Retail

Walmart is working on an Amazon Prime competitor, called Walmart+

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Key Points
  • Walmart has over the past 18 months been exploring making its own paid membership model that would include certain perks that Amazon cannot match, Vox reported Thursday.
  • The model is called Walmart+, a spokeswoman confirmed to CNBC.
  • Amazon has more than 150 million paying Prime members globally.
Amazon CEO Jeff Bezos (l) and Doug McMillon, CEO of Walmart.
Getty Images | CNBC

Walmart is working on a competitor to Amazon Prime, called Walmart+, a spokeswoman confirmed to CNBC on Thursday.

The big-box retailer has over the past 18 months been exploring making its own paid membership model that would include certain perks that Amazon cannot match, Vox reported earlier in the day. As soon as March, Walmart is planning to begin publicly testing Walmart+, the report said.

The Walmart spokeswoman didn't confirm the Vox report, nor offer other details on the model.

Walmart is considering an option where customers can use text messages to place orders, as part of Walmart+, the report said. A fee reportedly has not been set for the membership model.

Amazon's Prime membership costs users $119 per year for perks including unlimited one-day shipping on more than 10 million items and access to Amazon's catalog of TV shows and movies. Amazon has said it has more than 150 million paying Prime members globally.

Walmart, in turn, has been looking for ways to grow its base of customers online and stem e-commerce losses.

Walmart currently offers customers the option to pay $98 annually for unlimited, same-day delivery of fresh groceries from more than 1,600 Walmart stores.

Amid a broader market sell-off, Walmart shares were down more than 1.5% Thursday afternoon. Amazon shares were down nearly 3%.

Read the full story from Vox here.