There are enough chaos in the financial markets. I’m not going to post anything related to investing this week. There’s plenty to read and digest about Lehman Brothers, Merrill Lynch and AIG. I believe all eyes are on WaMu now.
Should a business stand firm on its price matching policy? That’s the question for today.
I have been buying a certain product from an online store. I never had a problem with them. They filled my orders accurately and delivered them fast. They also have a price matching policy. If you find a lower price for the same product elsewhere, they will match it and even beat it by a small amount. So I usually find the cheapest price on the Internet and then order from them. That way I get both a good price and a trusted and familiar service.
Except this last time. I was running out of my stuff. I was also busy with work. I didn’t have time to search for low prices. So I just ordered from the same place thinking I would request the price match later. Then I was still busy and I forgot. By the time I remembered about it and looked up how to do a price match request, I saw that they only allow price matching within 7 days from the date of order. My order was 15 days ago.
If they go by their policy, I’m clearly out of luck. It was my fault for not requesting the price match before I placed my order or requesting it within 7 days. I can’t just pick and choose one half of the policy in my favor. On the other hand, a smart business should know the value of a loyal customer.
The price difference is quite large. My order was $170. If they do the price match, it would be $110, or about 35% less. If I request the price match anyway, even if it’s late, what do you think they will say? “Sorry, it’s too late now.” or “No problem, here’s the refund.”? If you were running this business, what would you do?
I will post the outcome on Friday.
Say No To Management Fees
If an advisor is charging you a percentage of your assets, you are paying 5-10x too much. Learn how to find an independent advisor, pay for advice, and only the advice.