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Morrisons has joined the ranks of supermarkets like Asda in announcing a new price match scheme aimed at keeping up with competitors Aldi and Lidl.
Starting Monday (February 19), over 200 products on Morrisons‘ shelves will be labelled as matching or undercutting the prices offered at Aldi and Lidl.
However, Morrisons clarified that this price match guarantee doesn’t necessarily entail price reductions on its products, stating that the majority of the items already had comparable prices. The initiative is aimed at reassuring customers and shifting perceptions.
This move follows a similar pricing strategy recently implemented by Asda.
The products included in Morrisons‘ price match guarantee represent a select portion of its inventory, focusing on items frequently purchased by customers. Prices will be checked against those of Aldi and Lidl twice a week.
Rachel Eyre, Morrisons’ Chief Customer and Marketing Officer, emphasized the supermarket’s commitment to offering quality products at competitive prices, stating, “We want to reassure our customers that we have hundreds of products that are the same price or cheaper, with the quality they’ve come to expect from us, than those available at Aldi and Lidl.
The initiative aims to regain customers who may have shifted their loyalty to Aldi and Lidl in recent times.
Data reveals a significant shift in market share over the past decade, with Aldi and Lidl steadily attracting customers from traditional supermarkets, including Morrisons. Ten years ago, Morrisons held 11.3% of the grocery market, but recent figures from Kantar indicate a decrease to 8.8%. In contrast, Aldi’s market share has surged from 4.1% to 9.3%, while Lidl has grown from 3.1% to 7.5% over the same period.
Morrisons’ introduction of the price match scheme reflects its commitment to remaining competitive in the evolving retail landscape and retaining its customer base amidst increasing competition from discount supermarkets.
