Walmart is axing a popular ad-matching tool at 500 stores - and its a brilliant move
Joe Raedle/Getty
The ad-matching program promises to match lower prices advertised by Walmart's competitors.
In order to get the discounts, customers must present a competitor's printed ad displaying the lower price while checking out.
Walmart is axing the program at 500 stores on June 9, the company confirmed to Business Insider.
Walmart says it is implementing long-term price rollbacks - the term the company uses for discounts - on thousands of items across the affected stores to offset the policy change.
The ad-matching program is popular, so the company may face some backlash for killing it. But it's a brilliant way to encourage more customers to join Walmart's app.
Here's why: The app offers a tool called Savings Catcher, which provides customers the same benefits as the company's in-store ad-matching program.
The Savings Catcher tool scans shoppers' receipts and compares the prices they paid at Walmart to the prices advertised for the same items elsewhere.
If the app finds a lower advertised price, then Walmart will issue a gift card in the amount of the difference.
The Savings Catcher app will continue to work at stores where the in-store ad-matching program has been axed.
Forcing more people to use the app for savings will not only encourage more engagement with Walmart's app, it could also speed up the checkout lines since presenting paper circulars can often cause a slowdown at the register.
As an added bonus for Walmart, it will ensure that customers' savings are re-invested in the retailer, since rebates are applied in the form of Walmart gift cards.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market