1. It increases site conversions by keeping customers on site and encouraging in-moment purchases.
With a pricing matching service, customers can feel confident they’re getting a fair price. It’s a proactive strategy that encourages them to stay on your site and buy from you instead of browsing your competitors’ stores.
In 2022, the average rate of cart abandonment is a whopping 68%. While this figure can be attributed to a number of factors beyond price such as a complicated checkout process or a slow site, it’s clear retailers need to provide compelling incentives for customers to ‘buy now’.
Price matching is a powerful strategy to convert customers who are ‘just browsing’ and those who would usually price check. By creating a sense of urgency and making shopping journeys more convenient, customers are encouraged to buy on the spot, thereby smoothing the path to conversion.
2. It drives customer loyalty, builds trust and improves customer retention.
Winning a customer’s loyalty requires more than an attractive deal. To gain consumers' confidence, retailers need to combine great offers with an excellent shopping experience.
Price matching not only gives customers peace of mind that they’re receiving the best price, it also increases their trust in your business. By accommodating consumers’ shopping needs you increase customer satisfaction, which in turn increases retention rates (i.e., number of people who continue buying from you), the lifetime value (LTV) for each customer, and ultimately revenue.