The retail industry has evolved dramatically in the past two decades, with companies adapting to rapid changes in consumer behavior driven by technology. One such company that has undergone significant changes is Walmart – the world’s largest retailer.
Walmart’s initial business strategy was centered around the concept of Everyday Low Prices (ELP). The company focused on providing consumers with affordable products, reducing the need to shop around for the best deals. ELP was a game-changer not only for the company but for the industry as a whole, as competitors were forced to lower their prices to match Walmart’s offering.
However, as the e-commerce boom gained momentum, Walmart realized the need to expand its online presence. With many consumers choosing to shop online, Walmart recognized the potential in tapping into the e-commerce market. The company understood that it could no longer rely solely on its brick-and-mortar stores to sustain growth.
In 2016, Walmart made a strategic move by acquiring Jet.com, an online retailer, in an effort to bolster its online presence. This acquisition brought on board a team of experts in e-commerce, including CEO Marc Lore, who was tasked with overseeing Walmart’s online operations. This signaled Walmart’s intent to become a significant player in the e-commerce space.
Over the years, Walmart has continued to focus on its online offerings, launching Walmart.com and offering free two-day shipping for all orders above $35. These efforts have paid off, as its e-commerce sales have significantly grown in recent years. Walmart’s commitment to expanding its online presence has helped the company remain a key player in the retail industry while adapting to changing consumer behavior.
In Conclusion, Walmart’s business strategy has evolved from its initial focus on Everyday Low Prices to adapting to the changing retail landscape and expanding its online presence. The company’s strategic move to acquire Jet.com and launching Walmart.com has enabled Walmart to remain competitive, catering to customers’ needs and demands. As Walmart continues to innovate and keep up with changing consumer trends, it is sure to remain a significant player in the retail industry for years to come.
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