Whole Foods Prices Will Drop Next Week After its Purchase by Amazon
26 August, 2017, 01:18 | Author: Celia Hoffman
The pending price reductions are the first of many changes in store for Austin, Texas-based Whole Foods, Amazon stated Thursday, to include the integration of Amazon Prime into checkout systems for members to receive extra savings; and applying its expertise in logistics to cut the cost of shipments and inventory at its stores and distribution centers. Products like bananas, eggs, ground beef, rotisserie chicken, butter, salmon, apples, avocados, baby kale, and almond butter will all be more affordable starting on Monday, with other products to follow in the coming months. Wilke said Whole Foods' private label products - including 365 Everyday Value, Whole Foods Market, Whole Paws and Whole Catch - will be available through Amazon.com, AmazonFresh, Prime Pantry, and Prime Now. "We will make Amazon Prime the customer rewards program at Whole Foods Market and continuously lower prices as we invent together". Amazon will pay $42 per Whole Foods share, an 18-percent premium from its price the day before the tie-up was announced June 16. Amazon's celebrating the event with something that's thrilling to all of us: massive Whole Foods price cuts. The acquisition will close on Monday, Amazon said in a press release on Thursday. For now, Amazon Fresh and Whole Foods' grocery delivery program continue to be separate, but in the future we should see Amazon marry the programs more. Amazon has more than 60 million Prime members, according to analyst estimates.
But the high prices have also allowed Whole Foods to enjoy higher profit margins than its competitors. This should be a warning shot to the grocery industry that has been dominated by other companies such as Kroger and Walmart.
What does this shift mean for the supermarket industry as a whole? If Amazon is soon able to achieve a seamless view, traditional retailers will also be pressured to "stop viewing their worlds by channel", he said.
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Online retailer Amazon is to slash prices at United States supermarket chain Whole Foods Market Inc in a move which could threaten supermarket rivals.
"You have to be price relevant, and nobody wants to feel like they're being cheated", John Mackey, co-founder and chief executive of Whole Foods, said in a call with analysts in February.
As consumers grow more comfortable doing their grocery shopping online, Amazon is hoping that Whole Foods customers will become Amazon Prime customers. The Amazon case shows how a once unthinkable business-to-business venture can come off, where one company associated with the digital sphere can effectively synergize with a non-digital brand. The announcement by Amazon caused Walmart's share to drop by two percent.
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