“Price-match guarantee” and “We will beat any competitor’s advertised price by 10 percent” are common promises that pop up in retail advertising. These statements are used to tell consumers the stores are confident they have the lowest prices in that area. But while these claims are common among the larger chain retailers, how many independent home improvement retailers use these same kinds of statements?
At the beginning of 2015, Hardware Retailing surveyed more than 260 independent home improvement retailers about the pricing methods they use to remain competitive. Data from the study revealed that the vast majority of independent home improvement retailers do NOT offer a price-matching policy.
Applied to Retail: Many experts recommend that retailers offer a price-matching policy to abate customers’ concerns about finding a lower price elsewhere. When crafting a price-matching policy, consider which competitors you will match and if you will match online or only brick-and-mortar store prices. Train your team to use the policy effectively when responding to customers who mention competitors’ prices or who may be using mobile technology when shopping. Read more about maintaining a competitive pricing strategy or download the full NRHA 2015 State of Pricing Study at hardwareretailing.com/2015pricing-study.