Tesco launches “immediate” price match guarantee

Tesco’s move came as it unveiled new research revealing the extent to which price match vouchers were “failing to meet customers’ needs”, claiming that UK customers were potentially missing out on hundreds of millions of pounds in savings each year.

“British shoppers know that the limited assortment discounters are cheaper than the superstores and to focus only on matching prices of the big four is simply myopic to our minds.”

A new price match will be made at the till, and customers who could have paid less at the grocer’s main competitors will have the money immediately deducted from their total bill. It’s an extension of Tesco’s existing “price promise” scheme, where shoppers received a voucher if their basket of goods was available cheaper elsewhere.

Matt Davies, the chief executive of Tesco UK and Ireland, said the scheme was invited to remove the “stressful and awkward” voucher system, where shoppers are handed money-off coupons for their next shop rather than an immediate discount.

Last October Sainsbury’s dropped Tesco from its “Brand Match” scheme, benchmarking prices only with Asda.

Tesco is trying to wrench customers away from its rivals Morrisons, Sainsbury’s and Asda after shocking financial results in which operating profits went down 55 per cent in the six months to August.

The scheme will also work online. “We’re working hard to make the shopping trip that little bit easier for customers, with simple, affordable prices you can trust”.

The initiative has already been trialled in Northern Ireland over the last few weeks, with positive feedback from both colleagues and customers. Anything that adds value to the consumer with no extra effort required is a great thing’.

CEO Dave Lewis has indicated that there will be further price cuts leading up to Christmas.

“Instant money off at the checkout means no more hassle and a win for shoppers”, said personal finance expert Sarah Willingham. You get to the supermarket checkout only to realise you’ve left your voucher on the kitchen table.