Walmart is launching Walmart+ in July, according to a report
by Vox’s Recode.
The subscription-based program will compete with Amazon
Walmart has not released details about Walmart+ and the
perks it will use to stand out from competitors.
Walmart’s answer to Amazon Prime will launch this month,
according to a report by Vox’s Recode.
The big-box giant confirmed in February that it plans to
roll out a subscription-based service called Walmart+, but it hasn’t revealed
details or its strategy to attract members and stand out from competitors.
Shares rose by nearly 7% Tuesday to close at $126.95.
The membership program will cost $98 per year and include
same-day delivery of groceries, fuel discounts at Walmart gas stations and
other perks, according to the Recode report. The report cites multiple unnamed
Walmart planned to launch Walmart+ in late March or April
but delayed it because of the coronavirus pandemic, according to Recode.
Walmart declined to comment about when the service will
Since Amazon launched the Prime program about 15 years ago,
it’s grown to more than 150 million members. Amazon has used the
subscription-based service to entice customers to shop more frequently on its
site. For $119 each year, customers get fast and free shipping, access to
Amazon’s streaming service and discounts at Amazon-owned grocery store Whole
Walmart has significantly grown its e-commerce business, but
it’s lagged behind Amazon in market share and market cap. Amazon is valued at
about $1.5 trillion, compared with Walmart, which is valued at about $360
billion as of late Tuesday.
Walmart reported online sales growth of 37% for last year,
topping its own goal of 35% growth. Its online sales surged by 74% in the
fiscal first quarter that ended April 30, as the coronavirus pandemic drove
more customers online for groceries and other essentials.
The retailer has leaned on its grocery business to grow
online. Walmart delivers to the home, but it also offers curbside service at
its brick-and-mortar locations as a convenient option for customers. This
spring, Walmart launched Express Delivery at many of its stores. The new
service, which has a $10 fee, delivers purchases to customers’ doors in less
than two hours.
Correction: According to the Recode report, the service will
cost $98 per year. An earlier version of this story misstated the cost.
here for the original article.