According to a report released by Careerbuilder, 42% of workers today are living paycheck to paycheck. When every dollar counts, consumers look for every opportunity to save. Retailers are seeing increased customer satisfaction and a resulting boost in loyalty due to price transparency. Finding the best prices can be a painstaking process, so retailers like Waitrose, Dixons Travel, and Amazon have taken different approaches bring added convenience to their budget sensitive shoppers.
Waitrose, the UK supermarket chain, puts its competitor’s prices below each product. (Above) Shoppers are able to compare prices at the shelf without needing to travel to multiple stores looking for the best price. Waitrose customers become more loyal as a result of this transparency. The increased satisfaction and gratitude gets shoppers to buy even when the Waitrose price is not the lowest.
Dixons Travel (Right) has signs throughout the store reiterating the fact that their prices are better than those of the competitors. Signs mention its competitors’ websites and challenge shoppers to find lower prices. Signage like this one brings peace of mind to the consumer electronics store’s shoppers.
This back-to-school season has shown that shoppers have become a lot wearier about prices. With the recent explosion in smartphone ownership, shoppers are scanning product barcodes more and comparing them to online prices. Amazon’s Price Check app allows shoppers to see competing prices without having to visit the competing store. By simply scanning product barcodes, the budget conscious shopper can compare prices. If they find a better price online they can buy from the online competitor like Amazon, right from the store.