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Walmart launches discount program

Walmart Inc. launched a special discount program in a bid to compete with Amazon.com Inc.'s discounts for the upcoming holidays, Bloomberg News reported Oct. 14, citing a company spokeswoman.

Under the initiative, dubbed "Competitive Price Adjustment program," Walmart will provide subsidies to temporarily lower prices of select items on its platform.

The sellers will still be given the same amount that was listed before the price cut, and the reductions will not affect shipping fees, the report said.

The new strategy will be applied to "selected sellers and selected items only," Bloomberg reported, citing the program description.

The move reportedly comes in response to Amazon's strategy to control prices of third-party products sold on its platform in return for a minimum payout.

Amazon did not immediately respond to a comment request, the news site reported.