The slow economy and the rise of smart phones and tablets have created a novel way of holiday shopping. Last year saw more consumers comparing the prices offered by online retailers and businesses and this led to popular merchants like Best Buy, Sears, Target and Walmart to do some online price matching during the 2012 holiday shopping season. While Best Buy was the forerunner of this price matching scheme, running with it last November and December, Target plans to make this a more permanent part of its marketing strategy.
Price matching simply means that if a consumer purchases an item at a Target store and then finds another company that offer the same item for a much lower price, Target will match it. Of course, the consumer should have concrete proof of the price difference before they can avail of this program. This is a pretty good move for Target. For one, the company acknowledges the sad truth that consumers are more conscientious about comparing prices in order to get the best deals. By continuing their price matching scheme, Target is hoping clients will do more than just check out products in their stores before buying them online. The goal is to have them buy the actual products at Target.
Some financial analysts are pondering what the long-term effects of such a price matching scheme will have on retailers in the long run. But what’s clear for now is that this is a big boon to consumers.