Wal-Mart has launched a new price comparison tool, called Savings Catcher, in a few United States markets. The tool compares Wal-Mart prices to those of other retailers: when it finds a cheaper price somewhere else, Wal-Mart will pay back the difference.
Check entire receipt
The biggest novelty is that the application now does the customer's work, whereas the customer had to search the cheaper prices themselves. Wal-Mart has now made the step to check prices much smaller.
When a consumer wants to use Savings Catcher, he just has to enter the transaction number on its receipt to allow the program to search for prices at competitors and to indicate which items Wal-Mart needs to compensate. It will not only look at a simple product, but at the entire receipt.
Customer "forced" to buy at Wal-Mart
The smart thing about the tool is that the customer has to buy something at Wal-Mart first, because preliminary research is not possible. Even if Wal-Mart has to compensate the customer, it will still get the customer's money and it is a easy way to attract customers. You also have to login and Wal-Mart gets access to your purchases, which helps them to analyse purchase behaviour.
Savings Catcher is currently only active at seven Wal-Mart stores, like Dallas, Huntsville, Minneapolis and San Diego. The company has not stated whether it will expand in the near future, but it might be an interesting source of inspiration for other retailers to beat "showroomers"...