Understanding The Concept of Price Matching

Exploring Price Matching

Price matching refers to a business practice where a retailer promises to match the prices of their competitor if a lower price for the same product is found elsewhere. Some stores even promise to beat the competitor's lower price by a certain percentage. This practice is used primarily to maintain competitive prices while also ensuring customer satisfaction and loyalty. This helps the retailer to not lose sales to competitors or online outlets that may offer the same products at lower prices.

Why Stores Implement Price Matching

Stores implement price matching for a variety of reasons but mostly, it's a competitive move. In an age where consumers can do quick online comparisons, keeping prices competitive is critical. Apart from gaining a competitive edge, price matching policies also help to build trust with customers. When customers see that a store is willing to match a competitor’s lower price, it gives them confidence in their buying decisions. It also prevents the need for the customer to go from one store to another looking for the best deal, hence saving their time.

Steps To Use Price Matching

First, you need to find a lower price for the same item at a different store. Then, you should bring evidence of the lower price to the store with the price matching policy - this could be a print advertisement or the online price visible on your smartphone. Make sure the price match items are identical, down to the model number and color. It's always a good idea to check the store's price matching policy for any restrictions or specific procedures. Once you present your proof, the store should sell you the item at the lower price.

Which Stores Offer Price Matching?

Best Buy

Best Buy has an excellent price matching policy where they match prices from local retailers and select online retailers, including Amazon. The product must be identical in brand and model number, and it has to be available for immediate sale. Best Buy even matches its own online and in-store prices, if the store price is lower.

Walmart

Walmart offers a price match guarantee for items purchased online. If you find a lower price from an online retailer on an identical, in-stock product, you can contact the Walmart Customer Care before placing your order, and they will match the price. It's important to note that the item must be sold and fulfilled by the specific competitors that Walmart lists in its corporate policy.

Target

Target offers a competitive price match guarantee. They match the prices of local competitors and select online retailers. If you buy a qualifying item at Target and find the identical item for less within 14 days of purchase at Target.com, in a local competitor's printed ad, or on select online retailers, then Target will match the price. One key feature of Target's policy is that you can adjust the price of an item if it goes on sale within 14 days of your purchase.

Considering The Fine Print in Price Matching

Exclusions and Exceptions

When it comes to price matching, it's vital to read the fine print. Some stores have extensive lists of exclusions and exceptions. For instance, some stores will only match prices for exact identical items, which means the item must be the same brand, model, and even color. Others may exclude certain types of sales, like Black Friday deals or closeout sales. Understanding these exclusions will help you to make the most out of price matching.

Verification

Some stores may require verification of the competitor's price before they will match it. This might involve calling the competitor's store or checking the competitor's website. Sometimes, you may need to bring in the physical advertisement showing the lower price. Different stores have different verification processes, so it's always a good idea to check a store's policy before trying to get a price match.

Longevity of The Price Match Guarantee

Price match guarantees often have a shelf life, meaning there's a time limit on when you can request a price match. Some places extend the price match up to a week after your purchase, while others might only give you a few days. Knowing this time frame is crucial because if you miss it, the store won't owe you a price match and you could end up not getting the potential savings you were hoping for.