The Reason 1 In 5 Amazon Prime Members Consider Moving To Walmart+
The familiarity of Walmart's army of in-store shoppers is seeding the growth of its ecommerce membership club, Walmart+. This will invariably cannibalize some of Amazon's Prime members. JL
Lance Lambert reports in Fortune:
Among U.S. adults, 21% say they’re likely to
subscribe to Walmart+, while 19% of Amazon Prime subscribers say they’re
likely to sign-up for Walmart’s offering. The more often Americans shop in-store at Walmart, the
more likely they are to sign up for Walmart+. Among U.S. adults who shop
at Walmart every week, 42% have either subscribed to Walmart+ (7%) or
are likely to (35%). If Walmart can continue to convert these frequent
in-store shoppers into subscribers, it could grow a user base well into
the tens of millions.
In September Walmart
debuted its $98 annual subscription service that offers unlimited
same-day delivery and discounts at gas stations. The service, called
Walmart+, is a direct competitor to Amazon Prime, which cost $119 per year.
In
the months since it launched, 3% of U.S. households have signed up for
Walmart+. So it’s still far off before it can seriously threaten Amazon
Prime, which has subscribers in 66% of U.S. households.
But more
sign-ups are on the way. Among U.S. adults, 21% say they’re likely to
subscribe to Walmart+, while 19% of Amazon Prime subscribers say they’re
likely to sign-up for Walmart’s offering. That could cost Prime
memberships. After-all why would someone pay for two free shipping
services?
The Fortune-SurveyMonkey
poll finds that the more often Americans shop in-store at Walmart, the
more likely they are to sign up for Walmart+. Among U.S. adults who shop
at Walmart every week, 42% have either subscribed to Walmart+ (7%) or
are likely to (35%). If Walmart can continue to convert these frequent
in-store shoppers into subscribers, it could grow a user base well into
the tens of millions.
Walmart has poured billions into building its global e-commerce business: From its $3.3 billion purchase of Jet.com in 2016 to acquiring a stake in Indian e-commerce giant Flipkart for $16 billion in 2018.
And those investments—especially in the U.S.—are starting to pay
dividends. Since the start of the pandemic, 41% of U.S. adults say
they’ve ordered online from Walmart. Only Amazon, at 79%, has more
Americans ordering from it during the crisis.
In the U.S. alone, online sales netted Walmart and Sam’s Club stores $20.1 billion
through the first six months of 2020. That’s up 70% from the same
period a year prior. International Walmart sales climbed 22% to $6.2
billion during the same period. And while it’s too soon to tell whether
converting in-person shoppers into Walmart+ subscribers will undercut
the company’s in-store sales, the boom in e-commerce has certainly
translated into wealthier Walmart shareholders. Shares of Walmart (WMT)
traded at $148.18 at the close of trading Thursday, a gain of 24.6%
year-to-date.
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As a Partner and Co-Founder of Predictiv and PredictivAsia, Jon specializes in management performance and organizational effectiveness for both domestic and international clients. He is an editor and author whose works include Invisible Advantage: How Intangilbles are Driving Business Performance. Learn more...
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