CVS is one of the largest healthcare retailers in the USA, who want to ensure that people come back to them for all their medical supplies.
CVS is not the cheapest retail store, but there are a few ways that it is expensive. I’ve compared a bunch of prices between CVS and other stores to figure out what makes CVS so expensive.
Why Is CVS So Expensive In 2022?
1. Cost of Convenience
However, some CVS employees have stated that the reason they charge more is because they have added new services and want to get the extra money.
Patients are able to go to the pharmacy and pick up their medication and make their purchases easily and at reasonable prices.
With CVS stores open in such excellent proximity to customers, it means CVS charge more for being convenient, as they know customers will pay for saving time on having to travel further to acquire them.
2. Open All Hours
Many CVS stores are open 24/7 for customers who wants to use their services even when no one is around their home or work place.
With more than 7.5 million dollars of transactions on a monthly basis, it’s been recognized by the financial community as the place for good, honest, and authentic people to shop.
In some cases, CVS charges more for products to make up for higher transportation costs.
[Original] Why doesn’t it go the other way around?
[Paraphrase] Because that would put a hardship on customers.
3. All in One Place
With products like CVS’s and being in direct competition with other drugstores like Walgreen’s and WalMart, CVS is guaranteed that they will be able to provide the products that their customers need.
CVS has decided to raise the prices of some of their products to allow them to get more money than the old price would have gotten them.
People who buy from CVS are often not going to go to the store less often which means they go more often, therefore they are paying more for the convenience.
4. Higher Wages
CVS offers higher salaries than most of their competitors, making them an excellent place to work.
Because of the high prices for prescription drugs, CVS charges more for prescription drugs than it charges for non-prescription drugs.
For example, they are able to keep their employees happy by offering more living wages, while still operating profitably.
5. CVS ExtraCare
CVS offers ExtraCare rewards to their customers to help their customers save money in stores.
CVS stores offer a “MyRewards Card”, which is a debit card that customers use to save money on groceries, electronics, and other items.
You get 2% back through the extra care card. You also get discounts and coupons exclusive to extra care members.
The ExtraCare program at CVS allows customers to save money and the frequency of discounts they offer helps customers counter the expensive prices.
6. Rewards Programmes
ExtraCare Pharmacy and Health Rewards program gives you free prescriptions and free flu shots, and also you get free beauty sample boxes.
These programs are free and give you access to coupons to help you save money at CVS.
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Â CVS is known for offering discounts almost daily and workers online said that they charge a premium price on top of the discounts to guarantee they make the same amount once the discounts have been applied.
Customers can save a substantial amount on everyday medication and goods if they are part of this program. GoodRx is a rewards program from CVS pharmacies which offer people discounts on their prescription medications.
GoodRx is free to use and readily accepted at CVs, so it is an excellent way to help shoppers save money.
To use the GoodRx drug discount card, you will need to enter the card information at GoodRx.com. After you enter the information, you will be presented with a form to be completed. You will need to enter the information you have for the prescription in front of the pharmacy.
7. Cheaper than Competitors
With CVS and online retailers, shoppers can order what they want on the spot and then have their items delivered. Shoppers can also easily access CVS’s online store for even more savings.
CVS is a place where one can walk in and get their daily store items like toiletries, medicine, and toothpaste and other everyday items if ones needs to get them, as most of their competitors are so far away from the neighborhood, that the customers have to travel a long way to get to them.
There are some competitors that offer lower prices, but once their costs are added, you can end up paying the same.
To find out more, you can see our related posts on the CVS coupon policy, the Walgreens-CVS relationship, and CVS’ competitive advantages.
CVS is a trusted name in the retail world and you can reap the benefits of getting high quality merchandise, quality customer service and competitive prices.
If your pharmacy is not taking advantage of coupons and reward schemes like ExtraCare, you should try to convince them to adopt these incentives.
While CVS might look like one of the more expensive retailers, customers actually have plenty of opportunities to save money on their shopping.
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