捆绑销售意义重大：调研结果

Limited overlap between Walmart+ and Sam's Club membership bases creates a substantial opportunity for bundling and raising aggregate spend per member over time. October survey results suggest ~26% of respondents have Walmart+ and ~31% have Sam's Club Net, with ~12% holding both and ~55% neither. Among Walmart+ members, ~45% also report a Sam's Club Net membership (~30% Club and ~15% Plus); conversely, ~38% of Sam's Club Net members report a Walmart+ membership (~35% of Club and ~46% of Plus members). The large share with neither membership represents a broad acquisition pool, while single-membership cohorts (~14% Walmart+ only, ~14% Sam's Club only, ~5% Sam's Club Plus only) are natural cross-selling targets. Although management indicates overlap is very low, the survey shows meaningful overlap, reinforcing the view that bundling is a potential catalyst for cross-selling and higher spend per member;