2013 was the year of the “price match” with virtually every major retailer extending price match offers around the calendar. While a viable short term strategy, price matching is simply not sustainable long term – it is the “race to zero”! In addition to damage to retailer profits, price matching reduces the customer relationship to dollars and cents, devoid of loyalty and brand promise.
In contrast, 2014 is the year of improved customer experience. Now the question is how to improve customer experience in a price transparent environment. Well, a few savvy retailers are showing the way – enter “Price Match 2.0”, otherwise known as a new and improved omnichannel customer loyalty program.
One example is Walmart’s Savings Catcher program which offers in-store customers an Every-Day-Low-Price (EDLP) guarantee by having shoppers registers their purchases (and email credentials) online. Meanwhile Walmart tracks competitive prices and provides any rebates to the customer via a gift card to be redeemed online or in-store. It is essentially a price match guarantee on a basket of goods to be applied against future purchases – simply brilliant! To implement such a program, retailers need to be able to effectively and efficiently monitor their competitive set with price intelligence. Learn how to get started with 360price.