Buyer’s remorse used to be bad enough when it was just every few months that brick-and-mortar retailers changed prices, but now that online marketplaces have thousands, if not millions, of price adjustments per day, chasing down refunds on savings is near impossible for the average shopper.
For an app, though, it’s just the right job.
That’s the mission of the newly released savings watchdog startup, Paribus, TechCrunch reported. Instead of customers missing out on the astronomical number of price adjustment claims U.S. shoppers are otherwise entitled to every year, Paribus scans users’ inboxes for evidence of orders from retailers like Amazon, Target, Macy’s, Bonobos, Newegg and more before monitoring the sellers for price adjustments. If one occurs, a claim is automatically filed, and any savings are deposited to users’ accounts with a 25 percent fee on top of the found money to Paribus.
Though the app seems like a consumer’s dream and a retailer’s nightmare, Paribus Cofounder Eric Glyman told CNBC that having more customers using the app is actually a win-win for both sides.
“The abandoned shopping cart problem is huge. Most consumers, they see something, they add it to their cart, but they don’t make the final purchase. With Paribus you have no more fears about missing a better deal,” Glyman said. “When you get a few dollars back, you realize, ‘I’m going to shop at Amazon or Macy’s every single time, because I trust this store.'”
There have been plenty of price-tracking apps to come and go, but Paribus’ proposition that it can save money for consumers while helping to facilitate a smoother relationship with retailers bodes well for its future. As the pricing wars of the major retailers intensifies, shoppers will need all the help they can get just to keep up.