Price matching, is a marketing tool used by retailers to entice customers to shop with them. The general concept is no matter what price is posted on the shelf, the retailer will discount the price down to the price advertised by their competitors. Think of price matching as virtual couponing of everything in the store.
This marketing tool is used in outlet stores, large department stores, and even in grocery store shopping. The key to successfully using matching to save money is to do research. Read advertisements, use comparison shopping phone applications and watch TV commercials. Make sure to compare prices on identical items because the merchant will. For example, when grocery store shopping, compare the price of of canned ravioli of the same brand, recipe, and can size. Be prepared to provide proof of the competitor’s price as well. While this works well for name branded items, shoppers are still out of luck in getting a discount on generic or store branded items.
The advantage to consumers of price matching over couponing, or collecting and using coupons, is coupons expire and are only offered on a few items in the store. As an added bonus, if the best price on all the products a shoppers want to buy can be purchased at the same store, she saves on gas and car maintenance costs. The disadvantage is the time spent comparison shopping for the best price may exceed that spent clipping coupons.
Matching gives retailers an additional tool to build customer loyalty and provide competitive pricing while shoppers get the best price possible while shopping where they feel the most comfortable. It is a win-win situation for everyone.