In a bid to compete with Amazon.com's (NASDAQ:AMZN) Amazon Prime, Walmart (NYSE:WMT) has announced Walmart+ Week, a membership program with a range of benefits.

What Happened: Walmart+ offers a variety of perks, including free shipping, store delivery, fuel savings, and a Paramount+ streaming subscription. The program is priced at $98 per year, making it cheaper than Amazon Prime, which costs $139 annually, reported The Street.

Walmart's membership program also includes limited auto maintenance at Walmart Auto Care Centers, cashback on select travel expenses, and members-only prices during specific promotions, such as Black Friday. The program also allows for mobile shopping in-store.

Walmart's program is an answer to Amazon Prime, which offers free shipping and returns, access to Prime Video streaming, savings at Whole Foods Market, and access to the Amazon Prime Rewards Visa Signature Card, among other benefits.

Why It Matters: The launch of Walmart+ Week comes amid a fierce competition between Walmart and Amazon. Both companies are vying for a larger share of the market and are employing innovative strategies to achieve this. During the week, Walmart+ members will be able to enjoy benefits such as free express delivery, three free months of Walmart+ InHome, a mystery offer available on June 20 and more.

Walmart's new program is likely to attract more customers, especially with its unique perks such as fuel savings and a Paramount+ streaming subscription. The program's lower cost could also make it an appealing alternative to Amazon Prime.