What’s with the Woolworths share price on Wednesday?

Woman thinking in a supermarket.Woman thinking in a supermarket.

The Woolworths Group Ltd (ASX: WOW) share price has been swinging both high and low throughout the day.

This comes after the company made a move to bolster its offering to consumers across its most popular stores.

During morning trade, the retail conglomerate’s shares accelerated to an intraday high of $38.20. However, around midday, its shares fell into negative territory before making a gradual recovery.

At the time of writing, Woolworths shares are travelling 0.13% higher to $37.80.

What did Woolworths announce?

In its latest release, Woolworths advised that shoppers can now pay for items and collect Everyday Rewards points via a single QR code scan on their smartphones.

The digital wallet works in both Woolworths and Big W stores and offers a seamless way to pay and earn rewards points.

Accessible in the Everyday Rewards app, customers will only need to have their QR code scanned at the start of the transaction. This compares to the current process which involves scanning the Everyday Rewards card and then selecting a payment method at the end of the purchase.

Everyday Rewards members can add their credit, debit, or gift card details along with their payment preferences in the app. The digital wallet automatically calculates the value when the customer scans the QR code on the payment terminals at checkout.

Woolworths Everyday managing director Hannah Ross commented:

At Woolworths Group, we’re always looking for new ways to make shopping for your everyday needs that little bit easier.

We know speed, ease and contactless payment at the checkout is important to our customers as they lead increasingly busy lives. Everyday Pay from Everyday Rewards has been designed with this need top of mind.

By integrating the ease of QR code payments, with our Everyday Rewards app, we can save customers time at the checkout and help ensure they never miss a rewards point again.

Woolworths noted that Everyday Pay from Everyday Rewards is available in all Woolworths Supermarkets, Woolworths Metro, and BIG W nationwide.

More on Everyday Rewards

With more than 13 million members across Australia, the Everyday Rewards app is aimed at helping consumers save on shopping needs. This includes boosting personalised point offers, shopping specials in their ‘my weekly picks’, and redeeming fuel discounts.

In addition, Everyday Pay will help promote contactless shopping at the checkout by offering e-receipts in the app. This allows customers to transact without paper and with the convenience of electronically stored receipts.

Woolworths share price snapshot

Over the past 12 months, Woolworths shares have gained around 4%, with year to date relatively flat.

Based on today’s price, Woolworths presides a market capitalisation of roughly $45.8 billion.

The post What’s with the Woolworths share price on Wednesday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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