With tax time just around the corner, the urge for Canadians to stretch our hard earned dollars is stronger than ever. Many retailers claim to have the best prices backed by price matching guarantees. This week, we’ll take a look at what’s behind these policies and how to make them work for you.

What is Price Matching?
Price matching is the practice of offering to sell a product at a reduced price due to competition. Some stores will match their own price and offer you a partial refund if the item goes on sale. Others will match a competitor’s price, and still others will beat a competitor’s price by an advertised percentage. No matter what’s the flavor, price matching schemes are meant to give the impression that that a store has the best prices available.

Why Price Match?
If it is cheaper elsewhere, why not just buy it there? As we all know, there is more than to value than just price. Perhaps a store offers superior customer service and return policies, allows you to earn points, or is just a place you prefer. Price matching allows you to get the lowest price from one store and enjoy the benefits of another.

How to Price Match
The actual policies of price matching vary greatly between stores (sometimes changing with the mood of store manager). Price matching erodes profit margins, and therefore it is only feasible because it rarely happens. Here’re a few tips on successful price matching:

• Qualified competitor – A few stores will match the prices of almost any other store, some will exclude online merchants (or force you to add next day shipping charges), while others will only consider select local competitors. Check this carefully to ensure that your store qualifies.
• Exactly the same item – Usually, the item has to be exactly the same, not just basically the same. It must be in the same condition (new vs refurb), packaging (OEM vs retail) and the same bundle if applicable. Some larger retailers may get their own model numbers for the exact same item. While this will make price matching more difficult, it may still be possible if you can bring proof that it is indeed the same product with a custom MPN.
• Proof of pricing and availability – The item has to be in stock and available for immediate purchase at the price that you are claiming. Usually, the store manager would call and verify, but it may be difficult to get the cooperation of a rival retailer, especially if it is a smaller independent shop. Instead of being turned down here, a strategy is to actually go and purchase the item from the other retailer, and then bring the item with receipt as proof for price matching. This way, there is no doubt that they have the exact same item in stock at the price you are claiming.

Price matching can be very rewarding as it allows you to enjoy the benefits of one store while paying the lower price of another. Policies vary greatly and it may not always be easy to pull off. To make things a bit easier, Wishabi has surveyed the price matching policies of various stores and made it available as part of the store value icons. Good hunting!