The business trend that unites Walmart and Tiffany & Co
A trend that affects both bargain-basement retailers and luxury brands alike has been quietly taking over the business world: retailers big and small are setting aside competitive differences and collaborating on common goals. Walmart and Tiffany & Co., two very different retail outlets, are among many companies that have joined forces, despite their vastly dissimilar product offerings and customer base. Find out how these vastly different companies are coming together in unexpected ways and what this business trend could mean for the future.
1. Walmart and Tiffany & Co.: Two Opposites United by a Business Trend
Walmart and Tiffany & Co. are two retail powerhouses from different ends of the shopping spectrum, and yet they are united by a common business trend. Both iconic stores are investing to become more sustainable after decades of operating with processes that have had a negative impact on the environment. Walmart has recently announced the launch of its first fully sustainable supermarket, utilizing green technologies to achieve carbon neutrality. On the other end, Tiffany & Co. is developing new designs made of recycled metals, diamonds and gemstones.
This investment in sustainability can be seen as a great example of corporate responsibility, and it has further implications. The commitment to using recycled materials, recycled packaging and renewable energy could reduce costs and bring cost savings to both companies. This could be used to reduce prices for customers, making the traditional luxuries of Tiffany & Co. more accessible to a broader audience, while Walmart would be able to target customers looking for more sustainable lifestyle options.
- Walmart’s sustainable supermarket – utilizing green technologies to achieve carbon neutrality
- Tiffany & Co.’s innovation – developing new designs made of recycled metals, diamonds and gemstones
- Cost savings implications – potential for cost savings to be used to reduce prices for customers
2. From Economical Discounts to Luxury Shopping Experiences
Let the Comparisons Begin
Gone are the days when shopping was an ordeal performed solely with a mission in mind. While some shoppers will always be searching for a bargain, others prefer to accessorize and curate their wardrobe in high-end stores. Comparative shoppers today behind the pursuit of the best deals and the most luxurious experiences.
Shop for a Cause
One way to bring together the thrifty bargain hunter and the luxury devotee is through Conscious Spending. This is when shoppers choose to splurge on items they believe align with their values. Socially conscious and sustainable fashion is driving the pivot in favor of investing in better made, garment-conscious pieces. Some of these options may come with a hefty price tag, but they usually stand for something greater and will have you brimming with pride when you wear them:
- Designs that are environmentally and ethically conscious
- Organic fabrics
- Organically-sourced materials
- Fair pay for employees
Making more mindful purchases has the power to slowly but surely shift the conversation in the right direction. You get the sleek, sophisticated look you are after and become part of the effort to make the fashion industry a more equitable and sustainable one.
3. The Innovative Shifts Companies are Taking to Adapt
Today’s businesses are facing innumerable economic disruptions due to the coronavirus pandemic, yet they are simultaneously finding new ways to remain resilient in a ever-evolving digital landscape. Here are some of the innovative approaches that organizations are utilizing:
- Remote Working: Companies are taking advantage of e-work solutions and virtual workplaces which allow for staff to maintain operations from the safety of their own homes.
- Automation: By replacing mundane everyday tasks with automated services, task time is significantly reduced, while productivity is increased.
- Digitization: Businesses are digitizing goods and services as a way of being more competitive in the marketplace.
- Livestreams: Organizations are opting for remote sales solutions such as live streaming that enable them to meet customers virtually and continue to engage with potential buyers.
- Crowdfunding: Generating additional capital and resources from the public is an attractive option for many businesses, since it enables them to secure capital without taking out loans.
By innovating, adapting, and taking advantage of technology and financial resources, businesses globally are redefining what it means to operate in a post-COVID-19 world. Companies now have the opportunity to reach their target audiences with new strategies and diversified services.
4. Maximizing Success with the Right Business Trend Strategy
It is not enough to simply identify the latest business trends. To truly maximize success, businesses must also identify the appropriate business trend strategy. Here are four effective approaches for doing just that:
- Test the trend before committing – Before diving headfirst into a trend, businesses should test it out first to make sure it is a fit and can bring success. Experimenting and measuring the results will help determine if the trend is worth the investment.
- Time your initiative – Knowing when and how to roll out a trend is just as important as knowing which one to pursue. If the trend is joining a social media platform, businesses should make sure the launch is within a timeframe that has the most impact.
- Get customer feedback – Asking customers for feedback will help further refine the business trend strategy by incorporating the perspective of the customer. Gaining insight into customer preferences will provide a valuable advantage when executing a trend.
- Deliver consistent engagement – Once the trend has been established, businesses should look to maximize engagement. Staying connected to the target audience is important as trends evolve and the customer base changes. Doing so will ensure the trend remains effective.
By properly assessing the business trend and utilizing the appropriate strategy, businesses can maximize success. Following these four strategies will go a long way in helping businesses achieve their desired outcome.
It’s clear that there is one business trend that transcends all others—the trend of connecting with the customer. It’s being embraced by companies of all sizes, from Walmart to small stores like Tiffany & Co, and it’s sure to have positive effects in the long run. No matter the size of the business, seamless customer experience is the top priority and this trend has set an important benchmark in the business world.