The business trend that unites Walmart and Tiffany & Co
The iconic retailer Walmart and the luxurious Tiffany & Co. may seem like polar opposites, but recently a new trend has emerged that’s bringing them together—one that promises to revolutionize the way business operates. It may come as a surprise to many, but in 2019, the unlikely duo have joined forces in an effort to reap the benefits of a new business trend.
1. The Surprising Business Trend Unifying Walmart and Tiffany & Co
The consumer economy has a new dynamic: luxury and mass-retail goods from two traditional opposite ends of the spectrum are becoming ever more beneficial for each other.
On one hand, Walmart, the quintessential big-box retailer, has gained notoriety for their collaborations with high-end fashion houses such as Karl Lagerfeld, Proenza Schouler, and Alexander Wang. These designer exclusive collections have given Walmart access to a new premium shopper. It give customers the opportunity to find designer-level style on Walmart shelves without the designer-level price.
On the other hand, Tiffany & Co. has taken efforts to become more accessible to a broader range of shoppers by becoming involved in the world of e-commerce. Their products are now available for purchase at lower-priced retailers such as Macy’s, JCPenney, and Amazon. They are also leveraging their celebrity endorsements, with Lady Gaga sporting their iconic necklaces and other jewelry designs.
This new trend of retailers working together is more important than ever. By effectively combining lower-priced goods and higher-priced products, these companies can reach a wider range of consumers and create a more profitable following. This dynamic has become the status quo for mass-retail and luxury companies and is a great example of the power of collaboration in the market.
2. Exploring the Unexpected Links Between these Two Companies
Business rivals offer products or services of different traits, but could it be possible to uncover unexpected links between them? For this post, let us explore the top 2 companies in the same sphere and examine relationships between them.
- Resources: Any economic activity is based on several resources. Many modern companies rely heavily on innovative technology, knowledge or human capital that these two companies may share.
- Localization: Analyzing the geographic distribution of the two companies can provide some insight into the way they have interacted over the years.
In addition to the mentioned links, economic trends can also be used to identify common patterns and interactions between companies. The financial history of both corporations reveals a great number of variables that can be used to extrapolate patterns. Furthermore, international markets and taxation regulations are areas where the two firms might have commonalities.
3. The Benefits of Making Strategic Alliances for Luxury Brands
For luxury brands, strategic alliances are like two sides of the same coin: they have the potential to benefit the business in more ways than one. On one hand, strategic alliances create the opportunity to expand reach and visibility, and on the other, there is potential to collaborate with other luxury brands to leverage the power of luxury.
One of the biggest advantages of forming strategic alliances for luxury brands is that they create the perfect platform to increase their visibility and gain access to wider markets. These alliances can help luxury brands to stand out amongst their competitors, by giving them access to resources they may not have had before, such as new product lines or joint ventures. At the same time, these alliances can also give them the ability to launch new products or services in a timely and cost effective manner. Additionally, luxury brands can leverage the power of their strategic partner’s reputation, as their partner may be better-known or have stronger branding than their own.
- Increased visibility and access to wider markets
- The ability to launch new products or services in a timely and cost effective manner
- Leverage the power of a strategic partner’s reputation
Furthermore, strategic alliances also provide the perfect way for luxury brands to join forces in order to optimize their strategies and approaches. Through such alliances, luxury brands can utilize collective resources to build a stronger partnership and enable them to share their knowledge and expertise in different areas. Additionally, such partnerships can allow luxury brands to deliver superior customer service, as well as develop innovative products that can enable both brands to increase their revenue.
4. Redefining Retail through Innovative and Unexpected Partnerships
In the fast-paced world of retail, businesses need to stay ahead of the competition and be willing to experiment with their partnerships. Today’s technological advances allow for retail companies to build innovative and unexpected partnerships with a large number of players.
E-commerce has enabled customers to shop from any location, meaning that retailers need to reconsider how and whom they cooperate and partner with. The tight profit margins in retail require retailers to reach out to more specialized partners to help them maintain a steady and low-cost growth.
For example, companies like Amazon and Walmart have already established collaborations with health insurers, streaming platforms, and even grocery stores. Companies in other, unrelated industries have even entered the retail market, such as Google’s project “Retail-as-a-Service”. By teaming up with companies in different industries, retailers are able to increase customer access, maximize convenience and create new services.
Furthermore, online platforms have enabled retailers to connect with other, smaller businesses, providing an opportunity for them to reach new, potentially innovative partners. There are numerous resources available online, such as e-commerce platforms and crowd-funding campaigns, which retailers can use to identify and form partnerships with lesser-known players.
As in the case of Amazon and Walmart, retailers don’t necessarily need to collaborate with their direct competitors to gain the competitive edge. By embracing the ever-changing retail landscape, businesses can revolutionize the industry and redefine the customer experience.
In an increasingly interconnected market, the business trend that unites Walmart and Tiffany & Co is a welcoming example of the power cooperation can have for the retail landscape. Whether it’s a giant company like Walmart collaborating with a fine jewelry manufacturer like Tiffany, or an up-and-coming small business teaming up with an industry veteran to capitalize on a new trend, the possibilities are limitless. Wherever the future of retail takes us, this core principle of cooperation will continue to drive progress and innovation.