Asda has claimed that its Price Guarantee will go down as a “moment in history” with the capability to become as important a part of its business as Clubcard is for Tesco.

Speaking at the Walmart shareholders’ annual event in Bentonville, Arkansas, international chief marketing officer Rick Bendel said: “When Tesco launched its Clubcard it took at least 10 years to become well established, and was a massive innovation. We’re just five weeks in but believe that the Price Guarantee will be as revolutionary as Clubcard and be a key moment in Asda’s history.”

Asda said it is winning 90% of the baskets tested using its Price Guarantee, by an average of about £3, and of those baskets that it does lose, it is only by pennies. The Price Guarantee also gives Asda the chance to tell its buying team which products it is out of line on, and therefore go back to suppliers and ask why the price of those products is different for its rivals.

The next stage of the Price Guarantee will be to add it to its online shopping facility within a year. “Shoppers will be able to see the prices for us, and our rivals, before they even place the order,” said Bendel.

Asda will also add internet pods to some stores so customers who don’t have the internet at home can access the Price Guarantee. An app is also being mulled, whereby shoppers will be able to scan barcodes to check prices at all of the big four.

Bendel said the Price Guarantee would eventually be expanded to cover non-food, as many non-food retailers have online presences that display prices to compare.

He added: “If a loyalty card is based on a reward, then our reward to customers is the knowledge of low price and they will have to make up their mind whether they want that or a freebie from a card. A card rewards for most money spent, and we reward everyone.”

Bendel said Asda is also working on a project whereby customers can design their own products, possibly around clothing, with ideas including mid-sizes, extra details or flexible waistlines.