In an industry first, Britain’s biggest supermarket chain has overhauled its price-matching scheme, offering customers instant reductions on branded goods at the till.
As part of Tesco's existing "Price Promise" scheme, customers are given a voucher to use on future visits if their basket of goods, including branded and non-branded items, could have been purchased cheaper from big four rivals Asda, Sainsbury's and Morrisons.
The grocer’s new "Brand Guarantee" scheme, launched today, means that if a customer’s branded shop would have been at a lower price elsewhere, they will automatically see the difference subtracted from their total shop, both in-store and online.
Last week Tesco recorded over a 50% drop in first quarter profits. Now it’s taking initiatives to win back market share from the discounters Aldi and Lidl, who have been reigning supreme for their cheap and cheerful style.
The initiative has already been trialled in Northern Ireland over the last few weeks, with positive feedback from both colleagues and customers.
CEO Dave Lewis has indicated that there will be further price cuts leading up to Christmas.