The Swedish fintech company’s in-app tool aims to help consumers “shop smarter” by searching and comparing offers across thousands of retailers
Klarna said the price comparison tool will boost its participating retailers visibility and sales
The Klarna App will now enable users to search and compare prices across thousands of retailers so they can find what they want for less.
Product results are listed in price order so consumers can find the best deals.
It also shows whether product prices have fluctuated – so users can decide whether to purchase now or wait to get the best offer.
The search can also be refined by colour, size, features, customer ratings, store availability and shipping options.
By filtering the search by what is important to them, the Swedish bank says it will “eliminate disorganised results that are typical of conventional search engines”.
The company hopes the price comparison tool will help shoppers during the cost of living crisis.
"The search tool is the new shopping hack for savvy shoppers and it could not come at a better time,” David Sandstrom, Klarna’s Chief Marketing Officer, told Cosmetics Business.
“UK shoppers are feeling the pinch of the rising costs of living, so cutting costs has become a priority for many."
At check-out, a pop-up panel on the app will also look for and apply coupons to further discount products.
“You could spend the whole day comparing offers at conventional search engines or marketplaces, but you will always have doubts,” said Sebastian Siemiatkowski, co-founder and CEO of Klarna.
“Klarna’s new search and compare tool does the hard work for consumers and compares thousands of websites in real time.
“[This] ensures they have all the information they need to make informed and confident purchase decisions.”
Klarna generates 600 million leads a year for its retail partners
The company said the price comparison tool will also boost its participating retailers visibility and sales.
It builds on Klarna’s affiliate marketing business, which generates 600 million leads a year for its retail partners.
“Today’s launch is a major milestone in our evolution from a payment network to a single shopping destination,” added Siemiatkowski.
“[It] covers everything from inspiring product discovery through to delivery tracking, digital receipts and seamless returns.”
The tool is now available in the UK, Denmark and Sweden. It launched in the US last month.
Klarna said it hoped the tool will take off during the peak Christmas period.
In its 2022 Holiday Report, the company discovered that 85% of UK holiday shoppers will compare prices across retailers more often this year.
A further 84% also said they would find it useful to have an app that helps them do that.
The price comparison tool is the latest move by the company to bring a highly personalised shopping service to consumers.
In May, Klarna launched a virtual shopping platform which brings the traditional customer service offering found in bricks-and-mortar stores to the online space.
The fintech giant also introduced its first-ever physical card for in-store shopping this year.
The Visa-powered card allows customers to make buy-now-pay-later purchases outside of the traditional realms of e-commerce.