Best Buy has announced that it will officially throw its hat into the permanent price-matching ring, Reuters reported. Beginning on March 3 the electronics retailer will match online prices of competitors, with plans to also shorten its return policy, a company spokesperson said on Friday.
Best Buy has struggled in the midst of its discount and online rivals, with many claiming that it has become a showroom for Amazon — a battle that the permanent price-matching attempts to fights head-on. The retailer implemented a holiday price-matching policy that produced flat same-store sales during the holiday season, marking a halt to its downward slide in sales.
Dr. Pawan Singh, CEO of PeriscopeIQ, commented on Best Buy's price-matching position for a November article on Retail Customer Experience, noting that the electronics retailer should tread carefully when implementing the policy.
"Best Buy, which has been hurt the most from showrooming, is ironically the most likely to benefit, specifically from the top-line revenue perspective," said Singh. "However, Best Buy is in a bind. Too much price matching might devastate its bottom line. If the price-matching is not implemented correctly, Best Buy could also lose on both ends, revenue and income."
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