On July 6th, Amazon’s value hit a new record high, jumping to a price of $3,057 per share with a $1.5 trillion market cap. Amazon continues to grow, and CEO Jeff Bezos continues to get richer as e-commerce spikes amid the coronavirus pandemic. Without physical stores, most of the country has relied on Amazon to purchase essential goods. As a result, the retail giant keeps getting bigger.
If anyone could threaten Amazon it would be Walmart, the biggest company in the U.S. As it happens, Walmart is launching a subscription service akin to Amazon Prime to challenge Bezos’ e-commerce beast.
What We Know About Walmart+
Walmart+ will launch on September 15th and cost $98 annually, emerging as the first major competitor to Amazon Prime, at $119. Like Prime, Walmart+ will offer grocery delivery and same-day shipping on all products, as well as access to discounts and deals, according to Recode.
The service guarantees shoppers free shipping on purchases of $35 or more, as well as same-day grocery delivery depending on your location. Shoppers with a membership will also be able to shop in-store with the Walmart app to avoid waiting on lines. In addition, Walmart+ members will get 5 cent discounts on gas.
Although it offers some different features, the new premium service will at least provide an alternative to Amazon. Of course, Amazon Prime launched way back in 2005, so Walmart has some catching up to do. As of February 2020, Amazon commanded nearly 40 percent of online commerce, while Walmart accounted for just five. As of now, Amazon Prime has a roughly 112-million subscriber head start, but time will tell if the physical retail giant can bridge the gap.
In the meantime, you’re welcome to a 30-day free trial to Amazon Prime.