Walmart launches new price-match program called 'Savings Catcher'

07/31/2014 1:49 PM

07/31/2014 1:50 PM

Walmart is launching a new grocery price-matching program that aims to reel in budget-minded consumers who don't have the time or inclination to shop multiple stores.

Previously available in a few test markets, including Charlotte, Walmart's "Savings Catcher" will be offered nationwide on Monday to in-store customers.

If a competing retailer offers a lower price on a name-brand item, Walmart will refund the difference in the form of an electronic Walmart gift card.

In the Triangle, prices at Harris Teeter, Lowes Foods, Food Lion, Kroger and Aldi will be compared. Based on the list of retail competitors used in Charlotte during beta testing, Walmart will also likely compare prices at CVS, Rite Aid, Walgreens, Dollar Tree, Dollar General, Family Dollar, Target and Kmart.

The aim of Savings Catcher, Walmart spokeswoman Molly Blakeman said, is to make shoppers "feel confident" they are getting the best deals.

The price comparisons are made using proprietary software, Blakeman said. A third-party vendor compiles the pricing data using local sales circulars.

About 80,000 brand-name grocery items and other consumables are included in the receipt comparison program. School supplies are also eligible, Blakeman said.

What's not included?

Store-brand items, meats and produce weighed by the pound and deli and bakery items are all excluded. Clothes, toys, electronics and other general merchandise are also not included in Savings Catcher.

Other exclusions: special promotions for free items, drugstore rebate deals, "buy one, get one free (BOGO) sales without a price listed, percentage discounts and closeouts.

To take advantage of the savings, shoppers submit their receipts online, scan a barcode via smartphone app or use their phone numbers at check out.

After submitting a receipt, shoppers will typically hear back from Walmart via email within 72 hours. The email lists the price comparisons at nearby stores and the amount of the savings, which can be redeemed at any time.

"You can let those savings add up or use them every time you shop," Blakeman said.

Shoppers may redeem up to seven receipts per week, up to $599.99 in a year. Receipts must be submitted no more than seven days after a purchase.

Using coupons will not effect the price comparison. Shoppers will get any price difference on top of the coupon savings.

For more information on Savings Catcher and to register, head to https://savingscatcher.walmart.com/

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