Consumers in brick-and-mortar stores would never tolerate a price change between the time they take an item off the shelf and the time they arrive at the checkout – why should internet retailing be any different?
London, UK and Boston, Mass. (Vocus) December 10, 2009
Online best-price finder InvisibleHand has exposed inaccurate prices on popular holiday gift items. Using its real-time price finding technology, InvisibleHand has revealed that many price comparison sites aren't reliable because their prices either are outdated or change mysteriously from search page to shopping cart.
The news comes on the heels of two major investigations – one by the UK's Office of Fair Trading, and one by the State of Texas -- into price comparison sites and their price publishing practices. InvisibleHand , a free Mozilla Firefox add-on that automatically and discreetly alerts shoppers on better prices for popular products, uses up-to-the-minute real-time pricing and constantly tests its price finding technology for accuracy. This transparent approach lets shoppers see exactly the price they are getting, before they are at the point of sale.
To help consumers avoid confusion and potentially miss the best deal, InvisibleHand has been price-monitoring this season's hottest sellers minute-by-minute at some of the biggest retailers. In the past week, it has revealed:
- A best-selling digital camera which changed its price 64 times in one week at one retailer
- A best-selling iPod dock whose price fluctuated between $89.99 and $147.73 over 7 days at one retailer
- On average, best-selling Xbox 360 game prices fluctuated by more than 32% over 7 days at one retailer
"Online shopping shouldn't feel like a shell game," notes InvisibleHand founder Robin Landy. "Consumers in brick-and-mortar stores would never tolerate a price change between the time they take an item off the shelf and the time they arrive at the checkout – why should internet retailing be any different? We are committed to helping shoppers find the best prices available without having to second-guess the deal they are getting due to confusion over price comparison data."
Since its launch in August 2009, InvisibleHand has revealed more than $20 million in savings for online shoppers through its unique, unobtrusive best-price alert feature. For example, a shopper browsing Twilight DVD set on Borders.com would see a subtle bar near the top of the page that would alert them to better offers on that specific item at alternative retailers online. The add-on takes the work out of hunting for the best deal because it automatically shows the lowest price on the product the user is browsing.
InvisibleHand is a free money-saving plugin for the Firefox web browser. It shows a discreet notification when the product being browsed can be bought for a lower price elsewhere, and provides a link directly to the relevant product page at the competing retailer. InvisibleHand ensures that users no longer need to use price comparison websites by revealing the lowest price regardless of where users shop.
InvisibleHand has identified over $18 million in savings for its US users and over £3 million in savings for its UK users. It can be downloaded from http://www.GetInvisibleHand.com.
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