Prices on Wal-Mart Stores Inc.'s web store are now on average only 0.3% higher than prices on Amazon.com Inc., compared to being 3% higher in the same period last year, Reuters reported Nov. 27, citing a price study by retail data analytics company Market Track.
The study showed that for wearables like fitness trackers and smartwatches, Wal-Mart's prices are 6.4% lower than Amazon's compared to being 12.6% higher in 2016. Wal-Mart's sports and outdoor products online are also 1.3% lower this year than the e-commerce giant's from being 3.5% more expensive last year.
The report describes the findings as a milestone in the discount chain's effort to reclaim the lead in competitive pricing. According to Reuters, Wal-Mart has heavily invested in making its prices more reasonable since 2017 began.
The findings also indicate consistent price cuts by Wal-Mart rather than temporary discounts, the report added.
Wal-Mart spokesman Dan Toporek and Amazon spokeswoman Kate Scarpa both told the news agency that their companies are committed to providing customers with the best prices, but both declined to comment further on their pricing strategies.
