Shoppers and Retailers: Check Those Prices Carefully
LINCOLN, Neb. - (BUSINESS WIRE) - Holiday shoppers and retail owners should pay attention to prices as they complete huge volumes of purchases this season. Surveys conducted by weights and measures officials across the U.S. show a significant risk to buyers and sellers from incorrect charges.
In a 2011 survey of over 2200 stores, state inspectors in North Carolina found that customers were overcharged on nearly 10 percent of the items. Conversely, the Arizona Department of Weights and Measures conducted over 2,500 unannounced inspections last year and found 1,384 instances where retailers charged less than the advertised prices totaling $21,440 in undercharges. While the vast majority of retailers' price scanners were correct, there were also 861 instances when retailers charged more than their advertised price, totaling nearly $6,000 in overcharges.
Even though the error rates vary, it takes only a few errors to damage a consumer's budget or jeopardize a business's profit. That error is repeated every time the item is sold.
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