Walmart offering gas discounts to drive subscription business
Walmart hopes more savings at the pump will entice customers to join the company’s subscription service, Walmart+.
The company announced Wednesday that it is giving Walmart+ subscribers 10 cents off per gallon at more than 12,000 Exxon and Mobil locations nationwide.
“Ninety-one percent of our customers are aware of the increased prices at the pump and nearly half of those told us they are changing behaviors because of them,” Chris Cracchiolo, senior vice president & general manager of Walmart+, said in a statement. “More access to a bigger discount will make a difference for our customers.”
The service already included a five-cent discount, but only at Murphy gas stations, Sam’s Club and Walmart locations with gas pumps.
Walmart+ costs $98 per year and serves as a competitor to Amazon Prime.
Membership data is not released publicly, but Mr. Cracchiolo told CNBC that members spend more than twice as much as regular Walmart customers.
SEE ALSO: Twitter says spikes, dips in followers of popular politicos authentic ahead of Musk’s planned buy
“We know Walmart+ customers are more loyal to Walmart,” he said. “They’re giving us a higher share of their overall wallet.”
The national average price of regular gas is $4.13 per gallon as of Wednesday, up from $2.89 this time last year, according to AAA.