Target Announces Price Matching of Online Prices Of Competitors
By Christine Kern, contributing writer
Changes to price matching policy include matching offers from Walmart.com and Amazon.
As the competition for omnichannel shoppers heats up, Target has announced changes to its price matching policy that means good news for customers: the retailer will now match offers from Walmart.com and Amazon.
This is a big step for the Minneapolis-based retailer, who previous matched prices only in-store, according to Arkansas Online.
According to a Target statement, beginning October 1 Target’s Price Match Policy will be expanded digitally, including longer timeframes and matching additional competitors. In addition to Walmart.com and Amazon, Target has added 22 more online competitors to their list. This also marks the first time that membership-only competitors like Costco and Sam’s Club have been included in the price matching offers.
The full list includes: Amazon.com, Babiesrus.com, BedBathBeyond.com, Bestbuy.com, BN.com, Buybuybaby.com, Costco.com, CVS.com, Diapers.com, DicksSportingGoods.com, Drugstore.com, Gamestop.com, JCPenney.com, Kmart.com, Kohls.com, Macys.com, Newegg.com, Officedepot.com, Petco.com, Petsmart.com, Samsclub.com, Sears.com, SportsAuthority.com, Staples.com, Target.com, Toysrus.com, Ulta.com. Walgreens.com, Walmart.com and Wayfair.com.
Target has also extended the price adjustment period to 14 days, both in stores and at Target.com.
The expansion of the price matching program highlights Target’s plan to ramp up its e-commerce business, which saw a 30 percent increase in Q3 2015. CEO Brian Cornwell, who took the helm in August 2014, also is proactively working to win market shares from its rivals.
Competitors Wal-Mart, Best Buy and Staples already have programs to match their online prices with online rivals. But Target's adjustment puts it ahead of other retailers like Toys R Us, which matches prices for in-store purchases with online rivals but only match their online prices with its own stores.
Late last year, Wal-Mart formalized its policy of matching its store purchases with online prices found on sites like Amazon.com. It also matches its online prices with select online rivals. Walmart has also introduced its “Savings Catcher” app that allows shoppers to scan their receipts to find price matching deals from competitors.