The business trend that unites Walmart and Tiffany & Co
From the width of a Walmart franchise to the luxurious heights of a Tiffany & Co. boutique, the business trend of this era is one that brings together two companies at odds. As unlikely as this seems, this trend is taking the business world by storm, providing the opportunity for both huge franchises and classic, high-end businesses to thrive. Keep reading to learn more about this innovative new approach.
1. The Unlikely Partnership Between Walmart and Tiffany & Co
When the two retail giants Walmart and Tiffany & Co announced their unlikely partnership in 2018, it sent shockwaves around the world. After all, Walmart had made a name for itself as an affordable, everyday retail store to purchase all manner of household products, while Tiffany & Co was synonymous with luxury, prestige and timeless tropes of quality. It seemed the two had nothing in common.
The partnership coincided with Walmart’s push to become a global leader in jewelry. The plan was to introduce exclusive jewelry lines designed by the in-house team at Tiffany. Connected with the late designs of Elsa Peretti and aesthetic created by the brand’s chief artistic officer, Reed Krakoff, the line introduced a range of:
- Sterling silver
The partnership of Walmart and Tiffany & Co was intended to bring luxury to the masses and provide value to regular customers, without compromising the quality of Tiffany’s designs. Of course, the new collection was not met by universal approval – with some criticizing the move as pandering to Walmart’s high-earning customers.
2. Exploring a New Wave of Business Connections
The advancements in digital technology have fostered the emergence of a new wave of online business connections. This brings many benefits to those who are ready to leverage them.
From improved access to global markets, to more personalized customer experiences, this new wave of digital networks offers a host of advantages:
- Greater reach and expansion capabilities. You can expand your reach on a global level and get your products or services to new and exciting markets.
- Access to a wider variety of customers. With more customers from different backgrounds, interests, and preferences, you can find new ways to meet their needs and maximize your revenue.
- More data-driven insights. Staying up-to-date with the latest trends in customer behavior, market analysis, and new products or services gives you and your business the upper hand.
- Improved customer engagement. With better customer profiling and segmentation tools, you can better cater to customer needs, resulting in a more personalised relationship between your customers and business.
Embracing the opportunities brought by online business connections will open more doors to success for entrepreneurs in the digital age.
3. Uncovering a Surprising Trend in the Marketplace
With the sheer amount of data available in the marketplace, it’s nearly impossible to know what’s really going on without taking a deeper look. We decided to do just that at our company when trying to understand some curious spikes in our sales. What we discovered was a surprising trend that we never expected.
It turns out that our customers larger than life expectations were a huge reason for the increase in sales. From having the perfect blend of flavors for their coffee to having stunning packaging for our products that the customer hadn’t seen before, we uncovered that it was these seemingly small details that had the biggest impact:
- Creating custom packaging options for customers
- Making sure their favorite flavors were always readily available
- Developing unique campaigns and giveaways for new products
When looking for the root of the increased sales, it wasn’t the usual suspects that stood out, it was how we interacted with customers that made the biggest difference. We looked for ways to cater to their individual needs, no matter how specific they were, and it paid off.
4. How Walmart and Tiffany & Co are Setting a Bold New Standard
We are currently witnessing the unprecedented initiative of two very different kinds of companies, Walmart and Tiffany & Co., to set a new, bold standard. Their respective targets have been to become more sustainable, with an eye on the environment and corporate social responsibility practices.
Walmart has committed itself to being an advocate of sustainability, evidenced by its Project Gigaton, which strives to eliminate at least one gigaton of carbon emissions from their global supply chain by 2030. This groundbreaking commitment has now become a push for other retailers to adopt zero-carbon strategies. One example includes the launch of its Sustainability HQ, which highlights eco-friendly products, and provides its customers with the tools and methods to live a more sustainable lifestyle.
In a similar vein, Tiffany & Co. has made its largest investment in sustainability, by committing to transforming its supply chain into a 100% sustainable system by the year 2050. It is becoming the first luxury goods jeweler in the world to do so. They are leveraging their visibility to educate and engage consumers about sustainability, and working to reduce the use of natural resources in their production processes through various initiatives such as a recycling program which allows customers to bring back an unworn piece of jewelry and exchange it for store credit.
Whether its Walmart’s commitment to sustainable production or Tiffany & Co.’s commitment to a 100% sustainable system, both companies are boldly setting a new standard for sustainable living and corporate social responsibility. It is indeed encouraging to see the impact that their respective initiatives have had, and are sure to have, on leading other companies in a more sustainable direction.
Walmart and Tiffany & Co are a study in contrasts – a stark juxtaposition in fame and fortune. But the common desire to drive better business success has united these very different retail giants. As technology continues to revolutionize the world of business, each company is uniquely poised to benefit from this shared trend and capitalize on the extraordinary potential it holds.