Walmart plans to roll out Savings Catcher nationwide later this summer. The receipt comparison tool is designed to eliminate the need for customers to visit multiple stores to find low prices, the company said at one of its annual shareholders events.
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 approximately 80,000 grocery and consumables purchases. In the coming months, produce and general merchandise will also be added to the tool.
“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,” said Duncan Mac Naughton, chief merchandising and marketing officer, Walmart U.S. “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.”
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 H-E-B.
Nearly 1 million receipts have been processed using Savings Catcher since Walmart launched its pilot in seven markets this spring, the company said. The tool ranks first on the retailer’s list of concepts tested to date.
Walmart also plans to offer customers eReceipts and the option to instantly load each of their purchases into the tool automatically to find the lowest prices available in their areas. Savings Catcher and eReceipts will work together to expand innovations such as eCoupons and automated shopping lists.
“We are going to win by integrating 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,” added Mac Naughton.