It’s Cyber Monday and that means cyber warfare for two of the country’s largest retailers. Amazon and Walmart are battling it out over the bounty that is the nation’s most-hyped online shopping day. While U.S. retailers are already did a record $7.9 billion in online sales on Black Friday and Thanksgiving—up nearly 18% from last year—this year’s Cyber Monday sales are expected to bring in a whopping $6.6 billion in sales.
Amazon is the expected winner, but Walmart is no underdog. As Reuters reports, Walmart has been making huge strides in its race to the bottom of the price sheet, investing $1 billion last year to make its pricing more competitive. This year, the company is close to matching Amazon’s online prices for the first time, which could help it reclaim the title of “low price leader” (hopefully that comes with a sash and a crown).
Reuters cited a Market Track price study and spoke with a bunch of pricing experts to determine that prices at Walmart.com are now only 0.3 % more expensive than Amazon on average, down from 3.0% last year.
In fact, according to the study, Walmart is already beating Amazon in some categories: TVs, headphones, toys and games, fitness trackers and wearables, and sport and outdoor products.
Still, while Walmart may be closing the gap for now, Amazon is the online shopping winner and customers and investors know it—over Thanksgiving and Black Friday, Amazon shares hit a record high, sending founder Jeff Bezos’s net worth soaring past $100 billion.