Walmart developing Amazon Prime competitor, Walmart+
Membership-based Walmart+ could offer similar features to Amazon Prime
Strategic Resource Group's managing director Burt Flickinger says he's not worried about Walmart's missed estimates.
Retailer Walmart wants to go head to head with Amazon.
The chain, which brought in $514 billion in revenue in 2019, is reportedly working on a paid membership model called Walmart+ that would directly compete with Amazon Prime.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 84.47 | -1.06 | -1.25% |
The offering would include certain Amazon-like perks, according to Vox, which first reported on the project, but the platform would also offer exclusive options, like text-to-order.
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Walmart declined to comment on the matter but could begin testing its membership model as soon as March, per the report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 211.48 | -2.62 | -1.22% |
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No pricing for Walmart+ has been revealed by the company but it currently offers a $98 annual option for customers to get unlimited same-day grocery delivery. Amazon Prime members pay $119 a year for things like unlimited one-day shipping, TV shows and movies.
Walmart’s stock is up 13 percent on the year. Amazon is up 17 percent.
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