Africa-Press – Zimbabwe. OK Zimbabwe, one of the country’s major retail chains, ensures that its exchange rates are regularly updated to reflect the prevailing rates at the time of customer transactions.
In response to a customer’s inquiry regarding pricing discrepancies, OK Zimbabwe clarified that the rate displayed in the shop may not always align with the rate used at the checkout counter, as exchange rates fluctuate throughout the day. Queried the customer:
I am a loyal OK customer, where everyone is a winner. I have a question. Would you care to explain your pricing disparities. In every branch of yours there is a chart displaying the USD/ZWL exchange rate.
Your prices are marked in USD. Paunosvika patill uchihibhadhara with ZWL you would naturally expect to pay using the displayed rate, asi hazvisirizvo zvinoitika, hameno language inotanga kutaurwa and you pay using a different rate, I was made to understand that the rate differs from product to product. Ndizvo here?
Is it possible to be transparent about the cross rate formula? Hamukwanise kuita zvinoitwa kuPick n Pay, displaying both USD and ZWL price?
OK Zimbabwe’s response shows that the retail chain changes prices constantly in line with the movement of the exchange rate. It said:
Our rates are updated based on the prevailing rates at the time of your transaction. However, the exchange rate might change in our system before we can update our displays.
Another customer said he has stopped shopping at OK because one doesn’t know the price of a product until one gets to the till.
The depreciation of the Zimbabwe dollar can lead to exchange losses for retailers when converting foreign currency purchases back to the local currency. This affects the overall profitability of retailers.
Retailers are, therefore, forced to adjust prices frequently to keep up with rising costs.
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