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Klarna takes on Google and Amazon with price comparison tool
The launch of the price comparison tool comes as the Swedish fintech looks to diversify its revenue streams from its core buy now, pay later offering and offer customers a suite of financial products.
Klarna is launching a price comparison tool in the UK and Nordics, as it looks to take on Google and Amazon in online shopping and diversify its revenue streams away from its core buy now, pay later offering.
The price comparison tool, which launched in the US last month, follows Klarna’s purchase of Nordic price comparison business PriceRunner, founded in 1999, a year ago in a deal reported to be valued at around $1bn.
The price comparison tool can be accessed in the Klarna app, comparing prices across thousands of retailers. It is now being launched in the UK, Sweden and Denmark.
Like other price comparison sites, consumers can filter their search by what’s important to them, including colour, size, features, customer ratings, store availability and shipping options,
The tool lists product results in price order, helping consumers find the best deals and it also shows how the price of any item has fluctuated.
Additionally, when shoppers are browsing a product page, a panel will show consumers everything they need to know to make a decision, including whether retailers are offering a better price or the ratings attached to products.
At check-out, a pop-up panel will automatically look for and apply available coupons to discount the price of their chosen products.
The Swedish fintech believes the tool can become a viable alternative for retailers and consumers to Google Shopping and Amazon, as well as generating a new revenue stream.
Sebastian Siemiatkowski,Klarna co-founder and CEO said: “For Klarna, today’s launch is a major milestone in our evolution from a payment network to a single destination where consumers can complete their entire shopping journey, from inspiring product discovery through to delivery tracking, digital receipts and seamless returns.”
The launch comes amid a difficult year for Klarna, the poster boy for the buy now, pay later movement, which has suffered a fall in valuation and has made significant job cuts.
Klarna's core buy now, pay later offering is also facing a regulatory clampdown and increased competition from major banks along with other fintechs.
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