When my first child was born, my wife and I agreed that a digital camera with video recording capabilities was in order; we wanted to be those parents who post embarrassing home videos of their kid on Youtube. I did some research and settled on a Canon model which could take videos in high definition. The only thing left for me to do was to find a decent price that we were willing to pay.
A few weeks went by before I noticed a pretty awesome one-day sale at Aden Camera with 25% discount on the camera we wanted. The store was located downtown and there was no way I was going to make it there in time before store closing. Instead, I walked into a local Future Shop where the same camera was listed for the original price of $1099. I told the customer service representative (CSR) that I wanted to price match the camera with the lower price from Aden. The CSR called Aden to confirm the price and stock. Long story short, after about 15 minutes and a price match later, I walked out of Future Shop with the camera we wanted for $825. #PriceMatchFTW.
What Is Price Matching?
Price matching is a practice wherein a retailer agrees to match a lower advertised price from a rival store and sells you the same product for the lower price.
Many retailers are committed to providing value to their customers through offering products at the lowest prices; however, it is difficult for them to keep an eye on the pricing of all their products. To remain competitive and increase brand loyalty, large retailers will offer to match competitors’ prices for the same items. The details concerning the specifics of what a given retailer will match can be found in a retailer’s price match policy or price match guarantee.
Price matching policies often don’t just apply to items you are going to purchase, they can also apply to items you’ve already purchased:
1. If a customer has already made a purchase and finds the same item at a cheaper price from a competitor’s store, within an approved time frame, some retailers will refund the difference between the advertised price and competitor’s lower price.
2. If the retailer reduces their own price on a product within a set period of time after a customer has made a purchase, the customer is often entitled to a refund of the difference upon request.
Related: Get Free Stuff Using The Scanning Code of Practice (SCOP)
The Different Types Of Price Matching