Walmart stocks leap 7% as it gets ready to launch Amazon Prime rival this month

Walmart’s stocks leapt nearly seven per cent yesterday after it was reported that it plans to launch its answer to Amazon Prime this month.

Walmart Plus is set to launch over the next few weeks, according to Recode, which will see the US’ largest physical retailer directly challenge the US’ largest online retailer.

The retailer had originally planned to launch the service, which is expected to cost $98 per year and offer unlimited same-day deliveries, in March but this was postponed due to the pandemic.

It will also reportedly include new features like the ability to order goods via text message, a scan-and-go service alongside discounts on prescription drugs and fuel at branded outlets alongside a scan-and-go service.

READ MORE: Walmart to launch Amazon Prime subscription rival Walmart Plus

It comes as Walmart continues to expand its online presence, seeing sale grow a whopping 74 per cent in the first quarter of the year, following a 37 per cent growth throughout 2019.

Despite its growth, its market share and market capitalisation is still dwarfed by Amazon, which has seen its Prime service become a key component of its runaway success.

Amazon currently has a market cap of around $1.5 trillion, while Walmart is currently valued at around $360 billion despite the major boost in share prices.

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