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Yes, they rely on people not bothering because posting it back is a hassle, as is possibly removing the item (if it has been fitted) and possibly being without something whilst you wait for the newer delivery (although there's nothing stopping you getting the new one delivered before returning the old one).
Greenbank
Not tried Wiggle but I did get CRC to cough up in similar fashion earlier in the year.
Having considered it before though I came to the conclusion that with Wiggle the best bet is usually to order again and return the original order. They even have this in their 'reason for return' bit on the returns page where you can say that the item was reduced in price after purchase. Must happen a lot.