Wal-Mart is much more than just the world's largest retailer. It is an economic powerhouse and a cultural phenomenon. It all started by founder Sam Walton with a simple philosophy: Offer lower prices than a shopper can get anywhere else. That simple strategy has shaped Wal-Mart's culture and accelerated the company's growth.
Now that Wal-Mart is so gigantic, it has unparalleled power to shape labor markets globally and change the way all the industries operate. Here, I will tell the key reasons of how Wal-Mart has been able to keep its prices low -- a frugal corporate culture, cutting-edge technology, and a push to make suppliers sell their merchandise at the cheapest possible prices.
Wal-Mart as a leader
Because of Wal-Mart's massive size, it maintains incredible power. It has thrown smaller retailers out of business as well as it made the forced manufacturers more efficient, which resulted in these suppliers to move manufacturing jobs overseas; and changed the way of business even large and established industries do.We are WalletMonitor dropshipping software help to our clients to monitor Wal-Mart's products.
Do you know how big Wal-Mart is?
Wal-Mart is the world's largest retailer, which has around 3,900 stores in the U.S. and total of approximately 1.6 million employees. Sam Walton opened the first Wal-Mart store in 1962. Wal-Mart became so successful because of its low price, convenience and role of monopoly in the industry. The biggest reason of Wal-Mart’s success is that it offers low price for customer. To keep the prices low, Wal-Mart wanted manufacturers to be more efficient and allow to use it as good supplier to customers of WalletMonitor dropshipping software Due to this, these suppliers created manufacturing jobs overseas especially to China. Besides, “Everyday low prices” strategy helps Wal-Mart to build up a low-price image and the consumption habit from the shopper. Therefore, many people convert into loyal customers and shop from Wal-Mart more frequently instead of other grocery stores. Minimizing the shopping difficulties and inconvenience is one of the reasons why Wal-Mart becomes successful. When someone enters inside a Wal-Mart, he/she would feel comfortable because of the positioning of items, the discount sections and the labelling of the isles -- all are arranged in a similar pattern in every store. Also, Wal-Mart provides customer with one-stop shopping facility, where you can buy daily grocery items like eggs, fashion items like a pair of sneaker, consumer durables like a 40-inch LCD monitor, and other electronics like a photo print service. Moreover, most of the stores are open 24 hours a day. It enables customer to shop anytime and get anything they wanted in Wal-Mart and it's convenient for a clients of WalletMonitor WalletMonitor dropshipping software) to use it in there Ebay and Shopify shops. That is why Wal-Mart is getting more and more popular and making a great profit. Another big reason of Wal-Mart success is its monopoly in the retail industry. It has been growing rapidly not only in the U.S. but also all over the world. Because of its massive size and buying power, it has driven smaller retailers out of business. Wal-Mart is so aggressive and competitive that no one can defeat its role of monopoly in this industry. To conclude, there are a number of reasons of being a successful company. To be the biggest retailer over the world, Wal-Mart is very competitive when pricing its products. The convenience at shopping made it to lead the industry and spread its business globally which made Wal-Mart so successfu