Did you know that Walmart is the biggest global retailer in 2021 with total revenue of $519.93 billion and almost 11,000 domestic stores worldwide? Yes, Walmart is enjoying the massive success of being the largest retailer worldwide with their reasons being simple things such as promotions, price and branding. Walmart offers a diversified variety of products in almost every category, at an affordable & consumer-friendly price, around the globe. It has always stayed true to its motto of “low prices” and has been promoting frequently through TV advertisements, social media and its E-commerce platform while providing regular discounts, warranties and replacements.
The Current Era has seen diverse ways of promotion and branding by Retail Brands. Branding can change the perception of the people or the way people look at the brand and if done right, it can take the brand to new heights and far more large reach thus also focusing on building a future scope for the brand. It acts as an addition to business value and also presents the brand to customers in a better and specific manner which in turn tends to develop a sense of attachment in them with the brand that grants them good memories and good times. This will indeed develop a sense of pride and loyalty in the heart of the consumer, thus a sense of bonding would be developed between the brand and the consumer.
However, the pandemic has compelled brands to shift to newer methods of presenting their brands that would enhance their market presence as well as their share. The brands have begun to understand the gimmick of presence in the digital world along with physical presence which has become the need of the hour in this fast-moving world. As we all know, E-commerce has seen an immense surge during the last few months and E-commerce trends have tremendously accelerated during the pandemic, it showed us how consumers tend to change their behaviours temporarily or permanently according to the situation.
Category dynamics, consumer behaviour and needs have witnessed a rapid change in the retail industry. Retail along with customer engagement is revolutionizing and technology is the key driver in branding and promotions of retail platforms and the access of consumers to such platforms. However, strong retail brands will survive disruptive changes as they did in the past as well. Hence, any retailer who is inclined towards building or strengthening the brand it owns should definitely look beyond the number of stores, products, online capabilities and prices, rather the focus should be on the purpose of the existence of the brand.
To know more about the topic, do attend our Global Talk Series on the topic, “Promotions and Branding of Retail Brands in the Current Era” on November 13, 2021.