The business trend that unites Walmart and Tiffany & Co
With the traditional rivalry between Walmart and Tiffany & Co, it’s hard to believe that they would have something in common. But in this ever-changing business world, one trend has united these two very different companies – and that’s the focus on customer experience! Both Walmart and Tiffany & Co have taken steps to prioritize customer experience and it’s sure to be a trend that will last for the foreseeable future. Read on to learn what the future holds for these two companies and how their focus on the customer has given them an edge.
1. The Surprising Link Between Walmart and Tiffany & Co
It may come as a shock to many, but when it comes to retail, Walmart and Tiffany & Co. actually do share an interesting dynamic. For starters, while Tiffany is most prominently renowned for its elite status and glamorous retail locations, Walmart has become an opposing icon of mass consumerism.
Tiffany & Co. and Walmart are both subject to the same regulatory guidelines, materials, and industry based standards. As the two widely different companies come together to find a common ground, they share a handful of similarities that many don’t consider:
- Location: Both companies have locations all over the country, T&C in shopping malls and Walmart in cities and suburban areas.
- Size: Both companies sell a sizable catalog of products, T&C with its namesake jewelry and Walmart with its limitless selection of groceries and everyday items.
Yet, the two couldn’t be more different in the eyes of the public. Tiffany & Co. is the pinnacle for luxury shoppers, and Walmart is the go-to for price-savvy consumers. Thus, when the two offer products in the same market, businesses must consider what it implies for their bottom line.
2. How a New Business Trend is Uniting Two Retailers
The Omni-Channel Phenomenon
The retail industry continues to develop and evolve, and one of the latest trends is the emergence of omni-channel. This is a concept which involves the uniting of physical and digital channels and experiences, to provide customers with greater convenience and enhanced shopping experiences.
Two retailers, in particular, have harnessed the power of omni-channel strategies to their advantage.
- Retailer A sells physical products, such as fashion apparel and cosmeceuticals, but also provides digital content through their website.
- Retailer B sells online products, such as tech gadgets and music downloads, but also has physical stores.
By pairing their digital and physical realms, both retailers are able to broaden their reach and provide shoppers with more choice and a better experience. On top of this, the two retailers have started to link their stores in a way that encourages shoppers to buy from both outlets. Customers are encouraged to make both online and physical purchases to get access to exclusive items, discounts and more.
The outcomes of this move are myriad – with both retailers set to benefit in their respective ways. Customers, meanwhile, get to experience increased convenience and ease of use, as well as a variety of bonus perks. Omni-channel is certainly uniting these two retailers in a highly positive way.
3. Exploring the Benefits of the Unique Partnership
The unique partnership between two companies has made it possible to unlock a world of unknown possibilities. Its many varied benefits are helping both parties grow in numerous ways.
By combining the strengths of each entity, the partnership can reach new heights. Here are some of the advantages the alliance provides:
- Wide Range of Reach: This is a relationship that extends beyond geographical boundaries. It allows for access to a wide potential customer base, and taps into different markets.
- Cost Savings: With the combination of resources comes the opportunity to achieve economies of scale. This leads to possible cost savings for both companies.
- Increased Innovation: New ideas and perspectives are represented in the partnership, leading to development of products and services that are more efficient and productive.
- Growth Potential: By capitalizing on the newfound strengths, both companies can access new growth opportunities that were not previously available. This is a major driving force behind the alliance’s success.
The benefits of a successful partnership are clear, and will likely differ depending on the individual organizations involved. Nevertheless, this type of relationship allows both parties to become stronger and reach higher levels.
4. Capitalizing on Millennial Shoppers: A Fresh Take on an Old Tactic
Marketing to millennials can seem like an abstract and daunting task for many business owners. However, employing tried and true tactics in a fresh way can help to capture the attention of this key audience. Here’s how to engage shoppers in the millennial generation:
- Be Clear and Engaging: Millennials are tech-savvy and multitasking, so keep your messaging concise and interesting. Creative visuals and fun content can leave them wanting to learn more.
- Invite Social Interaction: Integrate social media into marketing efforts to increase engagement and sales. You can easily connect with millennials through contests and promotions.
Millennials are attracted to experiences and brands that are authentic, appealing and interesting. Incorporate humor, visual elements and conversations into your digital strategy. Offer exclusive content, discounts, and exclusive product access to show that you value their patronage and feedback. By providing incentives and engaging content, your business can capitalize on Millennial shoppers and remain top-of-mind for them.
As Walmart and Tiffany & Co race to keep up with the modern business trend of sustainability, the unlikely pairing of these two corporations creates an inspirational moment in business history. By investing in sustainable practices, they are taking courageous steps in the right direction to ensure a brighter, greener future for generations to come.