The business trend that unites Walmart and Tiffany & Co
Behind the scenes of the world’s biggest corporations, one trend is uniting two very different businesses – Walmart and Tiffany & Co. With vastly different businesses models, customers, and brand identities, the motivations behind this unification may surprise you. What business trend is bringing together designer jewelry and the world’s largest retail chain? Read on to find out.
1. The Unseen Link: Walmart and Tiffany & Co
Two entities that couldn’t be more different, Walmart and Tiffany & Co may have a surprising relationship. Walmart, the multinational retail corporation whose stores are a common sight on neighborhood streets worldwide, is the polar opposite to the iconic luxury jewelry company, Tiffany & Co.
Underneath the surface, however, Tiffany & Co’s business is entwined with that of Walmart. As much as their branding and customer profile may differentiate them, both companies rely on the same corporations for their merchandise supply. With Walmart stocking up on electronics, apparel and homeware from the biggest names in the industry, from Apple to Microsoft, it’s no surprise that some of these brand-name companies is also Tiffany & Co’s source of the precious metals and diamonds used in their iconic jewelry. Therefore, in a world where industries and companies are more connected than ever before, it’s not only possible for Walmart and Tiffany & Co to stand side-by-side, but also necessary for both their businesses to thrive.
- Tiffany & Co relies on the same suppliers to Walmart for their raw materials
- The two stores present polar opposite brands and customer profiles
- Businesses are more interconnected than ever before
2. The Surprising Growth Strategy Shared By Unexpected Rivals
Many organizations have surprising strategies in common even when they are competitors in the same industry. Unexpected rivals can come together to share ideas about their growing strategy that might surprise everyone. From exploring different market segments to refining product design, here are two ways unexpected rivals can benefit from sharing growth strategies.
- Diversifying Strategies: Businesses can tap into multiple markets simultaneously, enabling them to reach more potential customers in a vast audience. By sharing this strategy, unexpected rivals can benefit from a larger reach with considerable impact.
- Refining Products: Unexpected rivals can grow their businesses further by exploring modifications to their product designs and features. By understanding the different nuances required in different markets, they can make their products more effective and powerful.
As unexpected rivals collaborate, they can create new strategies together that can push their businesses in a larger direction and increase their profit margin. By listening to each other and sharing their ideas, unexpected rivals can benefit on an unexpected level from their collaboration.
3. The Crucial Role of Business Trends in Bridging the Gap
The modern business world moves fast, leaving those in charge and those who aspire to business positions struggling to keep up. Trends are one of the most powerful tools in the marketer’s arsenal when it comes to helping bridge the gap between what is essential for success and what is still in the development stage.
If we take a closer look, here are some of the major reasons why paying attention to current and emerging trends are vital for staying ahead of the competition:
- Making Smart Decisions – Keeping a pulse on emerging trends allows businesses to anticipate changes in consumer demands and better articulate their strategies and investments accordingly.
- Getting Creative – Businesses that seek out the latest trends can be more creative and innovative in their approach to developing new marketing strategies and products.
- Gaining Market Insights – Trend research helps provides a comprehensive view of the marketplace so that brands can better identify and react to potential opportunities.
The bottom line is that savvy businesses must always be looking for ways to differentiate themselves from the competition. Staying aware of industry trends is essential in achieving this goal. By utilizing trend data, businesses can more accurately determine where the market is headed and stay ahead of the curve.
4. What the Future Holds for Two Contrasting Retailers
Two distinct retailers are both looking to the future, taking different approaches to capitalize on their respective prospects.
E-Commerce Giant
One of the world’s largest online retailers has been increasing its investments in data-driven customer services to further its success. Its AI algorithms already improve personalization of its customers’ experience. It is also looking to expand into physical locations, offering customers the convenience of both options. Their use of new technologies, like machine learning, to predict customer behavior will give them a competitive edge.
Mom&Pop Shop.
Meanwhile, a hardy mom & pop shop is also resolute in positioning itself for future success. Understanding the value of local presence and customer relationships, it is ramping up its online presence and digital marketing strategies. It is also engaging with the community in new and exciting ways, such as in-shop experiences, events, and sponsoring local sports teams. The goal is to reach out to community members and build loyalty.
Both businesses are investing in what the future holds, from different perspectives. It certainly promises to be an interesting adventure to watch them try to outdo each other.
No matter the differences in the product they offer, Walmart and Tiffany & Co. can agree on one business trend — that the digitization of the retail space is here to stay. Both have embraced this shift in the industry in order to remain competitive in an ever-evolving market. The two companies may have a different idea of success, yet they embrace the same drive for digital innovation — proving that it takes all kinds to make a world.