Walmart and Ibotta Enter Into Multi-Year Partnership To Introduce More Digital Ways for Customers To Save at Walmart

Rhea-AI Summary

Walmart has partnered with Ibotta to launch a new digital offers program on Walmart.com and the Walmart app, enhancing its cash back rewards offering. Customers can now access hundreds of cash rebates on popular products, furthering Walmart's commitment to Every Day Low Prices. This initiative expands their 2018 relationship and enables rebates to be applied directly to customers' Walmart accounts. Additionally, Walmart will join the Ibotta Performance Network, allowing cash rebates across various third-party platforms, enhancing customer engagement and driving sales.

Positive

• Launch of a new digital offers program enhancing customer cash back experience.
• Expansion of the partnership with Ibotta, increasing potential customer savings.
• Direct integration of cash rebates into Walmart accounts boosts customer spending.
• Joining the Ibotta Performance Network expands reach to new customers across third-party platforms.

Negative

• None.

Walmart and Ibotta, a leading cash back rewards platform in the United States, today announced a strategic agreement to create and launch a new digital offers program on Walmart.com and the Walmart app. Through this new program, Walmart customers will have access to hundreds of cash rebates on popular products, adding another dimension to the retailer’s Every Day Low Price promise.

With this new program, an expansion of the relationship Walmart and Ibotta began in 2018, customers will be able to earn cash rebates on top of the savings they receive through Walmart’s everyday low prices. Unique to this program, rebates will be redeemed and cash provided directly to customers’ Walmart accounts to be used for future Walmart purchases, applied toward a Walmart+ membership, used for grocery delivery and more. The parties also envision integration opportunities with Walmart’s broader financial services offerings.

“We’re pleased to partner with Ibotta to bring unmatched digital offers to Walmart shoppers while still giving customers a consistent way to save,” said Janey Whiteside, executive vice president and chief customer officer, Walmart U.S. “The partnership is a win-win. We’re able to find new and exciting ways to help customers save even more with Walmart, all while propelling our business forward, driving loyalty and creating new ways for us to engage suppliers.”

As an additional component of the agreement, Walmart will be joining the Ibotta Performance Network (IPN), the first digital network that enables cash rebates to be delivered in a coordinated fashion across large third-party sites including social media networks, recipe sites and other platforms. Walmart customers on those platforms will be presented with digital offers for relevant products, which they can select and seamlessly add to their Walmart digital cart for online or in-store shopping.

“In expanding this important relationship, we are thrilled to bring the value of closed-loop cash rebates and the IPN to the world’s largest retailer and all of its customers,” said Bryan Leach, founder and CEO, Ibotta. “Walmart has been an innovative leader in retail for six decades, and we are honored to work with them on this program and to be their exclusive third-party provider of digital item-level rebates on Walmart platforms. Walmart’s participation in the IPN will further enhance our ability to drive significant traffic and sales to their stores and digital properties.”

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs more than 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/Walmart and on Twitter at twitter.com/Walmart.

About Ibotta

Headquartered in Denver, Colo., Ibotta ("I bought a...") is a free-to-use cash back rewards platform that has delivered nearly $1 billion in cumulative cash rewards to its users for making purchases in-store, on mobile apps or via websites. Launched in 2012, Ibotta has more than 40 million downloads, is one of the most frequently used shopping and payments platforms in the United States and offers cash back on purchases on more than 2,700 leading brands and retail partners. In addition to its owned properties, Ibotta also powers rewards programs for top retailers and makes its offer content available on a number of leading websites and apps through the Ibotta Performance Network. Ibotta was named to the 2020 Inc. 5000 list of fastest-growing private companies in the U.S. for the third year in a row after debuting on the list in 2018, and the company has also been named as a Top Workplace by The Denver Post four consecutive times.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210629006039/en/

FAQ

What is the new digital offers program launched by Walmart and Ibotta?

Walmart's new digital offers program allows customers to access cash rebates on products through Walmart.com and the Walmart app, enhancing their savings experience.

When was the partnership between Walmart and Ibotta expanded?

The partnership was expanded in 2021, building on their initial collaboration that began in 2018.

How will customers redeem cash rebates from the new program?

Customers will redeem cash rebates directly to their Walmart accounts, which can be used for future purchases, Walmart+ memberships, or grocery delivery.

What is the Ibotta Performance Network and how does Walmart benefit?

The Ibotta Performance Network is a digital network that delivers cash rebates across several platforms, helping Walmart reach more customers and drive traffic to its stores.

What is the stock symbol for Walmart?

The stock symbol for Walmart is WMT.