The business trend that unites Walmart and Tiffany & Co
Walmart and Tiffany & Co., two companies representing very different ends of the shopping spectrum, may have more in common than you think. Not only have these two titans of industry achieved numerous business successes, they both have tapped into the same innovative business trend. What could they be uniting on? Let’s take a deeper look and explore the unique trend that has both Walmart and Tiffany & Co. embracing a new way of doing business.
1. The Surprising Commonality Between Luxury and Discount Retailers
Price
Surprisingly, luxury and discount retailers share a common trait – they both have prices that are hard to beat. Luxury retailers have incredibly high prices, for items of exceptional quality, while discount retailers offer low prices for goods of inferior quality. The result is the same – consumers around the world get a good deal.
Availability
Another common theme between luxury and discount retailers is availability. People can easily access luxury items through high-end shops and the internet; discount retailers must spread out to multiple locations, including physical stores, digital stores, wholesalers, and more. As a result, these retailers are everywhere, meaning consumers can always find a great deal.
No matter your budget, you can find something that’s great for your taste and lifestyle – even if it’s at a discount retailer or luxury store.
2. Looking Beyond the Obvious Differences in Walmart and Tiffany & Co
When observing the differences between Walmart and Tiffany & Co., cost often immediately comes to mind. While the price points for each store could not be more distant, there are further disparities when it comes to product selection and customer base that may be overlooked.
- Product Selection: Walmart is well-known for their variety, offering almost anything one could need for everyday life. From clothing to grocery items, Walmart has it all. However, Tiffany & Co.’s merchandise selection is heavily focused on jewelry, accessories, and watches.
- Target Audience: Walmart offers a broad variety of products for a low cost, making it an ideal destination for those on a budget. Alternatively, Tiffany & Co. is an upscale retailer focused on a wealthy and sophisticated clientele.
In summation, Walmart and Tiffany & Co., while both retail stores, differ greatly in product selection and target audience. Awareness of such distinctions should be a primary concern for any consumer looking to shop in either store.
3. Exploring How the ‘New Norm’ is Uniting Opposite Ends of the Shopping Spectrum
It’s no secret that the effects of the COVID-19 pandemic have drastically changed the way we shop. With physical stores closed or operating in limited capacity, online retail has become more popular than ever before. But what is perhaps most remarkable is the way this shift has united opposite ends of the shopping spectrum – the high-end and the low-end.
As more shoppers increase their spending online, they are presented with more options that were previously inaccessible or unreachable. Luxury items that used to exist solely in exclusive boutiques and designer showrooms are now available through online marketplaces. At the same time, thrifty shoppers have the opportunity to save more money with discounts through e-commerce sites and apps.
- High-End – luxury items that used to exist solely in exclusive boutiques and designer showrooms are now available through online marketplaces.
- Low-End – thrifty shoppers can save more money with discounts through e-commerce sites and apps.
What’s more, an uptick in digital commerce is blurring the lines between these two worlds—bridging the gap between traditional luxury goods and online deals. In this way, the ‘new norm’ is exposing people to new purchasing opportunities and ways of shopping – no matter their budget.
4. Examining the Benefits of This Trend for Consumers and Retailers Alike
The current trend of technological shopping is likely to stick around and continue to evolve. Retailers and consumers alike can reap the benefits from this wave of the shopping experience.
Many shoppers enjoy the convenience aspect that comes with this type of shopping. They can easily find what they are looking for and buy it online without leaving their comfort zone. No longer must they get ready to head out to the store just to find out the item isn’t available. The time saved and able to be spent enjoying other activities is a major benefit. And what about those late night cravings? Not a problem, simply head online and have it delivered directly to the door.
Retailers benefit from increased exposure to potential customers with the expanded reach of being online. They can customize their service and offerings accordingly to attract shoppers. Specials and discounts are no longer restricted to manual coupon rounding or fliers. They can also provide customers with personalized services like product recommendations that are tailored to their individual interests. This is sure to increase sales and build a solid relationship with the customers.
It’s remarkable to see the unlikely paths business successes take; in bridging the gap between these two iconic companies, this new trend signals an important shift for the future of business. As we move ever closer to a more unified business world, Walmart and Tiffany & Co. offer an important lesson, illustrating the power of working together for success.