Walmart has tested its new Savings Catcher customer loyalty program in seven markets this spring, and plans to roll it out nationwide this summer.
The receipt comparison tool gives the retailer’s customers added confidence when they shop by eliminating the need to visit multiple stores to find low prices.
Built on proprietary technology, Savings Catcher looks at other retailers’ ads and gives customers an eGift card for the difference if a competitor’s offering is lower than the price they paid at Walmart.
At launch, Savings Catcher will compare about 80,000 grocery and consumables purchases. In the coming months, produce and general merchandise will also be added to the tool.
Originally available only on Walmart.com, Savings Catcher will, now, be available on Walmart’s mobile app and compares advertised prices from retailers such as Aldi, Harris-Teeter, Target, Walgreens and HEB. Here’s how it works:
Go to www.walmart.com/savingscatcher, or the Walmart app.
Enter the receipt number located near the bottom of a Walmart receipt.
Enter the date of the shopping trip.
Savings Catcher looks at the eligible items purchased at Walmart and then compares the price paid to the advertised prices in the weekly print ads of major local retailers.
If Savings Catcher finds an advertised price that is lower than what was paid for the same exact item at Walmart, customers will receive a Walmart eGift Card for the difference.
Less than a month ago, C. Douglas McMillon, President and CEO of Walmart Stores, Inc., said the following during the company’s fiscal first-quarter 2015 earnings call: “We’re making progress on building a more customer-centric organization with a foundation of everyday low prices.”
Walmart spokesperson Molly Blakeman participated in a Q&A with Loyalty360 to discuss the company’s new loyalty program:
What factors prompted the launch of Savings Catcher and where now is it currently being tested?
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.
How does this loyalty program work and how is it unique?
Savings Catcher is a receipt comparison tool that gives our customers added confidence when they shop by eliminating the need to visit multiple stores to find low prices.
What role did customer feedback play in the creation of this program?
Customer feedback is at the core of everything we do. Savings Catcher was actually inspired by our customers during a focus group.
How do you measure effectiveness? What metrics are used?
Nearly one million receipts have been processed using Savings Catcher since we launched the pilot in seven markets this spring. We heard our customers’ feedback loud and clear: They love the tool! And for those outside of those markets, they want Savings Catcher in their store. In fact, tool ranks first on the retailer’s list of concepts tested to date.
How do you stack up against the competitors?
We aim to be the low price leader in every market we serve.
How do you keep up with trends, technologies and direction?
We’re always looking for better ways to serve our customers. We know they are using technology more and more in their shopping experiences. We are going to win at the integration of digital and physical. 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. In the near future, you’ll see us offering customers eReceipts and the option to instantly load each of their purchases in to Savings Catcher, automatically giving them the best available deal in retail.
We are going to win at the integration of digital and physical.
What does Customer Experience/Customer Engagement mean to your organization, and how has it changed over recent years or since you have been on the job?
Our customers are at the core of everything we do. Through surveys, focus groups, social media, just to name a few, we talk to more customers than any other company.
How do you define loyalty, what does it mean to your organization, and how has it changed over recent years or since you have been on the job?
Our customers are at the center of everything we do. 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.