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COMING UP:Share Opener Variant 3

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Transcript

00:00:00
>> Walmart became America's biggest retailer by having lower prices than the competition. And now for the first time its prices online are almost as low as Amazon after years of trying to gain ground on Jeff Bezos. Prices at walmart.com are now only 0.3% higher than Amazon on average, according to a study by a retail data analytics firm Market Track.
00:00:24
Compare that to last year when Walmart's online prices were a full 3% higher than Amazon. Reuters retail reporter.>> Walmart has been doing a lot of different things to compete with Amazon over the past couple of years. So they've been investing billions of dollars in making their prices more competitive against Amazon, and that has started to show some result.
00:00:48
They are also offering free two-day shipping, they have increased their assortment now to a more than 17 million products. So that has gone up from a few million just a couple of years ago. And they're making returns easier, they're making the overall website more friendly and approachable and easier to shop on.
00:01:10
>> But Amazon still holds some strategic advantages.>> So, Amazon has a really interesting advance, right? The fact that it had that early mover advantage. They tied people into their Prime loyalty program. These are loyal shoppers. They start their search on Amazon, they end it on Amazon. So Amazon may not have something to worry about just now, but if this trend continues over the next three to five years there will be a serious contender that Amazon has to face.
00:01:45
And that's what Walmart wants to do.