In my last post, I mentioned I bought a $300 sportcoat as an investment in my career. When I got home, I saw my package waiting for me. Naturally, I opened it up and tried it on. I immediately went to the Nordstrom website to compare the picture I saw online with the product I received.
The first thing I noticed was a price drop of what I paid. The original MSRP was $400. I bought it on sale for $264 (plus ~$30 for 2-day shipping and taxes), and I obviously felt comfortable paying for it at that price. Today's list price was $197.
I immediately called Nordstrom, and within 1 minute I was talking to a live operator. Nordstrom has excellent customer service. Not once did I have to go through an array of menus and make a selection, and my wait time was quick. I mentioned the price drop and asked for a refund. I knew they would process it because I have done this in the past, not just with Nordstrom but also with other merchants. It is just like returning an item at the price you paid, and then repurchasing that item at the lower price.
In the end, I was able to get back ~$72 in a span of about 4 minutes. That's the equivalent of making $1080 an hour. It pays to compare prices paid for an item for up to 30 days after purchase. For big ticket items where time is minimal, the savings potential is a high hourly rate.
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