Price matching can save you tons of money, whether it’s for groceries, electronics or another type of product. But it can be intimidating. That’s why we have provided you with the guidance and tools you need to feel confident price matching in stores near you.
Let’s get to it!
What is price matching?
Price matching is a practice where a retail location will match a lower advertised product price from a competing store – selling you the same item for the cheaper price. It is a fantastic way to save both time and money because you get the lower price available without actually visiting an additional store.
Retailers price match in an effort to offer the best price out there, while earning your customer loyalty and brand trust. There are varying policies around price matching. While some stores will match the lower price presented, others will beat it. To learn more, check out this blog on the price matching policies at some of Canada’s major grocery stores.
What are the different ways stores will price match?
Retailers will differ in their price match policies. It is best to take a look at their website to get all the details before your store visit. Here is an outline of the different ways stores will price match:
- Price match – when the store simply matches the competitor’s lower price
- Price beat – by percentage of the difference between their product’s price and the competitor’s
- Price beat – by a fixed percentage
- Price match of an already purchased item – This is a standard price match on an item you’ve already bought. They will refund the difference between what you paid and what the other retailer is offering.
- Price protection – This occurs when the store matches their own price. If their price is reduced in a set time frame after you made a purchase, price protection means they will refund the difference when requested by the customer.
- Rewards – Some stores will offer rewards in addition to selling the product at the lower price.
The best way to get an understanding of the price match policies at your go-to stores is to check them out on their websites, but here are some general restrictions to keep in mind:
- Proof of the lower price is always required either physically or digitally.
- Competing ads are usually required to be in the same geographic area.
- There may be limitations when it comes to special savings events, clearance or damaged items, BOGO (Buy 1 Get 1 Free) sales, items from membership clubs, door crashers, free offers, or gifts with purchase.
- Oftentimes retailers will not price match the item if the competitor doesn’t have it in stock. It must be in stock at both places.
- Many brick and mortar stores will not price match online products.
How do you price match?
Here are some best practices:
- Do your research to understand which stores price match and what their policies are ahead of time.
- Stay on top of flyers. A free, easy and efficient way to keep up with flyers near you is to download a digital flyer app such as reebee. View your favourite flyers in the “Upcoming” section of the flyer bookshelf. Check out what deals and price comparisons you want to utilize before the flyer even goes live. If there is a really good deal, it’s likely others will want it too. Be ready – so you can get what you want before stock runs out.
- Be prepared with your proof of price in the competing store’s flyer or have it saved from their digital flyer to your shopping list in reebee.
- Be polite with the retail associate when you request a price match. Don’t worry – if their store does in fact price match, the employees will be used to this. But it’s always better to be kind and patient with them as they accommodate your requests.
- If you are price matching on groceries for example, divide your products right in your shopping cart between those that you plan to pay regular price for and those that require a price match. This will make for a quicker checkout process.
Is price matching beneficial?
Yes, price matching can significantly reduce how much you spend on groceries and other essentials you purchase regularly. In addition, price matching can help you save BIG on more expensive items such as electronics or furniture.
Price matching is also helpful when you want to spend money at a certain store, but a competing store offers the product for less. Maybe you have a gift card you want to use or you’re a member of their rewards program. If they offer price match, use that as an opportunity to save money while still shopping at their store.
While price matching may require a little planning, you still avoid driving around the city to find the best prices at various stores. Plus – digital flyer apps like reebee make price matching seamless and efficient. Using reebee, you can browse and search digital flyers even before the sales are available, save your favourite deals to your digital shopping list, and avoid the stacks of paper when presenting competing prices at the checkout.