Mygold Inc.

April 26, 2007 03:01 ET

Mygold Inc. Launches Local Comparison Shopping Website for Toronto

Helps businesses Increase Revenue by Improving Consumer Confidence and Purchase Decisions

Attention: Business/Financial Editor, City Editor, Home/Garden Editor, Lifestyle Editor, Tech/Telecomm Editor TORONTO, ONTARIO, PRESS RELEASE--(CCNMatthews - April 26, 2007) - A new price comparison website gives Toronto and the GTA businesses a local online space, where they can list their products and services to boost their offline sales.

The website,, enables businesses to reach out to consumers who are relying more and more on online research for their purchase decisions. Explains myGold's Marketing Executive, Tegi Obanda. "Close to 90 percent of purchases are still done offline". Yet, according to comScore, "63% of product purchases that were researched online actually occur in offline retail stores". Further, ForeSee Results and FGI Research say that "80% of Internet shoppers prefer to buy locally."

A comparison site dedicated to the GTA and the golden horseshoe region will enable businesses to respond to what the consumers want. Says Obanda, "At myGoldPages, businesses are able to seamlessly upload and update their product or service listings any time of the day and from anywhere. It takes one minute to create an account. There are no per click fees."

The new site is a big boost to local businesses because the last few years have experienced a surge in use of comparison sites by web users. As E-consultancy analyst Linus Gregoriadis says, "The amount of traffic to shopping comparison sites is growing at a very healthy 30% a year, yet market revenues outstrip this figure. Revenue growth of up to 500% has been reported by comparison engines, driving massive amounts of sales to merchant partners."

As to whether businesses will be shy to advertise their prices, Obanda says that price is not the only consideration. "Consumers are able to benefit from product feature descriptions, availability and proximity. You should not think that if your price is not the lowest then you should not display it. It is better to have a product which is tenth in price than one which is nowhere."

Obanda further explains that "there are various reasons for price differences. Consumers are smart. They will develop a trusting attitude about your business if you show them that you are open and confident about your pricing. But more importantly, they will appreciate the fact that you have made their lives easier by giving them the information they are looking for."

Research shows that consumers want to order from businesses that they trust. Says Obanda, 'The digital era belongs to consumers." Nigel Sheldon, director at Starcom Digital, stresses the importance of "making sense of (digital) "converging behavior" as consumers-especially young people- get better at multi-tasking," Greg Sterling of says, in reference to local comparison shopping, "this is what consumers want, and it completes the comparison shopping value proposition."

Mark Creighton, MD of i-level, say that marketers need to make sure that they are not just making empty promises. They run the risk of being exposed at a time when user-generated content is becoming more prevalent and visible on the internet." He advises that "it is critical for businesses to keep a close eye on customer behavior, and how changing online habits (including increased use of comparison engines) affects offline purchasing habits."

Key market trends show that retailers gain significantly from comparison shopping. E-Consultancy says that income which can be attributed to shopping comparison sites can amount to 30% of total online sales. Growth is being driven by increased use of the internet as a research tool before purchase. As broadband connections surpass dial-up, we should expect an even higher surge in comparison shopping" says Obanda. "Broadband users are known to spend more money and time online."

A local comparison search engine brings multiple benefits to businesses as they increase their revenue, and help them reach potential tourists more efficiently. "We see as a tool that increases the standard of living and help expand economic activity in Toronto, the GTA, as well as the extended golden horseshoe region' says Obanda. is an independent consumer and comparison-shopping guide covering a wide array of consumer and business products. The site offers price comparison and collects relevant product information, both from online and off line stores. Our service allows consumers to compare different models as well as prices, side by side. With our help, consumers can find the right product at the right price

Contact Information

  • Tegi Obanda, Marketing Executive, Mygold Inc.
    Primary Phone: 416-885-4375
    Secondary Phone: 416-317-1680