Formerly known as the Wal-Mart Store, the world’s Retail giant Walmart is now a global sensation will millions of products being sold and purchased on a daily basis.
Being referred to as one of the world’s leading retail corporations, Walmart Operates from its main company headquarters in Bentonville, Arkansas. However, the story of this eCommerce giant dates back to 1962 when Sam Walton, the Founder of Walmart, initiated this company primarily for the rural populations.
A Retail Company for Rural Areas
This targeting of a specific rural region allowed the owner of Walmart to avoid the massive competition with the major retail companies of the time such as Kmart and Sears, who had a strong monopoly over the Urban markets. Slowly and Gradually, the Wal-Mart Stores started growing and proliferating.
New Retail Formats and Discount Warehouses
With time, the owner of the company started expanding the scope of operations and the company opened the Sam’s Club Discount Warehouse in 1983, followed by the famous Wal-Mart Supercenters in 1988. After almost a decade of hard work and determination, these merchandise supercenters and the combination grocery stores allowed Walmart to transform itself into one of the biggest grocers in the United States of America.
Focusing on Basic Marketing Principles
As Walmart started to rise, it worked effectively to set its foundations in a solid fashion. The first and foremost emphasis of the company was to ensure customer attention through different forms of marketing and advertising, out which the best one was Direct Mail Advertising. This allowed the company to spread its message directly to the masses at large.
Ensuring Cost Control Imports
The second basic principle was to ensure cost control. This meant that Walmart focused more on importing the low-cost goods vis-à-vis high costs imports. This allowed the company to attract a large and diverse range of customers from all income groups of the society, and many even consider this to be one of the secrets behind the success of the company as well.
Largest Retail Company 1990
The company aimed to increase efficiency in the process of distribution. The distribution networks created were established in a manner where regional autonomy was considered and correspondingly regional warehouses were established. This helped Walmart to climb new heights and become the Largest retail company in the 1990.
Securing the International Markets
Once the company became one of the Biggest in the United States, it then moved to the International Market with the opening of its first store in Mexico in 1992. The strategy was now simple and linear. Walmart Started growing either through establishing new stores in different parts of the world or it started acquiring and purchasing the already established regional retailers. This helped the company to gain massive value in the international market and when the 21st century began, Walmart started to shift focus to providing bigger and better online services and as a result, millions of buyers and purchasers responded to the calling of the world’s retail giant.