A price match is a practice where a retail store marches its product price to the price offered by its competitor upon request by a customer. The store can either reduce its product price to almost equal the competitor price, equal to the competitor price, or below the competitor price depending on the strategy employed. The product to be price matched must be identical, in stock, and meet all the set regulations in the price match policy. Lowes does offer its customers a price match for goods sold at www.amazon.com.
For Lowes to grant a customer price match, the customer must ensure the item is in stock in both Lowes and Amazon, and the item is considered eligible for a price match by Lowes as outlined in the Lowes Price Match policy.
Lowes price match policy
Process of Lowes price matching Amazon
Lowes offers its in-store and online customers a price match to identical items at www.amazon.com as stated in Lowe’s Price Promise. The processes are outlined below.
In-store price match
To receive an in-store price match to Amazon, a customer should first ensure the product is identical in terms of color, size, quantity, or model and present Lowes customer service with proof from Amazon of the product being sold at a lower price. The proof can be in form of an advertisement, photo, or printout. Its customer service will check with Amazon to ensure the proof is valid and begin the process of the price match.
Online price match
For an online price match to Amazon, a customer must find the item is available both at www.lowes.com and www.amazon.com and ensure it is identical in terms of color, size, brand, model, and quantity. The customer then is required to call Lowes using 1-877-465-6937 to request a price match. It will check with Amazon to prove the validity of the price match request. If valid, Lowes will assist the customer with how they will make a purchase, pay, and deliver the item to them. The Lowes online price match includes the product purchase price and the cost of delivery.
Other online retailers that Lowes offer a price match
Apart from Amazon, Lowes also offers its customers a price match to BestBuy.com, Target.com, AceHardware.com, Walmart.com, Macys.com, HomeDepot.com, TractorSupply.com, BedBathandBeyond.com, Wayfair.com, and JCPenny.com.
Exclusions
Lowes does not price match professional services offered by Amazon to its customers, price of products that have been customized to a customers’ specifications, used items, damaged items, items on clearance sale, and items on offer with promotion or coupons.
Also, it cannot offer a price match if an item is priced using Military discount, items with Buy 1 Get 1 free offer, items with seasonal promotion prices, items with rebates, items sold by Amazon third-party sellers, items in an auction, item price that excludes sales tax previous purchase from Lowes, and items with price errors.
Advantages
- Lowes price matching Amazon enables Lowes customers to become more loyal to Lowes as they are assured Lowes will be able to sell to them a product at a lower price if they can prove the lower price is available in Amazon, the item is identical and it is in stock at both Lowes and Amazon. With this Lowes can retain its customers.
- It will also be able to increase its sales in terms of numbers and amounts by offering customers a price match to Amazon as the customers will not have to go to Amazon to purchase the item but purchase it at Lowes either in-store or online.
- Lowes price matching Amazon can increase customers’ confidence with Lowes stores as the loyal customers are assured of Lowes help whenever they need a price match and Lowes being a strong brand in the market can compete with its competitors’ pricing to ensure its customers are satisfied.
Disadvantages
- It can end up losing its customers to Amazon if it does not honor a price match from the customer if it does not meet the set requirements as the customer will end up purchasing the item from Amazon.
- Lowes price matching Amazon may lead to Lowes having a reduced profit margin than it had projected with the prices of their products. Since, if a price match is approved, the customer ends up paying less product price than what had already been set by Lowes and was factored in the store profit calculations.
- Lowes price matching Amazon might lead to Amazon offering more low prices for the products that Lowes will not be able to match and compete with making Lowes lose out in the market.
Conclusion
Lowes offering its customers’ price match to Amazon is enough assurance that it cares for its customers and is ready for any competition. This enables Lowes to retain its loyal customers who in turn refer their family and friends to the store to also enjoy the price match service. Its Price Promise is guaranteed to the customers and the customers must understand its requirements and exclusions before they request any price match to Amazon.
