BENTONVILLE, AR
Wal-Mart has announced that it will expand its new, proprietary “Savings Catcher” tool nationwide. It also plans to add thousands of products like general merchandise and produce to the original grocery items that were previously included in the price matching program.
“Savings Catcher” was originally introduced on walmart.com in March, but it was only available in seven large US markets. It allows consumers to compare its prices on more than 80,000 food and household products to those of its competitors, based on geographic location.
"Savings Catcher is a brilliant move on Wal-Mart's front to combat dollar stores," said Cameron Smith, who heads up a leading recruiting firm called Cameron Smith & Associates that hires executives for suppliers of Wal-Mart. "This is what Wal-Mart should be doing —throwing down the gauntlet once and for all that they will not be beat on price."
Shoppers can tap into the tool by setting up an account on Wal-Mart.com, then logging onto the Savings Catcher page and typing in the number on their receipt. The number needs to be registered within seven days of purchase. Savings Catcher compares prices of every item on the receipt to a database of advertised prices of competitors, provided by an undisclosed third party that analyzes retail ads. The savings are issued on a Wal-Mart online gift card and the customers can accumulate savings or use the credit immediately.
Wal-Mart’s U.S. discount division has recorded revenue declines at new stores that have been open for at least a year for five consecutive quarters. It has also seen a decline in the number of shoppers for a sixth straight quarter. Wal-Mart says that since the program’s debut in March almost one million receipts have been processed using the tool.
How will this new tool continue to heat up price wars among retailers? Stay tuned to AndNowUKnow as we keep our eye on further tech developments.
Wal-Mart
