Price comparison sites still need to convince
consumers that they can offer the best possible deal. Many consumers begin the
purchasing journey using price comparison sites but end up dropping out before
the process is complete. Many of these people choose to drop out in order to
check if they can get a better deal by going directly. Price comparison sites
should consider offering customers a price promise guarantee in order to tackle
the perceptions that customers can get a cheaper deal elsewhere.
Introduction
Abbreviations and definitions
Executive Summary
The market
Around 70% of internet users have
used a price comparison website
Figure 1: Products
researched/purchased through aggregator sites, April 2013
Market factors
Online activity
Companies, brands and innovations
Comparethemarket.com is the most
widely used aggregator in the last year
Figure 2: Aggregator sites used in
the last 12 months, April 2013
Small levels of brand
differentiation between the traditional aggregators
Figure 3: Attitudes towards and
usage of brands in the web aggregators sector, March 2013
The consumer
Price comparison website usage by
product
Price comparison selection process
Figure 4: Aggregator site selection
process, April 2013
Process completion
Figure 5: Price comparison usage and
dropout rates, April 2013
Reasons for dropping out of the
quotation process
Figure 6: Reasons for not completing
a quote, April 2013
Reasons for dropping out of the
purchasing process
Figure 7: Reasons for not completing
a purchase, April 2013
Price comparison website concerns
Figure 8: Price comparison website
concerns, April 2013
Attitudes towards price comparison
websites
What we think
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Issues in the Market
Why do customers drop out from the
price comparison process?
What can price comparison websites
do to stop people dropping out?
Do consumers use different price
comparison sites for different financial products?
Can Google capitalise on its brand
and search engine dominance?
Trend Application
Price matching to compete with
direct channels
Reassuring customers regarding data
usage
Mintel futures: Human
Online Trends
Key points
Three quarters of over-16s now have
access to the internet
Figure 9: Internet users, Q1 2011-Q1
2013
Smartphone usage continues to grow
Figure 10: Personal ownership of
mobile phones, January 2012-April 2013
A fifth of adults manage their
finances on smartphones
Figure 11: Information-finding
activities performed online in the past three months, by device, April 2013
The majority of adults have shopped
online
Figure 12: Online shopping
activities performed in the past three months, by device, April 2013
Companies and Products
Comparethemarket.com
Figure 13: Key financial data for
BISL Ltd*, 2011-12
Confused.com
Figure 14: Key financial data for
Confused.com, 2011-12
Figure 15: Key financial data for
Admiral’s price comparison websites*, 2010-12
Gocompare.com
Figure 16: Key financial data for
Gocompare.com Limited, 2010-11
Moneysupermarket.com
Figure 17: Key financial data for
Moneysupermarket.com, 2011-12
Tesco Compare
Figure 18: Key financial data for
Tesco Compare, 2011-12
uSwitch
Figure 19: Key financial data for
uSwitch, 2010-11
Others
lovemoney.com
money.co.uk
MoneyExpert.com
Figure 20: key financial data for
MoneyExpert.com, 2010-11
TotallyMoney.com
Brand Research
Brand map
Figure 21: Attitudes towards and
usage of brands in the web aggregators sector, March 2013
Correspondence analysis
Brand attitudes
Figure 22: Attitudes by web
aggregators brand, March 2013
Brand personality
Figure 23: Web aggregators brand
personality – macro image, March 2013
Figure 24: Web aggregators brand
personality – micro image, March 2013
Brand experience
Figure 25: Web aggregators brand
usage, March 2013
Figure 26: Satisfaction with various
web aggregators brands, March 2013
Figure 27: Consideration of web
aggregators brands, March 2013
Figure 28: Consumer perceptions of
current web aggregators brand performance, March 2013
Figure 29: Web aggregators brand
recommendation – Net Promoter Score, March 2013
Brand index
Figure 30: Web aggregators brand
index, March 2013
Figure 31: Web aggregators brand
index vs. recommendation, March 2013
Target group analysis
Figure 32: Target groups, March 2013
Figure 33: Web aggregators brand
usage, by target groups, March 2013
Group One – Conformists
Group Two – Simply the Best
Group Three – Shelf Stalkers
Group Four – Habitual Shoppers
Group Five – Individualists
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Brand Communication and Promotion
Key points
Aggregators’ adspend increased in
2012/13
Figure 34: Overview of advertising
expenditure in the financial aggregator market, 2011-13*
Comparethemarket.com is the number
one in terms of adspend
Figure 35: Advertising expenditure
by selected financial aggregators, 2011-13
TV advertising is heavily
influential in the price comparison market
Figure 36: Financial aggregator
adspend, by media type, 2011-13*
Figure 37: Financial aggregator
adspend among selected sites, by media type, 2013*
A note about adspend
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