The business trend that unites Walmart and Tiffany & Co
From the bargain bins of Walmart to the shining glass cases of Tiffany & Co, two retail giants are uniting – not in polarizing price points, but in a growing business trend that is taking the industry by storm. Whether you have a blue-light budget, or diamond earrings can top your must-have list, the same business trend is quickly transforming the way all sorts of companies do business. Read on to discover what this trend entails, and how it might be the start of a revolution.
1. Exploring Unexpected Collaboration: Walmart and Tiffany & Co
When it comes to cross-brand collaborations, you don’t often expect Walmart and Tiffany & Co. to make the list. But, in 2018, the two brands came together to offer “costume jewelry and fine silver jewelry” to the customers of the large discount retailer.
The partnership has yielded interesting and unexpected results. From the classic, timeless designs of Tiffany & Co., Walmart was able to offer a selection of jewelry options to customers with a variety of budgets. Some items featured were:
- A pair of silver earrings for less than $60
- Pearl pendant necklaces in sterling silver for under $100
- A bracelet with sterling silver beads and diamonds for just $400
This collaboration marks a new way for Walmart to offer luxury items, without compromising any of the brand standards with which customers are familiar. Tiffany & Co. was also able to reach a wider and more diverse audience with its offerings—opening up a range of possibilities for the future of the iconic brand.
2. Taking a Closer Look at the Business Trend that Unites Retail Titans
In recent years we’re seeing an increasing number of retail giants joining forces and investing in a variety of different business ventures. From collaborations with start-ups to creating entirely new systems and services for their customers, this strategy has been taking off and continues to gain momentum.
This trend is quickly becoming a cornerstone in the business model of many large retail chains. It offers a variety of advantages – from improved customer experience, to access to new markets and opportunities. Here are some of the areas this trend is impacting:
- Adoption of Innovative Technologies: Retailers are increasingly leveraging technologies such as artificial intelligence and virtual reality to create immersive experiences for their customers. This provides them with more personalised, tailored experiences that can significantly improve their customers’ satisfaction.
- Business Model Expansion: By investing in new ventures, retailers are able to expand their business models and gain access to new revenue streams. This innovation helps them stay competitive and remain successful in an ever-changing market.
- Collaboration with Start-ups: Retailers are increasingly partnering with smaller start-ups, to gain access to their innovative products and services. For the start-ups, this partnership can be an invaluable opportunity to scale their business and increase their customer base.
This trend clearly demonstrates the importance that large retailers are placing on innovation. By leveraging new technologies, expanding their business models, and collaborating with start-ups, they are positioning themselves at the forefront of the retail industry.
3. Capitalizing on the Benefits of a Cross Sector Partnership
Partnerships between private, public and third sector organizations have grown exponentially in recent years. As a result, the benefits of such collaborations have become increasingly important to many different businesses and organizations. Here are three ways your organization can capitalize on the benefits of a cross sector partnership:
- Share Resources: Cross sector partnerships give organizations the opportunity to tap into resources they do not possess internally. Each partner can bring different resources to the table so that nothing is left to waste, as well as share skills and knowledge to create maximum efficiency.
- Create Synergy: When organizations with different backgrounds and skill sets come together, the ideas and initiatives they can create together can be far greater than anything the organization could have done alone. A cross sector partnership can produce amazing results with true synergy.
- Development Opportunities: Partners in a cross sector partnership often have the ability to learn from each other and develop their internal competencies as a result. Both the organizations involved and their employees have the chance to gain new skills which can be beneficial to their respective operations.
When making the move to a cross sector partnership, organizations need not limit themselves to only those areas in which they possess expertise. Complex projects tend to require more varied input in order to succeed, so having willing partners from the private, public and third sectors can be an invaluable asset.
4. Gaining Insights on the Future of Retail in an Unprecedented Business Relationship
As businesses strive to make better decisions in uncertain times, they must focus on gathering insight on their customers and the future of their retailers. Unprecedented business relationships are core to optimizing any strategy. Here are a few tips to help you get the most out of your relationships:
- Incorporate AI-driven insights: Utilize AI-driven data to understand and predict customer behavior, forecast market trends, and evolve your strategy accordingly.
- Leverage customer segmentation: Strategically segment customers to differentiate how they approach their retail experience.
- Look long term: Aim for a long-term relationship with your customers, concentrating on the overall value rather than an immediate response.
Your relationship with customers should always be flexible, allowing for the market to shift and adapt to new trends. When leveraged correctly, your relationships can provide invaluable information about changes in the market, faster decision-making, and powerful insights into the future.
Walmart and Tiffany & Co may be on opposite sides of the business spectrum, but with their commitment to meeting customer needs, both companies have identified a common business trend. From adopting data-driven methods to creating personalized customer experiences, each is Doing Business Differently in order to succeed. Who knows—perhaps Wallet and Tiffany’s collaboration will showcase the dawn of a brighter future for both businesses.