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The Price drop alert widget lets shoppers subscribe when they want a lower price. Notify Me sends an alert when that variant’s price goes down, not when you only set a compare-at price.
1

Turn the widget on

Go to Widgets, turn Price drop alert ON, and choose Customize.
2

Set the trigger and popup

Edit the trigger label and the popup the same way as Back in stock.
3

Publish

Choose Publish so the widget loads on the storefront.
Price drop alert widget editor
The alert compares the new Shopify price to the price stored when the shopper subscribed. A compare-at or “on sale” badge alone does not send the email.
You can show the trigger on collection and listing pages with Show on collection, search & product listing pages. See When alerts send for the exact send rules.