Walmart is a US based retail company dealing all across the globe at this point in time. It targets middle and lower middle class. Dealing successfully as departmental stores Walmart assures its customers that they will have hassle free, quickly responsive and pleasant experience of shopping. Walmart’s story starts from 1945 when Sam Walton who bought a franchise of Ben Franklin stores and started business with the win-win strategy of buying from low-cost suppliers and selling bulks to the consumer at lower prices.
In the very first year his strategy paid off by rising up to 45% and the gain kept rising in the later years. Now, Walmart has around 12000 national/international stores operating in 28 countries. It was declared to be the 2nd largest corporation by Fortune Global 500.Walmart is the world largest company by revenue and is largest private employer.
There are many reasons behind the journey of Walmart towards becoming the marketing leader in retail which are elaborated below:
- Throughout its journey of 50+ years Walmart never gave up on its core purpose i.e. to save people’s money so that they can live a better life.
- Walmart always ensured that it maintains its leadership in adoption of new technological advances.
- Walmart always focused precisely upon the activities and operation of business and maintained to be the innovator in supply chain management.
- It always tried to cut the reliance on third parties and made a strategy to deal directly with the suppliers.
- Walmart understands that diversification is a key factor to prove its business as a leading one around the globe, hence it expanded its offerings all over the world and is recognized as a giant corporation.
- Understanding the importance of employees, Walmart focuses on employee training and development as well as it invests immensely to keep the employees motivated and loyal.
- In order to provide a pleasant experience of shopping Walmart focuses on improving the in store environment by working on the design, layout and ambiance of the store.
But that’s not all. In this era of technology where shopping is shifting from bricks to clicks the number of requirements to be the leader in the market are also increasing. Walmart being highly responsive towards technological changes responded positively towards the need of shifting from brick and mortar outlets to online stores and once again proved itself to be on top.
Walmart is considered among those terrifically dynamic companies who brought change across all the levels of their business activities and never hesitated to extend their operations all over. Wall mart claims that continuous learning and keep searching for growth is its key aspect to success, which is the conclusion of the discussion as well that to keep yourself on the top retailer must be aware that being open to the environmental dynamism is a necessity. Businesses these days must consider both in store and online mediums of selling in consideration as well as they must be open to new advances.