We are aware that small and home-based businesses are very concerned, if not downright petrified, with the thought of competing with Wal-Mart. Well, so do the other big businesses!
During the recent Shop.org online retailing conference held in New York, many big retailers acknowledge that competing with Wal-Mart in terms of pricing is tough. Hence, they have to consistently be on their toes and be flexible in responding to changes.
According to the Internet Retailer magazine, below are some ways other big businesses are fortifying their ammunition with regards to the increasing competition from the retailing giant Wal-Mart both on and off the Web:
LL Bean – Recognizing the aggressive move of Wal-Mart and other mainstream retailers into the online front, the company is constantly reviewing on a daily basis their websites to find ways to improve their merchandising and customer service. They have also introduced new site features such as the “save for later” shopping bag.
Best Buy – Introduced a “free gift with purchase program” to improve sales and is looking at the impact of their other incentive programs such as gift cards on their bottom line
Sharper Image – Given the lower-than-expected growth of their holiday season sales, the company is now looking at more personalized email marketing campaigns to their various customer segments