Walmart's online Savings Catcher price comparison tool has worked in Atlanta, Charlotte, Dallas, Huntsville, Lexington, Minneapolis and San Diego. On Friday, according to reports, the retailer will announce plans to roll out the program nationwide and also introduce a mobile app version.
As reported by RetailWire in March, Savings Catcher works by comparing the prices of items at the time of receipt — for either in-store or online purchases — with advertised prices in weekly print ads from competitors in the local market. In Minneapolis, for example, price comparisons were made with Aldi, Cub Foods, CVS, Family Dollar, Hy-Vee, IGA, Rainbow Foods, Shopko, Target and Walgreens. If a competitor's ad price turns out to be lower than Walmart's, the retailer credits the customer with an eGift card for the difference.
The program currently includes 80,000 food and household product items. Walmart plans to add clothing, electronics and produce in the coming months. To date, Walmart has processed some one million receipts using Savings Catcher.
"Savings Catcher is a brilliant move on Walmart's front to combat dollar stores," Cameron Smith of Cameron Smith & Associates told The Associated Press. "This is what Wal-Mart should be doing — throwing down the gauntlet once and for all that they will not be beat on price."
According to a report on the TWICE website, Walmart plans to increase the functionality of Savings Catcher by offering customers e-receipts and the option of loading purchases into the tool. Automated shopping lists and e-coupons may be included in the future.
"We are going to win by integrating digital and physical," Duncan Mac Naughton, chief merchandising and marketing officer, Walmart U.S., told TWICE. "Savings Catcher and its expanding capabilities are just one example of that. We are well-positioned to innovate and lead in the tech space, and you'll see more of this."
How likely is it that Walmart's Savings Catcher program will result in higher sales for the retailer?