comparison options mainly in electronics with major categories including “Mobile & Accessories, Computer & Accessories, T.V, Video & Audio, Digital Cameras, Home & Kitchen appliances and Personal care”. In total it has 60 sub categories.
Piyush Taneja, Founder and Director, BuyingIQ says
We are not just a price comparison site. Instead we provide comprehensive deal to deal comparison for user. Necessary details like additional freebies/offer and discount coupons made available by the seller all put together in one place.
There are quite a few price comparison websites out there. Sites like Reviews 42, PriceDekho, Junglee.com, MysmartPrice, FindYogi and many others, offers product comparison and discovery options. The main focus is on personalization, which essentially means the more a service can be customised to a buyer’s requirement, the more attractive it becomes.
Online services like PriceBaba and Purplista also offers product discovery and comparison features, unlike pure online services, these provide information on brick & mortar stores based on user’s location.
BuyingIQ uses a “Personalized Competition Analysis Tool” which is basically an alternative recommendation feature. Customers are given alternative options of a product they are searching, based on product specifications, user response and popularity of the product on the Internet.
The startup which started in November 2012 currently has more than 4 lakh visitors a month which are growing by 50% month on month. That’s a good number the site has managed to pull within 9 months of the launch.
Nearly half of its traffic comes from metros and the rest from Tier-2 and tier-3 cities, indicating the demand of such service in the smaller cities.
A mobile app is in the making and will soon be launched, as the startup gets over 25% of the traffic from mobile based web browsers (Not through a mobile site). This means close to 1 lakh visitors use mobile to compare products, a sign of increasing mobile usage.
In next phase the company will be launching “Gamification” features to engage users in order to build a community of loyal and genuine users. The site offers an option of writing reviews and engaging users using gamification methods will help it to cut out unreal users writing fake reviews. Community engagement serves well especially when you want your customers to give genuine ratings and reviews. For instance, online marketplace Snapdeal, has launched Snapboard, a gamification platform for reviews. The etailer give virtual rewards (badges, points) and physical goodies to genuine users participating in discussions and reviews.
The startup analyses trends using more than 10 months of pricing and inventory data of major online ecommerce players, and has developed a crawling algorithm which includes factors like deal’s historical pricing information, how hot the product is, and frequency with which sellers update their price to provide the users with accurate pricing information. They claim 98% price data accuracy.
Major revenue comes from affiliate networks and display ads. The firm has tied up with merchants on CPC and CPA basis. Remarketing of consumer data, data analytics and physical retail listing are some other monetization avenues the startup is looking at in near future.
Comparison shopping is surely an alluring segment and will grow with increasing ecommerce though it is hard to say who will become the undisputed choice among users.
This Startup Coverage is part of NextBigWhat’s ‘India. Get Independent. #StartupCampaign’, supported by Canaan Partners and Shopify India. During this campaign, NextBigWhat will profile upcoming Indian startups. If you want to have your startup featured, please submit details here.]