PS4 Outsmarts the Price Matcher
Walmart's price match has been tricked! The price match is for costumers to get the lowest price possible. These prices can be changed with lower deals and advertisements including fraud products. Well the product is real but the price is fake. On Thursday, November 20, people made a fake Amazon listings for a PS4 at $90. Walmart's price match took the listing as real and sold a PS4 at the advertised price. Walmart sold a couple PS4s at this price but then found a solution to the fraud listings. Walmart no longer "Honors prices from marketplace vendors, third-party sellers, auction sites or sites requiring memberships," (Gera, www.polygon.com) Using the evidence that loop holes can be found in big companies such as Walmart, the prediction can be made that the amount of fraud listings on websites will increase, because people just saw how they can get away with it.
Emily Gera. "Walmart got scammed into selling PS4 consoles for $90 Update." Polygon. <http://www.polygon.com/2014/11/19/7245707/wal-mart-got-scammed-into-selling-ps4-consoles-for-90> 20 November 2014.
Brian Crecente. "No more $90 PS4s, Walmart changes price-matching policy." Polygon. <http://www.polygon.com/2014/11/20/7253417/no-more-90-ps4s-walmart-changes-price-matching-policy>. 21 November 2014.
This is the actual Walmart Price Match Policy. This has been updated since the loop hole was found.
Here is another website that explains the story again. This is a article from CNBC.
This article explains how it didn't stop with just the PlayStation4s but other products too!
Here is a question and answer with one of the top lawyers for Pepsico.
- How do you feel about the loop hole in Walmart's Policy that allowed a number of people to buy a PS4 for around $90?
- Does finding these type of loop holes represent what you do for Pepsi Co.?
- Have you seen this type of problem before in other companies?
- Do you think this will change the how people look at Wal-Mart?
I think Walmart's Price Matching program is meant to help consumers. Unfortunately scammers prey on programs like these, which hurts all consumers, including the two of us. Because WMT will now have to verify each ad, it may decide that a program like this is not worth because it puts the verification onus on frontline employees.
There have been issues like this in the past with coupon fraud that all consumer goods companies have been subject too. I think it was a lesson learned for all big companies and a scam like that will likely not happen again.