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At its recent annual shareholders events, Wal-Mart Stores Inc. revealed plans to roll out its Savings Catcher price-comparison tool nationwide later this summer. Savings Catcher enables the mega-retailer's customers to easily check for the lowest prices.
Employing proprietary technology, Savings Catcher looks at other retailers' ads and gives users an eGift card for the difference if a competitor's offering is lower than the price they paid at Walmart. Originally accessible only on Walmart.com, the tool will now be available on Walmart's mobile app.
Upon launch, Savings Catcher will compare about 80,000 grocery and consumables purchases. In the near future, the tool will also include information on produce and general merchandise prices.
"Our customers are savvier than ever when it comes to finding the best deals -- they are using technology to do their research and spending hours clipping coupons. We knew there had to be an easier way," noted Walmart U.S. Chief Merchandising and Marketing Officer Duncan Mac Naughton. "Savings Catcher offers customers yet another reason to trust us when it comes to helping them save. It brings greater price transparency to the market and gives our customers confidence that they are finding some of the best deals available in retail."
eReceipts, eCoupons to Come
Nearly 1 million receipts have been processed through Savings Catcher since Walmart launched its pilot in seven markets last spring. Soon, the company will offer shoppers eReceipts and the choice to instantly load each of their purchases into the tool to automatically find the lowest price available in their area. According to Walmart, Savings Catcher and eReceipts will work together and lead to further innovations such as eCoupons and automated shopping lists.
"We are going to win by integrating digital and physical," added Mac Naughton. "Savings Catcher and its expanding capabilities are just one example of that. We are well positioned to innovate and lead in the tech space, and you'll see more of this."
Bentonville, Ark.-based Walmart operates almost 11,000 stores under 71 banners in 27 countries, and e-commerce websites in 10 countries.