Walmart finds new way to take on Amazon

Walmart finds new way to take on Amazon

Bloomberg: Walmart Inc has a new sales pitch for consumers contending with soaring prices: Buy used goods.

A new “Walmart Restored” program will make it easier to shop for refurbished items from the likes of Apple Inc, Samsung Electronics Co and Whirlpool Corp’s KitchenAid, the retail giant said in a statement. The restored merchandise will be available online and in some stores this fall.

“In a year when customers are looking for ways to save money, like-new refurbished products have become an increasingly popular way to cut down on costs without sacrificing quality,” Walmart said in the statement.

Walmart is seeking to coax more customers onto its website as it ramps up a marketplace of third-party sellers to compete with Amazon.com Inc. While Walmart.com already has sellers of refurbished goods, the new branding will help spotlight the restored merchandise as shoppers look to save money amid the highest US inflation in four decades.

The refurbished products have been inspected, tested and cleaned, Walmart said. The Bentonville, Arkansas-based retailer also offers 90-day free returns for the items.

Walmart’s shares tumbled earlier this week after the company cut its profit forecast and said customers were increasingly shying away from general merchandise as soaring food and fuel prices force them to spend more on basic goods.