The business trend that unites Walmart and Tiffany & Co
In the business world, two companies rarely stand shoulder to shoulder, yet in 2020 one surprising trend has united mega-giant Walmart and esteemed luxury company Tiffany & Co. This trend is shaking up traditional viability models and bringing together unlikely partners. What could this trend be and how is it changing the landscape of the business world? Read on to find out.
1. Seeing Eye to Eye: How Walmart and Tiffany & Co. Have Found Common Ground
The unlikely combination of retail giants Walmart and Tiffany & Co. sharing the same market space could be seen as odd, but the two are actually finding common ground as time goes on.
- A Match Made In Heaven: Walmart and Tiffany & Co. were two of the first retailers to recognize the potential of online sales. By recognizing e-commerce as part of their retail strategies, they managed to reach customers around the globe.
- Business Partnership Benefits: With their varied strategies, the business situation has allowed both companies to better utilize their respective strengths. Walmart provides a strong online presence, while Tiffany & Co. specializes in its luxury jewelry designs.
This symbiotic relationship has allowed both companies to succeed in the increasingly competitive business model. By finding common ground both companies have been able to capitalize on the strengths of their respective businesses, providing both companies with an invaluable source of business opportunities.
2. An Unlikely Alliance: Walmart’s Investment in Luxury
Over the past decade, Walmart has been attempting to break through the existing luxury consumer market. Their most recent attempt, investing in the luxurious Indian Jewelry brand, Tribhovandas Bhimji Zaveri Limited (TBZ), has been met with both surprise and success.
It is no secret that Walmart is more than accustomed to providing their customers with everyday essentials. It may come as a shock, however, that the retail giant has recently embraced the spirit of luxury. Walmart’s investment in TBZ, a true diamond in the luxury market, has opened new doors to both parties. TBZ has found a noteworthy partner in Walmart to further develop in the digital age, while Walmart has chanced upon an opportunity to reach an upper-class consumer base.
- With Walmart’s relationship with TBZ, the company stands to gain unprecedented access to the digital-savvy and affluent upper class.
- TBZ has the potential to grow their already established presence in hand-crafted jewellery and retail business with Walmart’s support and technological advances.
3. Changing Generations, Changing Businesses: Walmart’s Diversified investments
Walmart was founded in 1962 as a denim and reduced-price store in Arkansas. Little did its founders know just how far the company would come. The giant retail giant has since diversified into countless markets and branches. Here’s how Walmart’s strategic investments have kept the company competitive and at the top of the retail industry.
- eCommerce investments: In the digital age, it is no surprise that Walmart puts a lot of effort into their eCommerce investments. By purchasing companies such as Jet.com, ModCloth, and Bonobos, Walmart has strengthened its presence in the digital space. In addition, Walmart has also rolled out features such as its mobile app, Same-Day Delivery and free 2-day shipping.
- Brand Acquisitions: Walmart doesn’t just focus on online investments. The company has also acquired various brands over the years, the most notable being its purchase of the outdoor retailer, Moosejaw. This acquisition allowed Walmart to add popular outdoor brands such as The North Face and Patagonia to their product lineup.
- Technology investments: Walmart has invested a significant portion of their finances into technology-based services like artificial intelligence and machine learning. Walmart has also created various tech services such as its ‘Pickup Tower’, an automated locker system used in its stores. This has allowed customers to collect online orders faster.
All these investments have helped Walmart stay competitive in the retail industry. As the generations change and technology continues to evolve, Walmart is ready to embrace new trends and invest in opportunities that will keep the company thriving. With its diversified investments, Walmart is no doubt well-equipped to take on the competition.
4. Out with the Old, In with the New: Tiffany & Co. Embraces Innovation
Tiffany & Co. is one of the most iconic jewellery brands in the world. Recently, the company has been turning to innovation to stay ahead of the game and remain competitive in the ever-changing jewellery industry. With the help of modern technologies, they have been able to create a fresh and updated look that both retains the timeless charm of their classic designs and maintains the luxurious quality customers expect.
Tiffany & Co. has been experimenting with 3D printing, computer-aided technology, and a special laser-etching system. This has enabled them to craft unique pieces with intricate details and precise cuts. In addition, they have developed a virtual try-on service on their website, which allows customers to try on any piece of jewellery before purchase. There are also augmented reality features which provide an accurate representation of the product in different lighting conditions. These methods of innovation have pushed the boundaries of what is possible in jewellery design and have made Tiffany & Co. a leader in the industry.
- 3D printing for precise shapes and intricate detailing
- Computer-aided technology for streamlined design processes
- Laser-etching system for exacting cuts
- A virtual try-on service for customers to preview products
- Augmented reality features to provide a realistic view of the product
It’s clear that collaboration is the way of the future for businesses both big and small. The power of harnessing the unique skills and resources of both retailers, Walmart and Tiffany & Co., has proven itself as a successful business trend. With the market increasingly supporting convenience and collaboration, who knows what other business partnerships we could see in the future?