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Amazon.com, Inc. (NASDAQ:AMZN) will push a third round of price cuts at Whole Foods this week to improve accessibility and expand the grocer’s consumer base, according to a report by the Wall Street Journal.
What Happened
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An average reduction of 20 percent will be applied to more than 500 products Wednesday, including organic mangoes, salami, Pacific cod fillet and ground bison. The broad drop — which largely targets produce and meat — will be one of the largest Amazon has pursued since purchasing Whole Foods in 2017. The lower rates will last through at least the end of 2019, according to WSJ.
New deals for Amazon Prime members are accompanying the price cuts. The number of weekly deals will double and discounts will deepen, WSJ said.
Why It’s Important
In February, Whole Foods effected price raises on a number of consumer products to account for higher supplier prices. Now, it’s prioritizing competitiveness with major food distributors, particularly as Walmart Inc (NYSE:WMT) and Kroger Co (NYSE:KR) maintain low prices to defend their market shares.
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The strategy may aim to address lagging conversion of Prime members to the Whole Foods customer base. Previous attempts to encourage Prime shopping at the grocer have fallen short.
What’s Next
Amazon’s plans in the grocery space extend beyond Whole Foods to include a new line of stores scheduled to open later this year.
Amazon closed up 2 percent Monday and was trading down slightly at $1,813.62 at the time of publication Tuesday.
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Photo courtesy of Whole Foods.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.