Have you ever bought a brand new TV, only to see it advertised £200 cheaper a few weeks later? It's a deeply frustrating moment - feeling that you could have saved a lot of money if you'd only known that price drop was on the horizon! Well the Kagoo price history charts and Price Predictor can help!
These pair of tools are designed to analyse the price history and trends for every product on our system, in order to better understand how the cost fluctuates over time. This then allows us to make predictions as to whether the price for your product will rise or fall in the near future. Helpful stuff indeed! In this article we're going to be looking in depth at these utilities: how they work, and how they can save you money in the future.
Price History Data
First of all, let's look at the Price History Charts. In order to always bring you the newest and lowest prices, Kagoo tracks prices across hundreds of retailers multiple times per day. All these price charges are recorded and plotted in a 'Price History Chart' for every single product we sell.
You can view this chart by scrolling down to the 'Price History' section on any of our product pages. The chart shows the cheapest price on each day and who that cheap price was with. Simply hold your mouse over a specific point on the graph to see which shop was selling the cheapest at that time.
Using this you can easily see how the product has fallen (or risen) in cost over the last weeks and months - a good indicator of how quickly the product is losing value. If you notice a gradual but consistent downwards trend in price, it is reasonable to assume that reduction will continue, meaning waiting a short wait might net you a discount!
Comparing the Price History of Different Shops
Our Price History Charts are also customisable - you can add the price history for specific shops to the graph by clicking the '+ Chart' button next to the names of individual shops below the chart. They will appear as differently-coloured lines on the graph - you can then hover your mouse over the chart to see the annotated price history for each shop.
If you want more detailed information on how certain shops have changed their prices over time, the 'Historical Prices' section contains a wealth of information about the prices for each retailer. Here you can track each price change for a shop, noting the date, the amount increased/decreased, and the final price. This is useful for diving deep into whether your favourite retailer drops prices for your desired TV at regular intervals every month, and the average amount they change each time.
One of the benefits of all the historical price data we gather is that we can use it to identify genuine deals and price drops for products you want to buy. Some unscrupulous shops raise the price of products just before they put them on sale - in order to make them seem like a bigger saving than it is. By analysing the price history over months, we can isolate and ignore these tricks, allowing you to see the true deals!
All of this price history data isn't just helpful for looking backwards - we can also use it to help look into the future!
Our 'Price Predictor' tool examines all the historical prices we've gathered for a product, using something called 'Statistical Regression Analysis'. In brief, this allows us to look at the past price trends, and from that extrapolate future trends for a product and retailer. For example: if our price history showed that a television was consistently put on sale on the first weekend of every month, we could forecast that the price would most likely drop around this point, and rise the week after. This means that as long as we have enough data, we can generate a 2-week forecast about any product.
It's important to note this forecast is not infallible. Life is messy, any even the most concrete maths can't predict everything - or psychic powers are good, but not *that* good. So please exercise common sense when looking at any deal or promotion.
All this complicated analysis is condensed into our 'Price Predictor' tool - an easy-to-read dial that allows you to see at a glance whether you should buy now, or wait and net yourself a tasty discount! You'll be able to see whether our systems reckon the price will rise or fall, and an estimate of how much the price will change. We hope this tool will save you a significant amount of money on future purchases with Kagoo!
Finally, because we are constantly tracking prices for everything in our system, you can signup for email price alerts on any of our products. These price alert emails include a price history chart in the body of the email so you see immediately what the price trend on the product is. We also include any deals or promotions currently available, so you can make sure you'll be saving as much money as you can!