Slow and Steady Wins the Race? Walmart Preps Slower, Cheaper Amazon Prime Rival
Many of us learned as children that "slow and steady wins the race," a lesson from classic Aesop's fable "The Tortoise and the Hare." In the e-commerce world, we tend to think the opposite way — that delivering lightning-fast results will save the day and win over customers. With the impending launch of a new e-commerce subscription platform, it seems like Walmart is reverting back to the old maxim.
Touting unlimited shipping, Walmart's service will cost $50 per year — half the price of Amazon Prime. However, while Prime gives customers free two-day shipping, Walmart's service will be three-day shipping. It's interesting to see the two retail giants divide on this point. While Amazon.com clearly believes that speed is essential — in fact, it's upping the ante with Prime Now, an under-an-hour delivery option in select cities — Walmart is relying on an older (2013) survey that reveals up to 92 percent of e-commerce customers are willing to wait four or more days for delivery.
While it may seem daunting for other brands to watch the retail titans duke it out for e-commerce dominance, take heart! Even if you're not able to provide two-day or even three-day shipping speeds, consumers largely aren't concerned. For the vast majority of online retailers, it's likely that slow and steady will indeed win the race.