‘Savings Catcher’

Associated Press

NEW YORK

Wal-Mart told The Associated Press that it has rolled out an online tool that allows shoppers to compare its prices on 80,000 food and household products to those of its competitors. The world’s largest retailer began offering the feature that’s called “Savings Catcher” on its website late last month in seven big markets that include Dallas, San Diego and Atlanta.

The move by Wal-Mart, which has a long history of undercutting competitors, could change the way people shop and how other retailers price their merchandise. After all, Americans already increasingly are searching for the lowest prices on their tablets and smartphones while in checkout aisles.

Shoppers do this so often that big retailers that include behemoths such as Target and Best Buy have started offering to match the lower prices of rivals — but only if shoppers do the research on their own. The idea behind Wal-Mart’s online feature, on the other hand, is to do the legwork for customers.

The tool isn’t revolutionary. For instance, Citibank launched a program two years ago that sends Citi credit-card customers a check for the difference if it finds a lower price from an online retailer. But Wal-Mart is the first traditional retailer to offer such a program, and if it’s successful, others may follow.

Here’s how the tool works: A customer has to set up an account on Wal-Mart.com, then log onto the Savings Catcher page on www.walmart.com/ and type in the number on their receipt. Shoppers need to register the number within seven days of purchase. Savings Catcher compares prices of every item on the receipt to a database of advertised prices of competitors. The database is provided by an undisclosed third party that analyzes retail ads.

The prices at Wal-Mart stores are matched to competitive stores based on geographic location, but not online retailers. For example, in Atlanta, Wal-Mart compares prices to nearly 20 rivals, including Aldi, CVS, Food Lion, Target and Dollar General. The tool doesn’t include purchases on store label brands or those made online. The tool also doesn’t apply to general merchandise such as clothing or electronic gadgets, but does include groceries and items such as detergent.

The savings are issued on a Wal-Mart online gift card, and the customers can accumulate savings or use the credit immediately. Shoppers can use the credit in stores or online by printing out the gift-card receipt.