Wal-Mart announced on Tuesday the launch of a new joint membership program that merges the membership benefits of its stores under the same name with those of its subsidiary Sam's Club, in an effort to further focus on convenience and value and attract consumers who are struggling financially.

According to the company, this membership program will merge the Walmart + and Sam 's Club Plus, with an annual fee of $120. This price is nearly $100 cheaper than purchasing the annual memberships from each retailer separately, although the new plan does not offer a monthly payment option. Both stores will continue to provide separate membership programs.

Wal-Mart CEO John Furner stated in a statement, "We are giving people a reason to have higher expectations for their membership. For the annual fee of $120, we are raising the standard of membership services: to leave them with more money in their pockets and also to give them more of their own time."

This membership program allows customers to access Sam's Club storage locations, enjoy free delivery from both chains, subscribe to Peacock or Paramount plus streaming services, receive discounts on fuel, and enjoy a 2% rebate at Sam's Club for eligible purchases. Customers who already have accounts at both stores can link their accounts to take advantage of the discounts.

Wal-Mart stated that although its customers typically purchase daily necessities, Sam's Club warehouse stores are more suitable for bulk purchases. The company said that the joint membership program allows the two store formats to complement each other.

At the time of this announcement, Walmart is betting on convenience to drive sales, especially when consumers' wallets are under pressure from high oil prices and food costs.

In August this year, when Walmart announced its financial results for the second fiscal quarter, it raised its full-year outlook. At that time, Chief Financial Officer John David Rainey stated to CNBC that despite higher fuel prices, consumer spending remained strong. Nevertheless, due to sales forecasts that disappointed Wall Street, its stock price still fell at that time.

Rainey stated in August that the company is lowering prices on multiple product categories, including beef, and claimed that by focusing on value and scale, the company is in a favorable position to cope with economic uncertainties.

Meanwhile, Sam's Club's e-commerce sales increased by 26% in the second fiscal quarter, driven mainly by an increase in transaction volume and membership growth. The retailer also operates its own gas stations, and its net sales for the quarter were $25.7 billion, which included revenue from fuel sales.

Member business – which is part of Walmart's strategy to drive sales growth by increasing profit margins – has performed strongly. Walmart reported that in the second fiscal quarter, its global member revenue grew by 17%, with the number of Walmart + net new members reaching a record high for the second fiscal quarter. The same revenue category at Sam's Club stores increased by 6%.

Wal-Mart also added on Tuesday that employees from both stores would also receive joint membership as part of their benefits.

The company stated that any costs associated with changes to the membership program are not expected to have a significant impact on the company's guidance for this fiscal quarter or the entire year.