The last time I went to a supermarket, I noticed something that previously I had not given much thought to- the store’s price match guarantee. In a nutshell, the message was that if you found the same item for a lower price in a different store, you could show the cashier the advertised price and they would match it.
As I stood there looking at the sign, I began to wonder what was so great about a business that was only willing to match—not beat—a better price. If a company was really hungry for business, wouldn’t they want to beat their competitors prices and not just match them? I don’t know about you, but it seems a little insulting to say that you offer your customers low prices but are not willing to beat a company that offers a better one.
It’s great to see stores that will not only match their competitors price but will offer to beat it by 10%. This shows customers that they want their business and are willing to go the extra mile.
If you can’t find a store that is willing to beat their competitors’ prices, you may as well go to the store with the lowest price first. In fact, as customers, if we really wanted to impact the economics of pricing this would be the best route, as other stores will be forced to reduce their own prices just to compete, resulting in consistently lower prices across the marketplace.
With that said, I still believe that customers should remain loyal to their favorite stores and take factors such as customer service and selection into account, rather than just price.
Even though price match policies are a good start, they don’t exactly reinforce the idea that a business is trying to save the costumer money. In the end, if businesses want to prevent customers from shopping at the competition, they should reel them in with the best possible service and lower prices that can’t be beat by a price match policy.