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Electro World to pay Ft 2 million fine

The Competition Office (GVH) found Electro World?s price guarantee service to be potentially misleading for consumers, and fined the company Ft 2 million, Napi Gazdaság reported. Price guarantee is a tool increasingly employed in the service and retail industries. If a customer can prove that a given article can be bought cheaper elsewhere, the store refunds the difference between the two prices. According to GVH, the wording of Electro World?s price guarantee ad ? ?We guarantee that our prices are the lowest in Budapest and Pest County,? ? created the impression that the company?s prices were the lowest in the market. However, price guarantee is not proof of the lowest price, as it only results in prices as low as the cheapest competition. The GVH also found fault with Electro World not publishing the conditions of its price guarantee properly.