What is price matching? How this common store policy can save you money

Price matching is a retail strategy where stores agree to match or beat a competitor's lower price on an identical item. These policies allow shoppers to get the best price at their favorite stores while the retailer benefits from customer loyalty.

But how does price matching work in practice? What are its real benefits for both shoppers and retailers? And most importantly, how can you effectively use price matching to your advantage?

We'll dive into the details of price matching policies, explore their key advantages, and provide practical tips for successfully securing a price match at your favorite stores. Whether you're an experienced bargain hunter or new to the concept, understanding price matching can significantly boost your shopping game and help you pay less for the things you're already buying.

How price matching works

So how does price matching work? Understanding the process can help you save more money more often. Here's a breakdown of the process:

What is a price match guarantee?

A price match guarantee is a retailer's promise to match a competitor's lower price on an identical item. This policy ensures customers get the best deal without having to shop around.

How to get a price matched

To successfully get a price match, you generally need to follow the same steps for most major stores:

1. Review the retailer’s price match policy: Check the price match policy of the store you’re planning to ask for a price match. Not all stores offer price matching but many major retailers do.

2. Find a lower price: Locate the item you want to buy at a competitor for a lower price.

3. Make sure the items match: Ensure the item meets all criteria for price matching (e.g., same model, color, size).

4. Bring proof: Provide evidence of the lower price (e.g., ad, website screenshot).

5. Request the match: Ask the retailer to honor their price match guarantee. Contact the retailer (in-store, online, or via phone) to request the price match and show them your proof. Some retailers only offer price matching in-store.

6. Verification: The store verifies the competitor's price and product details.

7. Adjustment: If approved, the store matches the lower price.

Common requirements and documentation to get a price match

When requesting a price match, be aware of these common requirements:

• You must provide proof of the competitor's lower price (ad, website screenshot, etc.).

• For retroactive matching (where a retailer applies a discount to a previously purchased item if the price drops within a specified time frame after the original purchase), you'll need your original purchase receipt.

• The item must be identical (same brand, model, color, etc.).

• The competitor's item must be in stock and available.

• Your request must be within the specified time frame.

• Some retailers may exclude certain sales (e.g., holiday sales, clearance items).

• Price matching may be limited to local competitors or specific online retailers.

By understanding these policies and following the proper steps, you can take advantage of price matching to ensure you get the best possible price on your purchases.

What is a price adjustment policy?

Similar to price matching, a price adjustment policy allows customers to receive a refund for the price difference if an item they purchased goes on sale within a specific timeframe, usually 7-30 days after purchase. You may have to provide adequate proof including your receipt showing the price you paid and the current lower price.

Stores that price match

Understanding the price matching policies of major retailers can help you make informed decisions and maximize your savings. Every retailer has its own guidelines and limitations so be sure to do further research for your preferred retailer. Here's how some of the biggest retailers handle price matching:

• Target: Current price matching policy offers a match on qualifying items purchased at Target and available for less on Target.com, Amazon, Walmart, or with a Target Circle deal. You can request a price match when you purchase the item or within 14 days of purchase.

• Best Buy: Provides a Price Match Guarantee for new, identical products immediately available at competing stores or on their sites. The item must not be on its exclusion list. You can request a price match through their Best Buy Chat online.

• Home Depot: Has a “Low Price Guarantee”. They guarantee to match lower prices found on identical products, including competitor website prices and shipping costs. However, they have several exclusions such as used, seasonal, and special order items

• Walmart: Interestingly, no longer offers a general price matching policy where they price match competitors. They discontinued their "Savings Catcher" tool around 2019 and have since focused on an "Everyday Low Prices" strategy. Instead, they will price match Walmart’s online price on for in-store purchases. To save more on your next online purchase, use these tips to find Walmart promo codes.

• Amazon: Despite being a price leader in many categories, Amazon does not offer a formal price matching policy. Instead, they rely on aggressive repricing to stay competitive.

• Lowe's: Offers a “Lowest Price Guarantee” price matching. Just show them the website, ad, or photo of the lower price for an identical item, and they will match it.

• Staples: Offers a “Price Match Guarantee” if you show them a quote from a qualifying competitor.

• Dick's Sporting Goods: Matches prices from select qualifying retailers. See its “Best Price Guarantee” policy for more info.

• Nordstrom: Known for its exceptional customer service, Nordstrom often honors price matches on a case-by-case basis within 10 days of shipment date. Pro tip: For extra savings (and sometimes free gifts), add a Nordstrom promo code out at checkout.

Notable differences and unique policies

When it comes to price matching, retailers have some key differences in their approaches:

1. Online vs. In-store: While some retailers offer price matching for both online and in-store purchases, other only match prices when asked in-store and require proof of a nearby physical competitor.

2. Retroactive price matching: Some retailers offer retroactive price matching, meaning they will adjust your price even after you’ve bought it.

3. Exclusions: Some retailer policies will exclude matching the price from certain stores, most commonly Amazon and Costco.

4. Time limitations: Most retailers have a specific time frame for price matching, typically ranging from 7 to 30 days after purchase.

How to get a successful price match

To make the most of price matching policies and maximize your savings, consider these practical strategies and tips:

Researching prices

Thorough research is key to successful price matching:

• Use price comparison websites and apps to quickly find the lowest prices across multiple retailers quickly while shopping in-store.

• Set up price alerts for specific items you're interested in purchasing.

• Check both online and in-store prices, as they may differ.

• Don't forget to factor in shipping costs when comparing prices.

Timing your requests

Strategic timing can increase your chances of a successful price match:

• Request price matches at the time of purchase whenever possible.

