The world’s largest retailer just validated the approach we are introducing with our product, sirch, and we couldn’t be more thrilled. As we have already stated, we founded our company to provide retailers with the best solution to service the growing expectations of today’s shoppers.
Savings Catcher, a new online shopping tool from Walmart, validates our premise that retailers are seeking solutions to deal with connected, price-conscious consumers. The Walmart solution provides their customers with exposure to competitor’s prices and adjusts their prices to help customers save time and money.
Walmart’s new tool compares prices on thousands of products, from canned beans to dishwashing soap, with those of its competitors. If a lower price is found elsewhere, Walmart will refund the difference to shoppers in the form of a store credit after they submit their receipts.
A step in the right direction, but…
While we feel this is a fantastic step in the right direction for brick and mortar retail, one shortfall is that the tool requires consumers to leave the store and take additional steps in order to get their discount. That approach is a major difference with how we approach savings and convenience for customers.
It’s important to understand that the process at Walmart is different from how sirch executes its technology inside of retail locations. That said, the key takeaway here is that the largest retailer in the world has validated what we at sirch have always believed since day one: price transparency is a key component in providing customers with the very best shopping experience and value. Transparency is also critical in earning a customer’s trust.
It’s clear to us that consumers want the ability to know if they are getting the best value when they buy products from any retailer. While value is equal to more than just price, price has become very important to the vast majority of shoppers today, which is why “showrooming” has taken off around the globe.
It’s no secret that many retailers have been hit hard with showrooming, a 6-8% trend in the US, and higher elsewhere, proves consumers are literally taking the shopping experience into their own hands. For shoppers, sirch delivers real-time price comparison information that allows them to feel confident they are getting the best value. We are aiming to say good-bye to buyer’s remorse.
The shift towards the modern shopping experience
Walmart is the latest proof that the physical retailer is shifting quickly towards a modern in-store experience. For years, repricing products to be more competitive has been the way to drive revenue and move products in the online world. That technology advantage, coupled with lower overhead and nimble strategic marketing has allowed online retailers to compete directly with the offline world and grow sales year over year.
The evidence points to the idea that shoppers want in-store solutions like Savings Catcher. We are confident that sirch can provide retailers with an unprecedented in-store experience without having to do major R&D and then build it internally.
In short, we believe retailer’s need a solution, right now. And shoppers need tools to bring them back into the stores with the confidence that they are shopping in the right place.
Our message to retailers is simple: Your customers want price transparency. Give them what they want before you lose them to Amazon.
What do you think? Do retailers need better in-store solutions to manage consumer expectations? Share your thoughts and sound off in the comments below or on Twitter (@SirchCo).
Latest posts by Terry Sylvan (see all)
- Walmart Validates sirch.co - March 25, 2014
- A Funny Thing Happened While Waiting In Line at Toys-R-Us - March 11, 2014