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Walmart has come up with a new (and brilliant) strategy
to get millions of customers to spend money they didn’t even know they had… yes, they didn’t know it existed, like when you find $5 in last season’s jeans almost like a gift from your “past self”.
So,
Walmart reached a conclusion:
about 5 billion dollars of their customers’ money is in limbo, unspent OTC benefits that just sit there each year. So, they came up with an idea, a very good one, as we said at the start. Walmart has announced that these benefits (mostly from Medicare Advantage) can now be used on the Walmart website or in their own app.
Why is it brilliant?
It’s clear that no company does things purely out of kindness, there’s always a strategy behind it. In this case, they’re not just trying to boost sales or give customers a second chance to use money that’s already theirs. They’re also building “emotional ties” with their customers.
Walmart’s plan
Walmart explained that Medicare Advantage beneficiaries will see a “benefit-eligible product” badge on thousands of personal care items, over-the-counter products, groceries, and wellness items, and they’ll be able to add them to their cart with just one click.
The key to this system is transparency. Customers will be able to filter results and see exactly which items they can pay for with their health benefits. But there’s also an option for those who prefer shopping in-store: the scan feature in the app will also show these badges, making shopping much easier and using up the money that was already allocated.
An ocean of unused money
This new measure comes after the company revealed some striking data: nearly two-thirds of Medicare Advantage beneficiaries never use their OTC benefits. These funds end up forgotten, indirectly benefiting the insurers who offer them, but that’s changing now!
Walmart’s masterstroke
Let’s say it’s like a recycling station: Walmart turns that unspent money into new sales opportunities.
And since many plans offer benefits that customers don’t know about or don’t use, like in this case, that’s over. Now, those benefits can be spent directly on Walmart products, closing the loop and boosting the company’s cash flow.
What does this mean for customers?
After paying extra on insurance and the like, that money is back in the market, but now in the form of real savings on products that are part of their daily lives.
Likewise, it allows them to redirect funds that are already theirs, improving their quality of life and increasing their purchasing power.
The real savings
On the other hand, you have to be aware that prices at different retailers aren’t the same… lately, Aldi’s prices have been compared to Walmart’s prices… and heads up.
While Aldi offers much lower prices on basic goods (fruits, vegetables and meat), the difference may not lie in the price itself, but in the quantity you end up with. Aldi often requires you to buy larger quantities, which isn’t very practical for those of us who shop daily and just want the essentials.
Meanwhile, our good friend Walmart offers a more convenient, flexible shopping experience, letting you buy the exact amount you need from an incredible variety of brands. And you don’t need to search for coins for the cart.
So, which one would you choose?
Walmart wants to keep attracting consumers, and this change is definitely a great business opportunity: it doesn’t just increase sales, it also offers easier access to Medicare Advantage beneficiaries. Are there more changes to come? We’ll have to wait and see… while we spend our already-spent money! And you? What do you think about this strategy?
