Prior to its annual shareholder meeting on June 5, Walmart (NYSE:WMT) announced the nationwide rollout of its grocery price comparison tool for shoppers.
The Savings Catcher program, which will go nationwide later this summer, allows Walmart shoppers to automatically find the best price online and gives customers an online gift card for the difference, if a competitor's offering is lower than the price they paid at Walmart.
Available on Walmart.com and Walmart's mobile app, Savings Catcher compares advertised prices from retailers such as Aldi, Harris-Teeter, Target, Walgreens and HEB. At launch, Savings Catcher will compare approximately 80,000 grocery and consumables purchases. In the coming months, produce and general merchandise will also be added to the tool, according to a Walmart statement.
"Our customers are savvier than ever when it comes to finding the best deals – they are using technology to do their research and spending hours clipping coupons. We knew there had to be an easier way," said Duncan Mac Naughton, chief merchandising and marketing officer, Walmart U.S. "Savings Catcher…brings greater price transparency to the market and gives our customers confidence that they are finding some of the best deals available in retail."
Nearly one million receipts have been processed using Savings Catcher since Walmart launched its pilot in seven markets this spring. The tool ranks first on the retailer's list of concepts tested to date.
In the near future, Walmart will offer shoppers e-receipts and the option to instantly load each of their purchases into the tool automatically finding the lowest price available in their area. Savings Catcher and e-receipts will work together and lead to further innovations like e-coupons and automated shopping lists.
"We are going to win by integrating digital and physical. 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," Mac Naughton said.
Here's how Savings Catcher works: Shoppers visit www.walmart.com/savingscatcher, or the Walmart app, and then enter the Walmart receipt number and date. Savings Catcher looks at the eligible items purchased at Walmart and then compares the price paid to the advertised prices in the weekly print ads of major local retailers.
If Savings Catcher finds an advertised price that is lower than what was paid for the same exact item at Walmart, customers will receive a Walmart online gift card for the difference.
For more see:
-This Walmart Savings Catcher website
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Walmart's Savings Catcher compares competitors' prices