Price match policy is an excellent way to increase brand loyalty. It focuses on matching the price of the same product to your competitors. For example, if your competitor has a low price on a specific product, you will lower the price or at least offer the same price.24 Aug 2021
What are the benefits of price matching policy?
Increased Consumer Confidence A price match policy can increase consumers' trust in your brand because they believe your company has the best interest in their favor. Customers are savvy today, meaning they make informed decisions based on different prices, such as a company's reputation, honesty, and fair pricing.24 Aug 2021
Is price matching good for business?
Experts suggest that although price matching can stop competitors from stealing a given store's business, it also prompts that store to raise prices on other products to cover losses. Price matching applies to non-specialty items. One way to avoid price-matching pressure is to offer exclusive goods.1 Feb 2013
What does price match guarantee mean?
So what is price matching? It's a policy of many chain retail stores that if a competitor has a lower price on an item you want, it will offer the same price.18 Nov 2020
What is the purpose of price matching?
Price matching refers to matching a lower product price from a store in the competitive market. For example, a retail store that sells you the same product for a lower price. Companies use this strategy to save time and money because customers get the lower price available without visiting another store or shop.24 Aug 2021
What is price matching condition?
Price matching: The retailer will match a competitor's price if it's lower. Some retailers require this to happen at the point of sale. Others will match a competitor's price after the purchase and refund you the difference.11 Dec 2017
Can I price match something I already bought?
There are usually a few stipulations for a store to match a competitor's price on an item: The item has to be identical (brand, size, model, etc) to the one you bought and it has to be available for immediate purchase.8 Sept 2020
What happens if something goes on sale after purchase?
All you have to do is simply return the original item you purchased and buy it again at the lower price. If they won't, since the store has a 90-day return policy, you can simply return it and buy the item again at the lower price.8 Sept 2020
Can a store change the price after purchase?
No, a store cannot legally raise the price of an item once you have paid for it.14 Jul 2021
What is the price adjustment policy?
With a price match or guarantee, a retailer promises to match a competitor's current price for the same item. A price-adjustment policy generally means that the retailer will refund the difference if it drops the price on something you purchased there in the last 14 to 30 days.
Why matching the price of competitors is important?
A competitive pricing strategy helps you to prevent losing market share and customers to the competitors as it lets the business control the competition. Price is considered to be one of the most important criterias for online shoppers while making their final purchase decision.1 Aug 2018