A new personalized price comparison tool for changing electricity and natural gas contracts is planned to be added, immediately, to e-Consumer, in the context of upgrading the role of the platform and transforming it into an essential helper for the consumer.

According to information from APE-MPE, in collaboration with the Regulatory Authority for Waste Energy and Water (RAAEF), it is estimated that, from February, the consumer will be able to use a new Price Comparison Tool (energycost) for electricity and natural gas products , in a contract change process.

The remarkable thing is that the research that will be done will be personalized for the comparison of tariffs, as all additional costs, fine print, privileges, clauses, gifts, etc. will be calculated. so that the consumer has a clear picture of the costs, benefits and savings he will have.

However, the upgrade of the platform is not only about the new tool for energy, but about its evolution into an essential assistant for the consumer and strengthening its role as a market regulator.

As the managers of the e-Consumer platform commented to APE-MPE, “the extension of the platform’s operation reflects the commitment of the General Secretariat of Commerce to strengthen transparency and competitiveness in the market, through technology”.

In the meantime, the political leadership of the Ministry of Development underlines, at every opportunity, that as long as accuracy concerns the consumer, measures will be taken, and a set of measures is already in place, to deal with the consequences of inflationary pressures, to correct misleading offers and discounts structural distortions and achieve lower values.

In this context, all the audit services are “on foot” with the audits continuing intensively, across the entire range of the market. It is recalled that, in 2023, more than 25,000 controls were carried out and the fines reached, approximately, 13.5 million euros, while the further strengthening of the role of DIMEA for even greater control efficiency is already progressing.

However, the issue of profiteering and accuracy remains high on the agenda of consumer issues so it has been put high on the agenda of government priorities by the Prime Minister himself.

The Ministry of Development estimates that the upgrade of e-Consumer will become the appropriate tool for the consumer himself to realize the power he has as a market regulator.

In this context, it is therefore planned to upgrade the number of e-Consumer products by expanding them from approximately 1,500 codes to 3,500 codes – including products with a permanent price reduction of more than 5% – while there will also be the addition of notifications for changes made to the prices of the products that the consumer has included in his “basket”.

In order to increase the number of codes, in addition to the basic consumer products, it is planned to add some which, although not included in the “basics”, are nevertheless not sophisticated.

It is recalled that, today, through the e-Consumer, one can be informed about the prices of many goods, make comparisons in order to arrive at the most advantageous choice and report behavior that he considers to be abusive or misleading.

Consumer defenses against accuracy

As inflation continually raises the price of consumer staples and services, the pressure on family budgets increases and citizens look for ways to limit its impact on their daily lives.

As he explains speaking to the Athenian-Macedonian News Agency o George Baltasprofessor of the Department of Marketing & Communication of the Athens University of Economics and Business, Director of Postgraduate Studies “consumers cannot neutralize the effects of inflation and return the cost of living to where it was before the inflationary and energy crisis”.

However, he notes that “certain tested and scientifically studied changes in purchasing behavior are capable of mitigating the effects of inflation on consumers’ everyday lives.”

But what are the major changes in purchasing behavior which, according to Mr. Balta, can help Greek households cope a little better with today’s difficult conditions:

  • There has been a lot of discussion about shrink packages. This phenomenon is called “shrinkflation” and occurs when the size or quantity of a product decreases, but its price remains the same or increases. To avoid such purchases, we check the packaging of the product we are interested in for any changes in size, weight or quantity.
  • When we shop we check the price per unit which is the amount of money we pay for a specific quantity of a product, such as per kilogram, liter or piece. Unit pricing helps us avoid paying more money for less product. This information must be written on the price tag of each product.
  • We compare the prices of the alternatives (eg, competing brands) that exist in the same product category. The prices of products belonging to the exact same category can differ by up to 50%. This means that by choosing a significantly cheaper product, we may neutralize the entire cumulative impact of inflation in that product category from 2021 to today.
  • We are looking for better prices between physical or online stores. There are often large differences in retail price for the exact same product code and we can locate retail outlets that carry the same product at a significantly lower cost.
  • THE price and product comparison is done more efficiently online and with less effort, time and expense. In this effort we can use search engines and digital platforms that make the process simpler for us.
  • We consciously avoid them impulse purchases, that is, the purchase of products that we had not planned to do. One way is to make a list of products before shopping and not make purchases outside of that list. Related research has revealed that the systematic use of a shopping list can reduce up to 25%-30% the total expenses in the supermarket and drastically reduce unnecessary purchases.
  • We try new brands or codes of the product we are interested in, as long as they are offered at lower prices. With such changes in purchasing habits we can reduce costs considerably without depriving ourselves of a product or reducing consumption.
  • We take advantage of them coolly, intelligently and in our own interest offers, discounts, coupons and customer loyalty programs. This means we don’t buy a product just because it’s on sale and presented as a bargain if we don’t really need it. Also, most products in the supermarket have recurring promotions and we can easily find the product we want on sale.

According to what Mr. Baltas points out speaking to APE-MPE, “the consumer “votes” every day the companies and products he prefers through his purchases. If consumers buy into companies and brands that offer fair and moderate prices, then they actually help the market work better and responsible pricing practices will increase. At the same time, if consumers abandon companies and brands that make disproportionate markups and profiteering, then they send the message that irresponsible pricing practices are not tolerated and are punished by withdrawal of consumer trust.

As far as the role of the state is concerned, Mr. Baltas argues that there are policies and measures that can strengthen the position of the consumer vis-à-vis accuracy. Specifically:

  • Authorities can intervene in the market to prevent monopolies, cartels, oligopoly strategies and other practices that undermine competition and allow companies to charge excessive prices and exploit consumers. Authorities can also impose fines, penalties or take legal action against those who violate antitrust laws or engage in unfair practices.
  • Implementation of measures to limit ill-gotten gains, such as for example article 54 of Law 5045/29-7-2023 regarding the reduction of phenomena of unfair profit.
  • Measures that promote price containment by companies and facilitate price comparison by consumers, such as the household basket.
  • Stimulating the supply side of the economy to reduce domestic inflationary pressures.
  • Influencing industry players and major market players to comply with society’s desire to contain the cost of living and limit mark-ups.
  • Interventions to contain the cost of energy which not only incentivizes cost increases on the business side, but also directly burdens family budgets on the consumer side.
  • Consumer education and empowerment. The state offers information and guidance to consumers to help them make informed and rational decisions. Authorities can also strengthen the institutional framework for consumer protection and help consumers voice their concerns, complaints or requests.

“Inflation is a serious and persistent problem for the economy and society” emphasizes Mr. Baltas speaking to APE-MPE and adds: “Individual and piecemeal measures cannot solve the problem of accuracy, but an appropriate combination of measures and interventions can strengthen the position of the consumer” .