Costco is popular among shoppers for its dollar-saving deals and sheer variety of products. It’s the kind of place where you go to buy a tray of chicken and walk out with a 20-pack of toothpaste, a 10-liter jar of pretzels, and a trumpet.
But does Costco price match with other retailers? The answer is no. Costco does not match prices. If this comes as a shock to you, you may want to read the rest of this article.
Why Does Costco Not Price Match?
The main reason why Costco does not match prices with competitors is that the products are already sold at a discounted price. To reduce prices further would be detrimental to Costco as a business because they would make little to no profit at all. Here are a few more reasons why:
Less Competition
By not matching prices with other retailers, Costco doesn’t have to compete with other stores. Price wars can be extremely competitive and often leave businesses out of pocket. Costco does not have to deal with such a scenario, plus customers already know they are getting a good deal to begin with.
Customer Loyalty
Price matching can sometimes steer customers away. If you know you can get a product cheaper somewhere else, there is a good chance that you will visit said competitor to have a browse around the store and see what other discounted products you can find. Before you know it, you no longer want to shop at ‘X’ because ‘Y’ is so much cheaper and you may prefer the atmosphere.
This doesn’t happen so much at Costco, and customers know that the products they purchase are unlikely to be cheaper elsewhere.
What Is The Price Adjustment Policy At Costco?
So, we know that Costco does not price match with other retailers. However, they do have a price adjustment policy. Want to find out more? Then keep reading.
The price of a product can be adjusted when you buy from Costco (in-store or online) and you find the same product has been discounted after you made the purchase. For example, if you purchase a chair at $60, but a week later the same chair is now $30, Costco will happily refund the difference (provided you have a receipt).
This policy is definitely something to take advantage of if you are a regular shopper. Think about all those times you find products cheaper on Black Friday or around the Christmas period. Now you know there’s a way to gain a little cashback now and again.
Costco Price Adjustment Policy: The Rules
Of course, there are a few rules when it comes to adjusting the price of products. Let’s take a look at what is required.
- The product must have been purchased within 30 days prior to the drop in price.
- The credit will appear on your statement within 3-5 business days (unless the item was paid for in cash).
- Price adjustment is for end consumers only. This means the items purchased are for your own personal use and will not be used for resale. Resellers must purchase the product within the promotional period to receive the offer.
- To inquire about a price adjustment, customers must visit the membership counter at the Costco location where the purchase was made.
What Is The Process For A Price Adjustment?
First of all, you will need to take the product along with your receipt to the store where you made the purchase as if you are returning it. Next, follow these steps:
Step #1
Take the product into the store where you made the purchase and pay a visit to the membership counter.
Step #2
Show the Costco team member the original receipt. Some stores do not require customers to have a receipt, however, it is always best to take it with you to avoid disappointment.
Step #3
If the price can be adjusted, you will be refunded the difference which will appear in your account within 3-5 business days.
Are There Any Items Excluded From Price Adjustments?
Every item is included in the price adjustment policy at Costco. Remember, even if you have used the product, you can still qualify for the scheme.
For example, if you purchased a food product two weeks ago, and notice the price is now lower due to a promotion, you can still gain a partial refund under the price adjustment policy. As long as you have a valid receipt to show that you paid for the item at full price within 30 days of the offer period, you are still considered eligible.
Price Matching vs Price Adjusting: What’s The Difference?
Price Matching
This is when a company will lower the price of a certain product if the customer can prove it can be purchased cheaper elsewhere. Costco does not price match products as their prices are generally lower than most places in the first instance.
Price Adjusting
Adjusting the price of an item that has recently been lowered for promotional purposes is an effective marketing strategy. This allows customers to gain a partial refund for a product they have previously purchased, and may even have used. Costco’s price adjustment policy has always gone down well with customers and creates a great business-to-consumer relationship.
Can An Online Item Get A Price Adjustment?
Yes absolutely. If you purchase a product online and notice that the same product goes on promotion within 30 days of the transaction, you can call this number, or fill out an online form.
Please note, that you cannot take online items in-store for a price adjustment. This is because Costco stores and Costco.com run promotional offers at different times for different products. So, the item you bought online may not be the same price as something you purchased in a Costco store.
How Will I Be Paid The Difference If I Ordered Online?
A price adjustment is not too dissimilar to a refund, so the difference is transferred to you via your original payment method. The Costco.com online form will ask for a few small details including your name, order number, and details of the price difference before deciding whether or not you qualify for a price adjustment. This may take a few days and then you will receive an email providing you with information about the next steps.
What If I Go Over The 30 Day Limit?
You may still be in with a chance if you happen to go over the 30-day time limit. Some stores may allow it, while others are more strict. However, if you don’t ask, you don’t get, right?
Our advice to you is, to be honest, and polite when asking for the price adjustment, and you may just get what you want! If your request is refused, you can always return the item (if unused), and purchase it again at a lower price! You may want to take a look at the return policy below to find out whether or not this would work for you.
When Will I NOT Be Eligible For A Price Adjustment?
The only scenario in which a customer will not be eligible for the scheme is if the product is different. For example, if you purchase an electrical item such as a hairdryer or a television, and see that a slightly different model goes on promotion, you will not be able to receive a partial refund as it is not the same item.
In this instance, we would recommend returning the product (if possible) and buying it again! This is completely legal and is just another reason why many of us love to shop at Costco.
What Is The Return Policy At Costco?
Another reason to love Costco is for its reasonable return policy. Costco offers customers a “Risk-free 100% satisfaction guarantee”, which is what most customers like to hear. So what exactly does this mean?
Well, most products can be returned at any time. Yes, ANY time. So, provided you still have the original receipt, and the product is returned in the packaging, unused and undamaged, you could still receive a refund ten months down the line. As we said, this is for most products. So what about the others?
Electronics
Electrical items such as televisions, large appliances (refrigerators, washers, dryers, microwaves, etc) computers, tablets, or hair dryers, have a 90-day return policy.
Diamonds
A diamond over 1.00CT may be exchanged for store credit after an authentication check. To return such an item, the customer must provide all of the original paperwork and receipts.
Cigarettes, alcohol, and medication
These cannot be returned for a refund under any circumstances.
Do I Always Need My Receipt To Return Items?
We’re going, to be honest, having your original receipt is the only piece of evidence you will ever need to ensure you receive a full refund on items.
However, if the product is still boxed and unused, a store member may allow you to exchange the product for another at the same price. We say this lightly because it is totally up to the discretion of that particular store.
The Final Say
Costco does not match prices with other stores. This is simply because the majority of products are already set at extremely low prices, to begin with. If Costco were to compete in price wars, its profits would plummet dramatically.
We hope this article has given you the answers you have been seeking! Even though Costco does not match prices, you’re sure to find a great deal whenever you stop by!
