Consumers take the upper hand on price matching

Declaring that they have the lowest prices has long been useful rhetoric for retailers. Many offer under-utilised price matching schemes. Now, as consumers take the upper hand, retailers are being taken to task on these promises.

The internet has driven a trend of price matching, allowing consumers a very quick and accessible way of researching prices offered by competitors.

Some stores, especially smaller retailers, cannot afford to price match with internet retailers. But bigger retailers are more likely to comply to prevent consumers taking their trade online.

Cash-strapped consumers are becoming increasingly aware of ways to save on their spending. For their part, retailers have had to respond progressively by being more overt with their practices. Some retailers’ aggressive price matching strategies are offering additional discounts on products if they are found cheaper elsewhere.

"We've got incredibly savvy consumers now," said Australian National Retailers Association chief executive Margy Osmond. "If they can't get the price match they want they will take their business elsewhere."

Time has become money for Australian consumers. Spending an hour researching the best prices can often result in significant savings.

But Osmond had some sympathy for retailers, stating that high overheads and regulations often prevented retailers from competing. "It's the costs that bricks and mortar retailers here have to pay for: rent, staff, government regulation," she said.

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Nate Sawyer