The business trend that unites Walmart and Tiffany & Co
From the small business to the megacorporation and from glamorous boutiques to big box retailers – there is a growing trend in the business world that unites the biggest companies from all walks of life. It stands to reason that Walmart, one of the world’s largest and most successful retailers, and the iconic luxury jewelry house Tiffany & Co. should be among those in the vanguard of this transformation, and yet their embrace of the newest business trend is unlikely. Read on to learn more about this business trend that has even Walmart and Tiffany & Co. joining forces.
1. Walmart & Tiffany & Co: A Tale of Two Retailers
Walmart and Tiffany & Co. may seem like they are worlds apart, but in many ways, the two American retailers have similar stories. Both were founded around the same time in the late 19th century, and both are leaders in their respective industries.
Walmart is the world’s largest retailer, known for its low-cost products and wide variety of goods. It is a prime example of a company that is able to adapt to the changing demands of the consumer market. From small family store to international behemoth, Walmart has made a name for itself in the retail world. On the other hand, Tiffany & Co. is known for its high-end luxury jewelry. From Fifth Avenue flagship store to boutiques in major cities around the world, this iconic retailer is the go-to destination for fine jewelry and luxury items. The key to Tiffany & Co’s success has been its focus on quality and exclusivity.
Both retailers offer distinct advantages:
- Walmart’s low-cost products offer shoppers convenience and affordability.
- Tiffany & Co is famous for its luxury items and provides shoppers with a high-end shopping experience.
2. A Common Trend: The Shared Business Strategy of Walmart and Tiffany & Co
Retail giants, Walmart and Tiffany & Co., have both found a common trend – the shared business strategy of targeting the upmarket. While the two companies may represent two different ends of the retail spectrum, both have taken on this similar tactic of reaching out to customers who could afford higher end items.
Walmart has been making strides to reach their upmarket customers. This has been enabled through the acquisition of companies such as ModCloth, Ellozy and MovieMAKERS Studio. These additions to their portfolio have allowed them to extend their business strategy to include high-end clothing items and other products that go beyond their traditional offerings.
In a similar vein, Tiffany & Co. has been increasing their efforts to attract customers who may spend more money on their items. This has been enabled through the launch of their Tiffany T line, arguably one of their most iconic pieces, as well as the introduction of stores targeted to millennials. It is this targeted tactic that has allowed them to attract their new, more upmarket customers.
3. Dissecting the Shared Business Model of Two Iconic Retailers
Explaining the success of two iconic retailers is easier when looking at their shared business model components. With an eye for a good deal, each retailer features comparable strategies:
- Low Price Points: Both retailers prioritize affordability with the majority of their items costing less than $20.
- Large Inventory: Each retailer offers solutions to a variety of consumer needs from clothing to electronics to kitchenware.
- Wide Distribution:Providing convenient ways to shop, both retailers have both physical and online presence.
But what truly ties these two retailers together is their approach to experiential marketing. Both use cleverly designed marketing techniques to draw customers in and encourage loyalty. From special store layouts and bright colors to strategic in-store displays and generous reward programs, each retailer continuously works to make the shopping experience meaningful, unique, and ultimately valuable to customers.
4. Find Out What Makes Walmart & Tiffany & Co Tick!
Walmart and Tiffany & Co offer drastically different products and services, yet they have both been successful in their own right. To understand what makes these two titans tick, let’s take a look at their:
- Business model: Walmart is a huge retail company that began as a discount retailer in 1962. It has since expanded into a variety of services and products, from groceries to electronics and furniture. Tiffany & Co is a luxury jewelry company that was founded in 1837. The company is known for its exquisite jewelry made from the finest materials.
- Marketing strategies: Walmart has long relied on traditional marketing, such as TV commercials, but has recently shifted to a more digital focus, investing in targeted advertising campaigns on social media. Tiffany & Co has taken a more selective approach, investing heavily in more traditional, timeless forms of media such as print ads and high-end magazine editorials.
- Distribution: Walmart caters to its customers through its extensive physical network of stores and websites, and has also implemented a same-day delivery system in some areas. Tiffany & Co takes a more exclusive approach, with only a limited selection of items visible online, and the majority of the collections available in the company’s flagship stores.
- Customer Service: Walmart is well known for its excellent customer service and price matching policies. Tiffany & Co has equally impressive customer service—with a personalized approach, high quality staff, and complimentary perks such as engraving and packaging.
From their business model to their customer service, Walmart and Tiffany & Co exemplify two very different approaches to success. However, what they have in common is a focus on quality, service, and strategic marketing that goes beyond simply selling products.
Walmart and Tiffany & Co are both proving that the power of innovation can make any business great—irrespective of size, market or product. No matter what sector or industry, it’s clear that success isn’t limited to a single trend or approach. The new business trend of personalized service and strategic partnerships just might be what unites us all.