However, the latest factor to affect this dynamic is the increasingly uncertain economic climate and, as price comparison specialists, what's most interesting is the way we're seeing the shift of power dramatically move from the retailer, to the consumer.

This is particularly visible when it comes to the way people buy utilities (no doubt fuelled by rising prices) and financial products such as loans and insurance products. It is only a matter of time before this shift spreads to further areas, such as consumer goods, and is something we can all learn from.

We're seeing savvy consumers increasingly tightening their belts and spending more time than ever before researching the best deals for them, rather than automatically opting for the better-known companies or ones they have dealt with in the past.

Customer loyalty is also at an all-time low, with shoppers more likely to continually switch providers, chasing the best deal. This means many well-established companies are losing their long-term customers to newer companies.

Part of this can be attributed to the media furore around the credit crunch, which constantly reminds us of the importance of savvy shopping and the need to tighten purse strings and employ more canny shopping habits.

But it's also down to the rise of price comparison websites, where shoppers can compare prices from hundreds of different providers in seconds, meaning finding the best price isn't the effort that it once was.

In fact, our research revealed that the majority (89 per cent) of consumers in the UK are planning to dedicate more time to looking for money saving opportunities throughout this year and more than three-quarters admit favouring price comparison websites to find competitive deals. It has never been easier to shop around for the best deal and more companies need to recognise, and respond to, this.

The companies that we see winning time after time, especially when it comes to customer loyalty, are the ones who genuinely understand their customers, and those which refuse to rest on their laurels, constantly building on their offering and services wherever possible.

These companies make it their business to build a genuine connection with a customer, whether it's through regular communication, incentives or a tailored service.

Consumers are increasingly demanding "added value" at every stage of the consumer experience and I believe this, more than ever, will become the defining factor for success over the coming months.

While, traditionally, consumers were seen to be sold on price alone, now we are seeing them increasingly looking at the
whole package, and a deal as a whole, before making up their minds.

The FSA, which is taking considerably more interest in price comparison sites, is also encouraging the inclusion of this "added value" element wherever possible as part of its best practice guidelines, which is further fuelling the trend.

Take car insurance, for example. In this industry, more and more companies are looking at introducing additional elements to their policies, in an effort to appeal to customers. This could be the provision of a premium courtesy car, more flexible terms, cover for perceived extra factors like lost car keys and personal belongings, accident transport and so on. This is just an example, but it applies to virtually any sector – innovation is key.

So the next few months will be interesting for us all. What's certain is that some businesses will flourish, despite what the economy throws at us.

Let's not forget that during the last recession of the early Nineties, many of the world's biggest companies were established and thrived.

Remember, people never stop shopping, they just start shopping around and this is something that everyone can learn from.

Chris McDonald is director of price comparison specialists, thecomparisons.com