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 20 packets of toothpaste, a 10-liter jar of pretzels, and a trumpet.
But does Costco’s pricing match up with other retailers? The answer is no. Costco does not match prices. If this comes as a shock to you, you can read the rest of this article.
Why doesn’t Costco price match?
The main reason Costco can’t match prices with its competitors is that the products are already sold at a discounted price. Lowering prices further would be detrimental to Costco as a business as they would make much less profit. Here are some other reasons why:
By not matching prices with other retailers, Costco does not have to compete with other stores. Price wars can be extremely competitive and often leave businesses out of pocket. Costco doesn’t have to deal with such a scenario, plus customers already know they’re getting a good deal to begin with.
Price similarity can sometimes turn customers away. If you know you can find a product cheaper elsewhere, there’s a good chance you’ll find a competitor to browse around the store and see what 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 environment.
That doesn’t happen as much at Costco, and customers know that the products they buy aren’t likely to be cheaper elsewhere.
What is the price adjustment policy at Costco?
So, we know that Costco’s price doesn’t match with other retailers. However, they do have a price adjustment policy. Want to know more? Then keep reading.
When you buy from Costco (in-store or online), the price of a product may be adjusted and you may find that the same product has been discounted after your purchase. For example, if you buy a chair for $60, but a week later the same chair is now $30, Costco will gladly refund the difference (provided you have the receipt).
If you are a regular buyer then this policy is definitely worth taking advantage of. Think of all the times you’ve gotten cheap products during Black Friday or Christmas. Now you know there’s a way to earn a little cash back now and again.
Costco Price Adjustment Policy: Rules
Of course, there are some rules when it comes to adjusting product prices. 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 price adjustment process?
First, you must take the product with your receipt to the store where you made the purchase as if you were returning it. Next, follow these steps:
Take the product to the store where you purchased it and visit the membership counter.
Show the original receipt to a Costco team member. Some stores do not require a receipt from customers, however, it is always best to carry one with you to avoid disappointment.
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 the price adjustment?
Costco’s price adjustment policy covers every item. Remember, even if you have used the product, you may still be eligible for the scheme.
For example, if you bought a food product two weeks ago, and notice that the price is now lower due to a promotion, you can still get a partial refund under the price adjustment policy. As long as you have a valid receipt to show that you paid for the item in full within 30 days of the offer period, you are still considered eligible.
Price Matching vs. Price Adjusting: What’s the Difference?
This is when a company will lower the price of a particular product if the customer can prove that it can be bought cheaper elsewhere. Costco doesn’t price match products because their prices are generally lower than most places in the first instance.
Adjusting the price
Adjusting the price of an item that has recently been reduced for promotional purposes is an effective marketing strategy. This allows customers to receive a partial refund for a product they have previously purchased and may have used. Costco’s price adjustment policy has always been good with consumers and creates a great business-to-consumer relationship.
Can item price adjustments be made online?
Yes of course. If you buy a product online and see that the same product is on promotion within 30 days of the transaction, you can call the number, or fill out the online form.
Please note that you cannot take online items into the store for a price adjustment. This is because Costco stores and Costco.com run promotional offers at different times for different products. Therefore, an item you buy online may not cost the same as what you buy in a Costco store.
How will I be paid the difference if I order online?
A price adjustment isn’t much different than a refund, so the difference is transferred to you through your original payment method. Costco.com’s online form will ask for a few small details, including your name, order number, and details of the price difference, before deciding whether you qualify for a price adjustment. This may take a few days and then you will receive an email informing you of the next steps.
What if I exceed the 30-day limit?
If you exceed the 30-day time limit, you may still have a chance. Some stores may allow this, while others are more strict. However, if you don’t ask, you don’t get it, right?
Our advice to you is, to be honest, and polite when asking for a price adjustment, and you might just get what you want! If your request is denied, you can always return the item (if unused), and buy it again at a lower price! You can take a look at the return policy below to find out whether it will work for you or not.
When will I not be eligible for a price adjustment?
The only scenario in which the customer will not be eligible for the scheme is if the product is different. For example, if you buy an electrical item like a hair dryer or television, and see a slightly different model advertised, you won’t be able to get a partial refund because it’s not the same item.
In this instance, we would recommend returning the product (if possible) and buying it again! It’s completely legal and just another reason many of us love to shop at Costco.
What is the return policy at Costco?
Another reason to love Costco is its reasonable return policy. Costco offers customers a “risk-free 100% satisfaction guarantee,” which most customers like to hear. So what exactly does this mean?
Well, most products can be returned at any time. Yes, anytime. So, provided you still have the original receipt, and the product is returned in the packaging, unused and undamaged, you can still get a refund after ten months. As we said, this is for most products. So what about the others?
Electrical items such as televisions, major appliances (refrigerators, washers, dryers, microwaves, etc.), computers, tablets, or hair dryers have a 90-day return policy.
Diamonds over 1.00CT can be exchanged for store credit after verification testing. To return such an item, the customer must provide all original paperwork and receipts.
Cigarettes, alcohol, and drugs
These cannot be returned for a refund under any circumstances.
Do I always need my receipt to return items?
To be honest, we’re going to say that having your original receipt is the only proof you’ll ever need to ensure you get 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 as it is entirely up to the discretion of that particular store.
Costco does not price match with other stores. This is simply because the majority of products are already priced at extremely low prices, to begin with. If Costco were to compete in price wars, its profits would drop dramatically.
We hope this article has provided you with the answers you are looking for! Although Costco doesn’t match the prices, you’ll find a great deal every time you stop by!