When it comes to the evolution of sales over the years, it has been shown for there to be three main companies in any given market that make up almost 90% of all of the revenue earned. Firstly, there is the best, for example, Walmart in the retail market. Walmart has become the best by being the first to have everything a customer could ever want under one roof, as well as delivering value to the customer for cheap. The second-place company, which is often the cheapest, in the retail world is none other than Amazon, who does what Walmart does, but does it online, and puts a heavy emphasis on their free and fast shipping to gain a competitive advantage. The third and final company is none other than Costco Wholesalers, which fits into the “different” category. These three are the top contenders for the market share of the retail world, and each have a clear perspective on what sets them apart, but how did Walmart end up on top?
Firstly, there was a clear advantage from the start when Walmart decided to become a superstore chain, driven by value and convenience. Secondly, Walmart constantly innovates. Whenever Amazon came onto the scene and proved to the nation that online shopping is a lucrative gold mine of potential profit, Walmart jumped on the opportunity and made their website UI (user interface) more interactive and with the ability to order products directly to your doorstep. In 2020, whenever COVID-19 ransacked the nation’s brick and mortar stores, Walmart decided to implement curbside delivery, which kept their sales afloat, and is still a lucrative adaptation to this day. Finally, Walmart’s brand identity and focus has kept them on top of the metaphorical hill for this long, because they aren’t trying to be the luxury brand, or have a deep breadth of products, they have something for everyone, at a cheap and affordable price, and customers can purchase more for less.
Long story short, Walmart’s innovation and adaptability has kept them on top of the retail hierarchy for this long, and it will be a struggle for any company to dethrone them. If Walmart keeps innovating as they have in the past, it will be a long time until someone else will be able to even put a crack in their armor.
3 Responses
It is interesting for sure to see how Walmart has impacted the shopping market, especially when it comes to the convenience of more quality items. I find it very encouraging to see how innovative the Walmart superstore has become and how it has shifted over the past several years with the layout and design of the functionality of the store as a whole. This is important to their SEO access and content so that customers can use their online services as well.
Very neat topic. Walmarts strategy was to make it easy for the customers. SEO is so important for people to find companies quickly and walmart has done this well.
Walmart continues to pave the way in terms of giving it’s consumers what they want. As long as Walmart continues to adapt with the changing times, they’ll always be the kings of retail. It’ll be interesting to see what they do next to stay ahead of sites like Amazon and Temu.