The business trend that unites Walmart and Tiffany & Co
What do Walmart and Tiffany & Co have in common? The answer might not initially appear obvious, but in recent years, the powerhouses of retail have been united by a groundbreaking business trend. With Walmart joining forces with the world-famous Tiffany & Co, let’s explore the trailblazing business collaboration that is revolutionizing the retail industry.
1. Uniting Opposites: Walmart and Tiffany & Co
Walmart and Tiffany & Co. are two companies that, on the surface, couldn’t be more different. Walmart’s business model is built around low-priced goods and regional supermarkets, while Tiffany & Co. is the iconic luxury jewelry and watch retailer. But when they joined forces in this innovative partnership, these two brands sought to bridge the gap between their contrasting styles.
Benefits for Walmart
- Increased revenue potential
- Reputation boost as Tiffany & Co. is an iconic brand in the retail industry
- Access to Tiffany & Co. R&D expertise
Benefits for Tiffany & Co.
- Retail opportunities by penetrating the Walmart marketplace and customer base
- Expanded consumer market for Tiffany & Co.’s luxury goods
- Access to Walmart’s manufacturing and production capabilities for Tiffany & Co.
In combining their resources, both Walmart and Tiffany & Co. were able to achieve a stronger competitive advantage than they would have had if they had operated independently. Their blend of modern and classic business models was a winning combination that illuminated the power of collaboration between two seemingly opposing brands.
2. Exploring the Unexpected Business Trend
Being caught off guard by an unexpected trend in business can be a challenge. With technology evolving rapidly, keeping up with the changing landscape can be a difficult task. Yet, savvy entrepreneurs who are willing to take a closer look at emerging trends can find success.
For those willing to take the plunge, there are three primary steps to exploring the unexpected: Research, Exploration and Implementation. Starting with research is key. Gather as much information as possible about the trend; uncover the reasons why it’s taking off, and identify the strategies other successful entrepreneurs have used to engage. Next, start exploring – be creative and think outside the box. Finally, when you’re prepared, jump in and start implementing. Whether it’s testing the waters with a small pilot or diving in with an ambitious launch plan, the goal is to take calculated risks.
3. Finding Common Ground: Why it Works
Finding common ground is a powerful way to bridge the gap between two people. When it comes down to it, any two people, no matter the difference in background, culture, values, goals, or beliefs — when presented with a common situation, possibility, or difficulty, can often time come to a shared understanding. This is why it works.
For starters, common ground allows for two people to relate and to empathize with the thoughts, feelings, and experiences of the other person. Both people can understand the other’s perspective without judgement or preconceived notions. Taking the time to identify what the two parties agree on shows that an effort is being made to understand, and this appreciation for an individual, their thoughts, desires, and experiences can transform a disagreement into understanding. While this doesn’t mean that everyone will agree on the same thing, it does mean that there is a starting point for the two to discuss, understand, and work towards a potential resolution.
- Finding common ground allows for empathy
- Efforts to identify that which is shared can be transformative
- Common ground provides a starting point for discussion
4. Adapting to Change: What it Means for the Future
The speed of change has intensified in every sector of our lives. In 2020, things changed in ways that we thought would never be possible. The future may bring more changes in the same way. Adapting to change has become the new norm of our everyday lives.
Adapting to the ever-evolving environment comes with many advantages. It allows us to capitalize on opportunities, create new solutions and develop new skillsets.In addition, it opens up opportunities for collaboration and networking. With it comes a greater sense of confidence and self-fulfillment.
- We can break out of our own limitations
- We can explore various paths beyond our comfort zones
- We can think critically about our decisions
Being able to accept change is the key to a future-proof life. It gives us the chance to become creative and resourceful. We are no longer bound by the same set of solutions and methods. We can experiment without fear of failure and create fresh perspectives about our work and life. Adapting to change is how we continue to grow and learn.
Despite being two vastly different companies, the shared success of Walmart and Tiffany & Co highlights the potential of business trends to bridge the divides we create between each other. It throws into sharp relief how cooperation and creativity can overcome many of the challenges faced by businesses big and small, and if we look to their example, the possibilities are limitless.