Target Kicks Off Early Holiday Deals With Price-Matching Pledge
Target announced last week that from Oct. 10 through Dec. 24, shoppers will be able to request a price adjustment on any item purchased at Target if the company drops the price later in the season. Target said it will continue to match select competitors’ pricing within 14 days of a customer’s purchase, as it has in holidays past. While holiday forecasts are calling for a solid gain in consumer spending, retailers face a litany of challenges, including inflationary pressures and supply chain disruptions. Therefore, consumers are being encouraged to shop earlier this holiday season to guarantee they can get all the items on their wish lists before shelves are emptied and that gift purchases are delivered on time.
Total Retail's Take: Given the supply chain challenges that retailers are facing, it's not surprising to see Target and what I'm sure will be others following suit trying to get consumers to their stores and websites earlier than normal this holiday season. And of course discounts and deals, including price matching, will be incentives to help lure that traffic.
“Retailers offering to price match is a smart move amid another holiday shopping season in turmoil," David Malka, chief sales officer, goTRG, told Total Retail in an emailed statement. "It shows they're aware of how crucial it is to lock in holiday sales as early as possible given challenges such as supply chain delays and rising prices on goods.
"I anticipate that in a bid to win over early-bird shoppers with the lowest prices on gifts, there will be a frenzy of overbuying," added Malka. "Consumers will feel more comfortable making purchases on a whim and will do so much earlier in the season with the guarantee that they can return the items if Target doesn’t end up dropping the price. Retailers should brace for a surge of returned goods ahead of a strong, early online shopping season. We typically see holiday returns at around 30 percent, but goTRG anticipates returns this year will be closer to 40 percent in response to early shopping incentives, price matching offers, and continued growth in e-commerce sales.”