Two of the world's most eminent brands, Google and Which?, are planning to enter the online price comparison market to give competition to moneysupermarket.com and other already established market players.
London (Shakespearefinance) July 14, 2008: Google, an eminent search engine brand, and Which?, a consumer group, have decided to put their feet on the price comparison market. The emergence of these two players will mean some real competition for Moneysupermarket and confused.com, which account for approximately 40 percent of the motor insurance market, sales of credit cards, loans and mortgages amounting to almost £3.3 billion a year.
To add to the woes of Moneysupermarket.com, Barclays recently announced the scrapping of its FirstPlus loans service with the company, which is the only quoted company in the sector. This was seen in the recent statement by the company which showed signs of an expected fall in the revenues by £7m, leading to a fall in its share prices by more than 30% within a few hours. These trends are expected to rock an already crowded 'aggregator' industry. The entry of these two leading brands in the world of 'aggregators' would mean that existing market-rulers like Moneysupermarket.com and confused.com will be under severe threat of losing some clients and market share, a phenomena quite unknown to them till now.
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