Today’s retail landscape is rapidly evolving. With access to anytime/anywhere information via their smartphones, shoppers have unprecedented visibility into product and pricing information. This infographic outlines the 3 key reasons why online retail price intelligence matters for every retailer - whether you sell online or not.
US retailing giant Walmart is challenging shoppers to "see the difference" by comparing prices on groceries, as well as health, beauty, wellness, personal care and pharmacy products using its receipt comparison tool, See For Yourself.
By taking a photograph of a grocery receipt from a competitor's store, shoppers can email the image to Walmart where its price-checking wizards will compare the receipt's prices with pricing at the nearest Walmart store. Shoppers receive a price comparison report by email within a few days. Showing its confidence in the tool, the retailer welcomes shoppers posting the results on social media accounts.
Customers are also invited to bring in the receipt "from your usual grocery store or drugstore and buy the same items the next time you shop at Walmart". Shoppers will be able to compare prices on the total shopping list to "see for yourself how much you could have saved" on food, prescriptions, skin care, vitamins, hair care and more. The scheme is tapping into how consumers are now using the Internet to carry out competitor price monitoring on a frequent basis.
The website states, "You'll see for yourself when you do your grocery store or drugstore shopping at Walmart because we have Everyday Low Prices throughout our stores, increasing your total savings." In Walmart's latest retail price intelligence programme, the first 100 shoppers to send in a receipt each day is reportedly rewarded with a $10 gift voucher.
© Profitero 2012
Pricing intelligence company Profitero works with retailers and manufacturers to help them increase sales and maximise their profits by using competitor price, promotions and stock information at scale. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email email@example.com.