Target To Match Online Prices With Online Rivals
MINNEAPOLIS (WCCO) — It seems like the holiday shopping season gets earlier and earlier every year.
Target announced a move today to get ahead of the curve.
The Minnesota-based company announced major changes to its price-matching policy, including expanding the list of online competitors it will match.
"College students are always trying to save money, so the price matching would be a good aspect for them," said University of Minnesota student Alyssa Hodenfield.
That's one reason Target is making major changes to its price-matching policy.
Beginning Thursday, the company will expand the number of Target.com competitors to match. The list will grow to 30 rivals and will include Amazon, CVS, Costco and Wal-Mart, just to name a few. Target will also match prices from those sites in their stores as well, and the time shoppers have to make a price adjustment will double from one week to two.
Dave Vang is a finance professor at the University of St. Thomas.
"I think this is starting to become the price of poker in the industry," said Vang. "All the firms are starting to do this to one extent or another."
And he said in Target's case, it won't really cost the company any money. One research company conducted a study showing that as few as one in 50 customers would actually use the price match at a store like Target
Vang said in most price-match policies, the products have to be an exact match and the competing retailer must have the product in stock. But Target's change may be enough to give its shoppers peace of mind.
"It's going to give them a lot of positive PR," Vang said. "And it will get a lot more people to come into their store when they are shopping."
