The results highlight that traditional bricks-and-mortar stores are making headway in becoming more competitive on price, though it often comes at the expense of their margins.
Best Buy has been particularly vocal about its need to be more aggressive in offering good prices, with the company's CEO Hubert Joly once calling it "table stakes."
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"Our strategy is to be price competitive and that applies to the entire product lineup," Joly said on the company's most recent earnings call. "We'll continue in the next several quarters this year to make targeted investments, so that we can continue to align [our prices with competitors]."
But smaller mom-and-pop shops are also putting pressure on Amazon, particularly when they operate online-only and have lower overhead costs, Savings.com found. They also pose a larger threat when shoppers are looking for a specific item because they don't have to have the lowest prices across the board—just on a particular product.
The deal-finding site found savings tended to be highest in the photography and electronics categories. That's because these items typically cost more, meaning they have higher savings potential. On items that cost more than $100, the site was able to beat Amazon's prices more than 70 percent of the time, said Meghan Heffernan, communications director at Savings.com.
Amazon did not immediately respond to request for comment.
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To highlight its findings, Savings.com on Tuesday is launching a new tool, called PriceJump, which compares Amazon's prices to about 5,000 other retailers on the Web. The company said the tool is designed to make it easier for shoppers to figure out whether the best deal is, in fact, on Amazon. It calls the process "Amazon Rooming"—a play off the industry term "showrooming," which describes shoppers' penchant for visiting a store to touch and test a product, but then buying it online it at a lower price.