As retailers compete for consumer favor, the coexistence of Amazon Prime day And Walmart+ Week highlights the evolving landscape of buyer loyalty.
A recent PYMNTS Intelligence Report, “New data: Shoppers love Amazon Prime Day – but spend more during Walmart+ Week“” looks at how these two major sales events compare in terms of attendance and spending, revealing both opportunities and challenges for the retail giants.
Walmart+ Week lags behind Amazon Prime Day, but is catching up
Amazon Prime Day, which took place on July 16 and 17 this year, saw record sales, with shopper spending increasing 11% to over $14 billion. The event reached a new high in the number of items sold, further cementing AmazonAmazon’s dominance in the sales event space. According to the report, participation in Amazon Prime Day was significantly higher compared to Walmart+ Week. Approximately 40% of consumers participated in Prime Day, while about 20% participated in Walmart+ Week. These numbers, which were The results, which are consistent with last year’s participation rates, underscore Amazon’s continued lead.
However, Walmart+ Week has shown remarkable growth since 2022. Participation in Walmart+ Week is up 71% year-over-year, up from just 12% in 2022. Despite Amazon’s strong performance, if this upward trend continues, participation in Walmart+ Week could eventually close the gap to Prime Day.
For Walmart, it is crucial to convert shoppers into subscribers
The differences in consumer participation at both events can be attributed to the different subscriber numbers. Amazon Prime has a subscription rate of 67%, compared to Walmart+‘S 30%. This difference in subscription levels explains why Amazon Prime Day attracts a larger audience.
In the past Year Walmart+ subscriptions have increased by 30%, especially among Millennials and people earning less than $100,000 a year. Yet Walmart+ still lags behind behind Amazon Prime. Both sales events had a 50% participation rate among their respective subscribers, suggesting that the events themselves are equally interesting. To increase overall consumer participation, Walmart needs to grow its Walmart+ subscriber base to compete with the large reach of Amazon Prime.
During the Walmart+ week, customers spent more on average
Despite fewer participants, Walmart+ Week shoppers spent more money than their Amazon Prime Day counterparts. On average, Walmart+ shoppers spent $473 during the event. which is about 45% more than the $326 issued by Amazon Prime Day shoppers. This trend was pronounced among high-income consumers, who gravitated toward Walmart+ for expensive items and groceries. The increased spending by Walmart+ shoppers shows the potential for increased revenue, even with a smaller subscriber base.
Comparing Amazon Prime Day to Walmart+ Week highlights a critical aspect of retail competition: the size of the subscriber base. Amazon Prime’s larger subscriber pool has enabled the company to achieve higher overall engagement and revenue. But The higher average spend of Walmart+ Week shoppers indicates that there is revenue potential if Walmart can increase its subscriber base.
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