Amazon's price cuts at Whole Foods hit rivals

06 October, 2017, 00:49 | Author: Martin Tyler
  • Whole Foods customers check their receipt after shopping at a Whole Foods Market in New York in August. Associated Press files

Inc. acquired Whole Foods Market just a month ago and, on Thursday, Whole Foods Market has disclosed that few of their POS terminals were hacked due to which data of customers like credit details were stolen.

Thasos Group, an alternative data intelligence firm, published a research report, "Competitive Impact of Lower Prices at Whole Foods", analyzing numbers, composition and behavior of new customers at Whole Foods stores following significant price reductions in the wake of the chain's acquisition by Amazon.com August 28. Defecting customers in the week of the price cuts came from the wealthiest segment of each competing store's customer base. Amazon is hoping the combination of big data and deep integration can turn things around for Whole Foods.

Amazon gives Whole Foods products the potential for a new mass-market platform, providing new revenue to the struggling grocer, grocery analysts told the Journal.

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Traffic was up 17 percent during the full week after the price reductions and remained up 4 percent for the following week, ended September 16.

The benefit to Amazon is the ability to take a healthy food product to a mass market. Back to Trader Joe's? The people visiting Whole Foods during those first three weeks were no different than those it usually attracts.

Whole Foods said it is working with a cybersecurity forensics firm and authorities as it investigates the breach.

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According to the statement "the investigation by the company is in process and it will provide extra updates as it learns more".

Another survey reports that customers have seen little benefit from the lower prices.

Amazon.com, Inc. (NASDAQ:AMZN) has such a powerful brand that it can boost interest in other companies by proxy. A research firm has been tracking numbers and found that prices have been creeping back up since day one of the deal, and some are even higher than they were pre-Bezos.

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