Tesco is set to axe its famous price-matching “brand guarantee” scheme opting instead to focus on making everyday items cheaper.
The scheme, launched in 2015, offered users money back on branded items if they could have been bought cheaper at one of its rivals.
However, Tesco has opted to scrap the scheme in what it says is a reaction to customer feedback, saying that less than one in eight transactions currently received a refund.
“At the same time, a majority of customers now tell us they would prefer lower everyday prices instead,” Tesco stated.
“Today we are committing to cuts on dozens more popular products, which will be introduced in stores over the next two weeks.”
Tesco’s chief customer officer Alessandra Bellini added that the scheme was “far less relevant” for today’s customers and that it would instead focus on “offering customers even more straightforward value for money at the shelf edge.”