Aiming to offer additional savings to budget-conscious shoppers, Walmart has added a rewards program to its subscription platform Walmart+.
With the new Walmart Rewards, which launched Wednesday (Aug. 24), Walmart+ members can earn rewards on select items and then, on future purchases, apply them at checkout for savings, according to a Wednesday press release.
“We know our customers and members are mindfully managing their budgets these days,” Chris Cracchiolo, senior vice president and general manager, Walmart+, said in the release. “That’s why we’re excited to introduce a new member perk that delivers compounding value: Walmart Rewards.”
PYMNTS research has found that nearly one-third of Walmart shoppers with Walmart+ subscriptions say they signed up for the platform to get member-only deals.
“Walmart+ Weekend,” a PYMNTS report based on a survey of 2,894 consumers, found that 30% of Walmart shoppers with Walmart+ subscription said member-only deals were an important feature of membership — and 8% said it was the most important feature.
To earn and use Walmart Rewards, Walmart+ members sign into their account on the company’s website or app, search for products, select rewards on items that display that option, purchase those items online or in-store, bank the rewards in the wallet on the app and then use them on future purchases made online or in-store.
“We’re focusing first on providing rewards on items purchased by our members, and over time, we’ll continue to expand the program to deliver new ways to earn rewards,” Cracchiolo said in the release.
This new item-specific rewards program is powered by the Ibotta Performance Network (IPN).
Cash back rewards platform Ibotta launched IPN in April, saying the network will reach more than 120 million American shoppers.
“Since the day we launched, Ibotta has looked to strengthen the connections between advertisers, retailers and consumers,” Ibotta Founder and CEO Bryan Leach said at the time in a press release.