Price comparison is the practice of comparing the prices of products or services offered by different retailers. It involves analyzing the cost of similar items across various sellers to determine the best value for money.
Retailers engage in price comparison to stay competitive, attract customers, and maximize sales. By researching and understanding the pricing strategies of their competitors, retailers can adjust their own pricing strategies accordingly. This enables them to offer competitive prices, identify opportunities for discounts or promotions, and make informed pricing decisions to optimize profit margins. Price comparison also benefits consumers by allowing them to make informed purchasing decisions based on affordability, quality, and the best available deals.