Walmart to soon launch Amazon Prime like subscription service

The retail giant Walmart is reportedly planning to unveil a new subscription service called Walmart+ that will offer similar benefits to Amazon Prime.

Walmart was expected to unveil Walmart+ earlier this year before the pandemic derailed those initial plans. But now, the largest retailer in the US is set to launch the service this summer for $98 per year, news website Vox reported.

Walmart+ will include same-day grocery delivery, discounts on fuel purchases and more.

Meanwhile, Amazon Prime, which costs $119 annually, includes free two-day delivery on a huge number of items - with some products even available on the same day or next day.

Both companies struggled with soaring demand for groceries during the pandemic as people began panic shopping.

While Covid-19 panic-buying helped boost Walmart sales to record highs earlier this year, its US e-commerce presence is still only around an eighth the size of Amazon's.

As per report, Amazon is valued at $1.5 trillion, while Walmart is worth $337 billion. And Amazon Prime is a big reason why.

Walmart is also going to unveil an online family entertainment program called CAMP by Walmart, in partnership with the retail startup CAMP and the online video technology firm Eko.