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Walmart (WMT) Boosts Membership Plan With Walmart+ Rx for less

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Walmart Inc. (WMT - Free Report) continues to be on wheels with regard to introducing new things to ease customers’ experience. The company, which rolled out its Walmart+ program last year, has added a new benefit to the program — Walmart+ Rx for less. This program will help members get incremental savings on the commonly prescribed medications for allergies, antibiotics, heart health, mental health and diabetes management, among others.

Notably, all Walmart+ members with a paid membership can now get certain medications for free, alongside getting a discount of up to 85% on a number of other prescription medications. Apart from this, patients at Walmart Pharmacy have been saving on their prescriptions through the company’s $4 generics program and will continue to reap gains from this program at all Walmart pharmacies.

Certainly, the Walmart+ Rx for less program is likely to be a solid addition to the Walmart+ program, thereby enhancing its benefits. Incidentally, the other benefits offered by the Walmart+ program include unlimited free delivery of more than 160,000 items from the company’s stores, no shipping minimum for orders placed online, Scan & Go options and fuel discounts at roughly 2,000 Walmart, Sam’s Club, Murphy USA and Murphy Express fuel stations.

All said, the Walmart+ program is likely to be a major strength for customers, given the Zacks Rank #2 (Buy) company’s constant endeavors to keep bolstering this program. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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What Else to Know?

Walmart has been gaining on its e-commerce business and omnichannel penetration, which have been growing all the more amid the pandemic-led social distancing. Certainly, the company’s combination of a robust store network and growing digital capacity is likely to keep it in good shape. The company has long been trying every means to evolve with the changing consumer environment and stay firm amid the growing competition from Amazon (AMZN - Free Report) . In this regard, Walmart has been taking several e-commerce initiatives, including buyouts, alliances, and improved delivery and payment systems.

On May 13, 2021, Walmart unveiled plans to acquire Zeekit, which is an Israel-based company that is focused on uniting fashion and technology via its virtual fitting room platform. During the third quarter of fiscal 2021, Walmart had unveiled an additional investment in India’s Ninjacart, for technology and supply-chain solutions. Apart from these, the company’s contracts with Goldman Sachs (GS - Free Report) , Shopify (SHOP - Free Report) , Green Dot and Microsoft; buyouts of ShoeBuy, Moosejaw and Bonobos, among others, underscore its intention to build an impressive digital brand portfolio. Further, the buyout of a major stake in Flipkart has been bolstering its International segment.

Apart from these, Walmart is making aggressive efforts to expand in the booming online grocery space, which has long been a major contributor to e-commerce sales. U.S. e-commerce sales soared 37% in the first quarter of fiscal 2022 with strength across all channels. Notably, marketplace and store pickup & delivery remained robust. At Sam’s Club, e-commerce sales jumped 47% on the back of a robust direct-to-home show and solid curbside performance. In the International segment, e-commerce sales surged nearly 64%.

Shares of Walmart have rallied 17.3% in the past year compared with the industry’s growth of 18.1%.

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