Walmart Stores is closing in on matching the online prices of Amazon.com for just the first time, a big milestone in the retailers’ efforts to take back the title of “low price leader.”
Walmart aggressively invested in making prices more competitive against rivals in brick and mortar since the beginning of the year.
Now, the narrowing gap has become noticeable as well across several product categories for Walmart online, shows a price study, as well as pricing experts who studied the two sites, retail consultants, company sources and vendors.
Walmart.com prices are now just 0.3% higher on average than Amazon.com, according to a study by Market Track the analytics firm that specializes in retail that analyzed prices for 213 products across 11 categories during a period of 700 days that ended on November 7, 2017.
Through comparison, the online prices at Walmart were 3% higher on average than those at Amazon during the first 350 days of the study through November 7, 2016.
In the wearable category including smart watches and fitness trackers, Walmart’s prices are 6.4% less than those at Amazon in 2017 in comparison to over 12.5% for the same product one year ago.
For outdoor and sports products, Walmart currently is on average 1.3% lower versus being 3.5% higher one year ago.
The findings indicated Walmart has achieved success in slashing prices across several of its product categories online on a consistent basis rather than just temporary discounts.
Consistent pricing that is lower is important to boosting sales during the entire year. On Monday November 27 or Cyber Monday, the busiest one day of the entire year for shopping online, deals and promotions will completely overshadow pricing for both retail behemoths.
A spokesperson for Walmart said the retailer was committed to have prices online that meet or beat those at other top e-commerce sites.
He added that some items now displayed by the retailer have two prices to show their shoppers when they can find a lower prices through picking up their online order at a store, but did not make any further comments about the pricing strategy for the company.
A spokesperson for Amazon said there has been no change in the approach the retailer has to delivering the best low prices to its customers.
The spokesperson added that prices at Amazon are as low or lower than other retailers and the company works hard to ensure that is true each day.