• For retroactive price matching, know the time window (typically 7-30 days after purchase).

• Be aware of seasonal sales and major shopping events like Black Friday, as some retailers exclude these periods from price matching.

Understanding policy exclusions

Be aware of common exclusions in price matching policies:

• Carefully read the fine print of each retailer's price matching policy.

• Common exclusions include:

  • Clearance or closeout sales

  • Limited-time promotions or flash sales

  • Membership-only prices (e.g., Costco, Sam's Club)

  • Pricing errors

  • Items sold by third-party marketplace sellers

Combining strategies for maximum savings

Amplify your savings by combining price matching with other money-saving tactics:

• Use cashback credit cards or shopping portals in conjunction with price matching.

• Search the retailer’s name on SimplyCodes to find working promo codes.

• Apply manufacturer coupons after price matching, if allowed by the retailer.

• Leverage loyalty program rewards or points for additional discounts.

• Use a browser coupon extension that finds coupon codes for you as you online shop.

Also: Get latest Home Depot promo codes here

Mistakes to avoid when trying to get a price match

When attempting to price match, be aware of these common mistakes:

• Assuming all retailers offer price matching: Many stores, including Amazon, don't have price matching policies. Always check before shopping.

• Forgetting to bring proof of the competitor's lower price: Without evidence, your request will likely be denied. Save screenshots or bring physical ads.

• Not checking that the items are identical: Ensure the brand, model number, color, and size match exactly. Even small differences can disqualify a price match.

• Overlooking the fine print on exclusions and eligible competitors: Each retailer has specific rules about which competitors they'll match and under what conditions.

• Waiting too long to request a price match or adjustment: Most policies have time limits. Act quickly when you find a lower price.

• Ignoring shipping costs: Some retailers include shipping in their price match, while others don't. Factor this in when comparing prices.

• Trying to price match during excluded periods: Many stores suspend price matching during major sales events like Cyber Monday.

• Not asking a manager if your initial request is denied: Sometimes, a manager has more authority to approve price matches in special cases.

• Forgetting about price protection policies: If you've recently purchased an item, check if the store offers price adjustments if the price drops soon after.

By avoiding these pitfalls, you'll increase your chances of successfully using price matching policies to save money on your purchases.

Benefits of price matching

Price matching offers significant advantages for both consumers and retailers, while also having a complex impact on market competition. Let's explore these benefits and their wider implications.

For consumers

Price matching provides several key benefits for shoppers:

1. Savings: Price matching allows shoppers to get a lower price without visiting multiple stores, saving both time and money.

2. Convenience: Consumers can stick with their preferred retailer while still enjoying competitive prices, eliminating the need to shop around.

3. Confidence: Price matching policies give shoppers peace of mind, knowing they're getting a good deal without extensive comparison shopping.

For retailers

Retailers also gain several advantages from offering price matching:

1. Customer retention: By preventing customers from switching to competitors solely based on price, price matching increases loyalty and retention.

2. Competitive positioning: Retailers can maintain a low-price image without constantly adjusting all prices, simplifying their pricing strategy.

3. Increased sales: A generous price match policy can attract more customers to a retailer and may even increase sales.

4. Customer trust: Price matching demonstrates a commitment to fair pricing, enhancing brand image and customer relationships.

Price matching FAQs

Q: What exactly is price matching?

A: Price matching is a retail policy where a store agrees to match a competitor's lower price on an identical item, ensuring customers get the best deal without shopping around.

Q: How do I request a price match?

A: To request a price match, bring proof of the competitor's lower price (like an ad or screenshot) to the store. Some retailers also offer price matching online or over the phone. Always check the store's specific policy first.

Q: Can I price match after I've made a purchase?

A: Some retailers offer post-purchase price matching, often called a "price adjustment," within a specific timeframe (usually 7-30 days). Check the store's policy and keep your receipt.

Q: How common is price matching among retailers?

A: Price matching is fairly common among major retailers, with many offering some form of price match guarantee. However, policies vary widely between stores.

Q: Do online retailers like Amazon offer price matching?

A: Surprisingly, many major online retailers, including Amazon, do not offer price matching. They rely on dynamic pricing to stay competitive instead.

Q: Can I use a coupon code along with a price match?

A: This varies by retailer. Some allow you to use coupons with price matches, while others don't. Always check the store's specific price matching policy for details.

Q: Are there any items typically excluded from price matching?

A: Yes, common exclusions include clearance items, limited-time offers, and items sold by third-party marketplace sellers. Services, gift cards, and items without identical specifications are also often excluded.

Q: How much time does the price matching process usually take?

A: The time can vary, but typically, a straightforward price match can be processed in a few minutes. More complex cases or busy periods might take longer.

Q: Can I price match clearance or sale items?

A: Generally, clearance and sale items are excluded from price matching policies. However, this can vary by retailer, so it's best to check their specific policy.

Q: Are there any restrictions on price matching?

A: Yes, common restrictions include exclusions for certain types of sales (like Black Friday deals), membership prices, and items sold by third-party marketplace sellers. Always read the full policy for details.

Q: Is price matching worth the effort?

A: Price matching can lead to significant savings, especially on big-ticket items. While it requires some effort, many shoppers find it worthwhile, particularly when combined with other money-saving strategies like using promo codes.

When done right, price matching can save you money

Price matching offers savvy shoppers savings and convenience when used effectively. By understanding store policies, conducting thorough research, and combining with other savings strategies, consumers can maximize their benefits. As retail evolves, staying informed about price matching policies and using comparison tools will help shoppers make cost-effective purchases in an increasingly competitive market.

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