Klarna Offers Price Comparison Tool in Bid to Expand Revenue
Klarna has rolled out a search and compare tool in the UK and Nordics as the fintech darts to diversify its earnings away from buy-now, pay-later, which is under increasing scrutiny.
It follows the product take-off in the US last month and comes a year after the Swedish comparison service firm bought price, PriceRunner for a reported $125 million, making it Klarna’s largest acquisition to date. The deal finalizes in the first quarter of 2022.
According to Finextra, the new tool compares prices across thousands of retailers with customer enables to filter their search by including color, size, features, customer ratings, store availability, and shipping options.
The firm says the search and compare tool supplies consumers with a credible alternative to Google and Amazon, starting point for their online shopping journeys, and unlocks a new revenue stream for Klarna. The tool builds on the last acquisition of PriceRunner, and Klarna acquisition.
The US engine was launched last month and is now available to Klarna App users in the UK, Sweden, and Denmark.
Klarna CEO and co-founder Sebastian Siemiatkowski said, You could spend the whole day comparing offers at conventional search engines or marketplaces, and you will always have doubts – have I found the best product at the best price? A new search and compare tool does the hard work for consumers and compares thousands of websites to ensure in real-time, they have all the information they need to make informed and confident purchase decisions.
Klarna’s push to create an all-purpose shopping app has boosted further the inclusion of a price comparison tool for the cost-conscious consumer.
Compares the new tool prices across thousands of retailers and enables customers to filter their search by including color, size, features, customer ratings, store availability, and shipping options.
The search and compare tool provides consumers with a credible alternative to Google or Amazon, says the firm a starting point for their online shopping journeys and unlocks a new revenue stream for Klarna. Acquisition of the tool builds on last year of PriceRunner, Klarna’s largest acquisition to date.
Lists product results in the tool in price order, helping consumers find the best deals for any product faster. Browsing a product, a shoppers page, and the price comparison engine will show whether retailers are offering a better price or the ratings attached to the product. At check-out, a pop-up panel will automatically look for and apply available coupons further discount the cost of their chosen products.
Its launch in the US last month, the search and compare tool is now available to users Klarna App in the UK, Sweden and Denmark just in time for the Black Friday shopping spree.
Siemiatkowski says Klarna aims to evolve from a payment network to a single destination where consumers can complete their shopping journey, from inspiring product discovery to delivery tracking, digital receipts, and seamless returns.
In August extended its app to allow UK consumers to view their online order history via a single dashboard, providing an inventory of their purchase history and product details – including images and prices, order and delivery status, package location, and pickup information.
Price comparison set to put the firm in competition with Google or Amazon and unlock another revenue stream for Klarna.
It could not come better-given shoppers were feeling the pinch of the rising cost of living amid historic levels, David Sandstrom, chief marketing officer, said this morning.
The long-term vision is for Klarna to become the biggest affiliate network in the world, he added.
Will also enable the feature of the fintech’s affiliate revenue, a key pillar as we steer towards profitability, Sandstorm said.
Last year, Klarna clinched its largest acquisition to date, it swooped up the Swedish price comparison website, PriceRunner.
The feature is available today, just in time for Black Friday amid the retail golden quarter ahead of Christmas.
Klarna launched a similar tool in the US last month today and is available to app users in the UK, Sweden, and Denmark.
Earlier this year, the buy-now-pay-later giant revealed that losses more than tripled in the first six months as the soaring employee hits cost and rising credit losses as it ramped up its expansion in the US.
The loss of the firm chalked to the costs of the integration of PriceRunner. An increase in employee costs and increasing glory losses across the group are on the back of a major growth push in the US and UK.
The mountain loss was published amid a turbulent period for the fintech giant after it was forced to slash in May its headcount by ten percent as fintech and tech firms globally are hit by a major downturn.