It’s called the “Savings Catcher” tool, and it’s becoming popular, fast. When it launched, Wal-Mart’s app went from 4 million to 14 million users. Today, Wal-Mart is one of the most successful retail apps, third behind only Amazon and eBay.
Here’s how it works: customers can use the Savings Catcher tool to scan their Wal-Mart receipts. The tool then compares prices they paid at Wal-Mart to advertised prices for the same items elsewhere. If Savings Catcher finds a lower advertised price, the customer gets the amount of the difference in a gift card. The gift card goes directly on the app and you can apply it towards your next Wal-Mart purchase.
This gives a huge psychological benefit to Wal-Mart, because the Savings Catcher can build trust and dependability like never seen before. Instead of checking other store’s prices, consumers will just go straight to Wal-Mart and scan their receipts, trusting the retail giant to always provide the lowest price.
However, it’s important to note that it’s the lowest “advertised” price. Another store could very well have a lower price, but just not advertise it. Wal-Mart can avoid this problem by getting their customers into the habit of ignoring other retailers.
Shoppers can also enter their receipt number into the Savings Catcher website through Wal-Mart.com. It does the same thing, scanning all the purchased items and comparing the prices to ads for other top retailers in the area.
Up to seven receipts can be scanned per week, and Wal-Mart execs state that about half of all receipts qualify for refunds.
Wal-Mart is saying: “Our prices are unbeatable. And we’ll prove it. If a local competitor has a lower advertised price, you can get an eGift card for the difference.”