The business trend that unites Walmart and Tiffany & Co
What lies at the intersection between diamonds, designer handbags, and discounts? The curious business trend uniting Walmart and Tiffany & Co. Although the mega-retailer and luxury jeweler may appear to occupy opposite ends of the shopping spectrum, the two brands have found common ground in the blurring of traditional retail boundaries. So what do these megastars have in store for customers? Read on to find out more!
1. The Unexpected Common Ground: Walmart and Tiffany & Co
When it comes to shopping, Walmart and Tiffany & Co couldn’t be more different — one is an affordable department store, and the other is a luxury retailer. However, the two companies actually have a lot more in common then one might expect.
- Founders — the founders of both companies started off humbly and built their companies from the ground up. With a modest loan from his father-in-law, Sam Walton began opening discount stores that eventually spread across the United States. Tiffany & Co founder Charles Lewis Tiffany too started with an initial loan, which he used to purchase a jewelry store in New York.
- Legacy of Quality — both companies share a common commitment to quality and a dedication to pleasing the customer. From Tiffany’s signature blue boxes to Walmart’s renowned customer service and return policy, the two companies have both upheld the same standard of excellence.
Ultimately, Walmart and Tiffany & Co have more in common than might initially meet the eye. Though their markets and products are wildly different, both companies have a strong commitment to delivering quality goods and pleasing their customers.
2. Exploring the Surprising Business Trend Unifying 2 Giant Brands
In a surprise development, two of the world’s most recognizable brands are unifying forces along a sweeping business trend. It almost defies the typical logic of competing companies going in different directions, yet it seems the two iconic corporations have been collaborating to a surprising degree.
Take McDonald’s and Coca-Cola, for instance. In recent years, the companies have undertaken projects such as McDelivery, aiming to bring customers the convenience of ordering meals and drinks right to their door. This unorthodox move away from traditional retail has been adopted by many firms in the industry, yet very few have seen such success with it as McDonald’s and Coca-Cola have.
The pair have also made strides in partnering on digital experience offerings. As the Wall Street Journal reported in March 2019, often relying on the same technology that powered McDelivery, the firms extended a relationship to provide users of the mobile app Uber Eats with access to Coca-Cola and McDonald’s products.
Moreover, both companies have deployed creative sustainability initiatives. The McDTech program, for instance, helps McDonald’s restaurants recycle and reuse more than 100 million pounds of leftover fry oil into biomass energy. Coca-Cola, likewise, is partnering with local recycling organizations to incentivize people to become more engaged in curbside recycling programs.
These few examples merely scratch the surface of the efforts McDonald’s and Coca-Cola are making to collaborate on business trends. In a world of fierce competition, it is remarkable to witness how two corporate giants can leverage their influence in pursuit of efforts to benefit their customers, the environment, and ultimately, their bottom line.
3. The Benefits of a Walmart-Tiffany & Co Alliance
The alliance between Walmart and Tiffany & Co. holds many potential benefits for both parties. Foremost among them is increased brand recognition for Tiffany & Co., due primarily to Walmart’s huge customer base and vast global footprint. By selling its wares in Walmart, Tiffany & Co. can directly publicize and market its products to Walmart customers, potentially resulting in a significant boost to sales.
Equally as important, Walmart stands to benefit from the partnership in terms of increased publicity, sales, and brand recognition. With the Tiffany & Co. brand now present in Walmart stores, shoppers who may have never visited a Tiffany & Co. store will be exposed to the luxury brand, thus increasing overall customer loyalty and recognition. Additionally, the fact that the Tiffany & Co. brand is now available at Walmart could incentivize Walmart customers to continue to shop with the retailer, as it signals greater product variety.
4. Strategies for Sustaining a Successful Collaboration
Collaborations can be the key to achieving success, but they don’t guarantee success. Sustaining a successful collaboration requires a clear plan, patience, and ongoing effort. Here are some useful strategies to help maintain and build on a successful collaboration.
- Set Clear Expectations: Before embarking on a collaboration, clearly lay out the goals, roles and responsibilities, timelines, and expectations of all involved. This will provide a structure for the collaboration and provide a base to refer back to.
- Communicate Openly: It’s important for everyone involved to keep in open communication throughout the collaboration. Ensure everyone is kept up to date on the progress of the collaboration, any changes that need to be made along the way, and that any disputes or problems can be addressed quickly.
Collaborations can take a lot of effort, but if you follow the strategies above you can help ensure the collaboration will be sustainable and successful. Create a plan for the collaboration, communicate openly and be sure everyone involved knows their roles and expectations. This will help maximize the success of the collaboration.
As the business landscape shifts and evolves, it becomes clear that even companies on opposite ends of the spectrum, such as Walmart and Tiffany & Co, have the potential to work together and find common ground. It is inspiring to see two iconic brands come together and start a new trend that could bring a whole new perspective to the business world.