Amazon announced that it's lowering prices on hundreds of Whole Foods customer favorites:
of consumers said they'd most like to see Amazon lower prices at Whole Foods. However, a direct cut to prices on over 500 products is a strong step toward drawing these price-conscious customers.
Whole Foods is trying to elevate its popularity with Prime members, something it's struggling with. While 65% of Prime members shop on Amazon's website at least several times a month, only 11% shop at Whole Foods that often, according to a survey by Wolfe Research cited by The WSJ. This discrepancy could be caused in part by Prime members feeling that the deals offered at Whole Foods aren't on items they care about or aren't steep enough to warrant shopping at Whole Foods.
Whole Foods may be geared toward more affluent customers, while a new grocery chain may target price-conscious customers, but these price cuts raise questions about Amazon's strategy. Amazon decided to its expansion of its 365 by Whole Foods Market chain and integrate the 12 existing locations into Whole Foods' regional structure in January.launching a new grocery chain that will offer a selection of lower-priced products. This strategy may enable Amazon to capture both customers seeking premium products and those who are concerned only with value, helping it take a more dominant position in the grocery market.
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