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Who Really Has Price-Matching Policies?

“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.

March Trends Graphic2

March Trends Graphic1

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.

About Sara Logel

As NRHA’s market research analyst, Sara conducts organic research and stays abreast of industry trends to help hardware retailers better run their business. Sara also contributes to editorial content in Hardware Retailing magazine. Sara received her B.S. in Marketing and Spanish from Butler University and, after graduation, began her career with NRHA. Sara enjoys traveling, being outdoors and exploring the city of Indianapolis.

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