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Best Buy, Walmart giving Amazon a run for their money in online sales

Best Buy, Walmart giving Amazon a run for their money in online sales
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Theo Thimou |
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We all know Amazon is the undisputed champ of online retailing. But traditional brick-and-mortar retailers like Walmart and Best Buy are doing a pretty good job challenging Amazon on its own turf, according to a new report from Moody's Investors Service.

Read more: Best credit card to use to rack up Amazon rewards

A 'multichannel' battle for your dollar

Moody's Investors Service says Walmart's acquisition of Jet gives the nation's largest retailer a significant footprint in the digital space. Best Buy, meanwhile, is now getting nearly 20% of its sales online.

Online retailing today only accounts for about 9% of all retail sales. But Moody's expects that to rise to 20% by 2023.

So there's still a lot of battle left to fight. One strategic advantage for the brick and mortars: Buy online/pick up the same day in store. That business model fuels an estimated 40% to 50% of all online sales by the likes of a Best Buy or Walmart.

"When properly deployed, physical locations are a definite asset in the multichannel world, as they represent touch-points for the consumer, as well as distribution points for the retailer,"  said Moody's lead retail analyst Charlie O'Shea.

Here are 4 ways to maximize your savings on Amazon

Share your prime membership with others

Ever though about sharing a Prime membership with someone else and splitting the cost? Amazon allows you to add individuals onto your Prime account, but membership can only be shared between two adults in a household. Here’s what Amazon says can be shared:

  • Fast & FREE Prime Shipping benefits
  • Access to Prime Video (streaming only)
  • Early access to Amazon Lightning Deals
  • Prime Photos online storage
  • Kindle Owners’ Lending Library
  • 20% off diaper and 15% off Baby Registry discounts
  • Fresh shipping benefits (for Prime Fresh members only)

Moms and students can get a discount on Prime

Got a valid .edu email address? You can sign up for a free six-month trial of Amazon Student. After the trial ends, you'll get 50% off membership for four years or until you're no longer a student. For every student friend you refer, you'll get $5 too!

For moms, there's Amazon Mom. Start your free 30-day trial and then if you like it pay the annual $99 fee. Amazon Mom perks include saving 20% on diaper-delivery subscriptions and other family items.

Get great deals on open-box and pre-owned products

Amazon has a section on its site called Warehouse Deals, where you can shop for open box and returned items and items that were damaged in transit. Because the items aren’t in “perfect” condition for retail sale, they’re offered here at discounted prices.

Get deeply discounted items as a reviewer lets you receive deeply discounted products from Amazon in exchange for writing reviews. Manufacturers launching new products need those reviews, so they're willing to sell to early customers at a loss. Once you 'snag' a deal, you will not be able to snag another deal until after a review has been left on Amazon. And note this well: The reviews don't have to be positive. If you don't like the product, let people know!

Read more: Trade in your old electronics for cash

In the market for a new cell phone? Amazon has a deal for you