Cord Cutters News

Amazon is Closing The Gap With Walmart As It Fights to Be #1

For the 11th year in a row, Walmart leads the retail industry with around $611 billion in total revenue. Fortune 500 lists Walmart as the top earner for 2023, with Amazon coming in second place with $514 billion in total revenue.

Looking at Fortune 500 data going back to 2018, Walmart had a significant lead over Amazon, which was trailing far behind with total revenue under $200 billion. In comparison, that same year Walmart was totaling approximately $500 billion in revenue.

Both companies are heavily investing in health and wellness to increase future revenue growth. In September of 2022, Walmart signed a ten-year-long partnership agreement with UnitedHealth directed at seniors with a Medicare Advantage plan. This deal was rolled out at the beginning of this year along with Walmart Health Virtual Care, providing millions of seniors with private Medicare plans as another venue for healthcare options.

Only months earlier in July of 2022, Amazon bought out One Medical in a definitive merger agreement to provide virtual primary health care options as well as in-person visits.

This is only one way Amazon is making great strides to overtake Walmart as the top-earning retailer. Both companies offer a membership program to get free delivery, including groceries. Walmart+ is only $12.99 per month compared to Amazon Prime Membership’s $14.99 monthly fee but doesn’t offer as many member perks. 

Amazon offers a number of services and discounts Walmart doesn’t, such as Prime Video, Music, and Prime Reading. Walmart+ members can stream Pluto TV and Paramount+ in addition to getting a discount at select gas stations of up to ten cents off per gallon. Both Amazon Prime and Walmart+ members have access to special, subscriber-specific discounts and rewards.

Overall it seems like Amazon Prime is the better option when all accessible features are considered, especially for only $2 extra a month. Next year, Amazon could top the Fortune 500 list as the number one most profitable retailer, ending Walmart’s impressive stretch.

Exit mobile version