Wal-Mart and Online Marketing

下面为大家整理一篇优秀的paper代写范文- Wal-Mart and Online Marketing，供大家参考学习，这篇论文讨论了沃尔玛与网络营销。进入流媒体服务行业，极大地促进了沃尔玛建立更加全面的在线CRM系统。计算机将开发所有五种感官来创建智能数据收集和个性化预测能力。事实证明，电子商务将彻底改变传统的实体营销体系。在营销管理中，形成了数字网络与传统营销系统相结合的新型营销体系，使营销管理更加方便、有效、经济。多渠道零售和营销可以有效地节约客户的购买成本。多渠道零售商可以利用渠道之间的互动来实施有效的营销。沃尔玛可以根据消费者的购买习惯和竞争对手在每个渠道的趋势，设计有针对性的营销解决方案。

behavior is developing rapidly toward cross-channel models. In a more competitive environment, multi-channel marketing and retailing is one of the growth opportunities for retailers. Retailing is a business activity that sells products and services to consumers for their personal or household use, thereby increasing the value of products and services. Not all retail is done in the store. The rise of e-commerce has provided a new and effective channel for the retail industry, which has changed the trading methods and industrial structure of the retail industry. However, the traditional retail formats and retail channels still have existing value. In many transactions, entities and virtual stores can coexist. Therefore, retail companies should effectively complement each other rather than substitute one with another. When a retail company sets up two or more marketing channels to reach customers, it becomes multi-channel. Multi-channel retail companies usually integrate multiple stores such as physical stores, mail order, and e-commerce websites to reach more customers. With the advancement of technology and the intensification of brand competition, multi-channel retailing is gradually becoming the development trend of retail enterprises. This essay analysis retailing giant Wal-Mart’s recent marketing attempts with an analysis of the motivations and implications.

International retailing giant Wal-Mart established online sales first in January 2000. The headquarters of walmart.com is specially selected near the Silicon Valley in the San Francisco Peninsula for the purpose of obtaining advanced information technology support. The currently walmart.com has been able to offer a comprehensive range of online shopping services: including in-store product browsing and search, online ordering, online payment, online customer service and delivery services, etc. The items sold by walmart.com range from daily groceries to digital products, covering most of the Wal-Mart supermarket chain. Recently, the company is further extending its business reach into the entertainment industry. By collaborating with original content makers including MGM Holdings and Eko, the company is aiming to be more established in the digital content market in order to compete with Amazon. Having acquired Vudu for years, Wal-Mart is looking to strengthen the company in similar ways that Netflix have done: increasing and consolidating brand value with exclusive and original TV episodes, cooking shows, interactive toy catalogs, etc. (Flint, & Nassauer, 2018). The content produced will be viewed for free on the platforms built by Wal-Mart and the collaborators. Such collaboration efforts open new doors for the traditional retailing company to reach new customers and creating potential marketing channels.

In the environment where the Internet is not popular, the operation of retail enterprises faces many uncertainties and inconveniences, especially the value chain of retail enterprises is usually affected. There is often information asymmetry between retail enterprises and suppliers. This kind of information asymmetry leads to the inability of enterprises and suppliers to communicate effectively, which increases the operating costs of retail enterprises and reduces the operational efficiency of enterprises. At the same time, retail companies' ability to serve customers has been greatly reduced. In the face of customer complaints and suggestions, companies cannot deal with them in a timely and effective manner, which will directly reduce their service quality, and is unfavorable for maintaining customers and attracting new customers. In the face of more personalized needs of customers in the internet age, the service level of enterprises is also limited, which is not conducive to the value proposition of enterprises to customers. It can be seen that without the support of Internet-based information technology, the operating and marketing costs of retail enterprises will be high, and the operational efficiency is relatively low. The service capabilities and marketing capabilities of companies will be limited, which will weaken the competitiveness of enterprises. This is the major reason why Wal-Mart is trying to be more influential with e-commerce through content creation.

Customer relationship usually refers to the relationship established between the company and its consumer group, commonly known as customer relationship management (CRM). The impact of the Internet on corporate customer relationship management is mainly in the following aspects. First, the emergence of the Internet has led to a shift in the enterprise CRM system. The wide application of Internet technology has led to the emergence of enterprise e-commerce, the increasing number of customer contact channels. The retailer's CRM system must be able to handle the customer's network channels and enable efficient communication of information between different departments, requiring the company's CRM system to be able to support network-based applications. Entering the streaming service industry greatly facilitates Wal-Mart in establishing a more comprehensive online CRM system. “Computers will develop all five senses to create intelligent data collection and personalized predictive capabilities (Kerin & Hartley, 2014).” Internet technology shifts the power of communication and transaction to the customer side, allowing the company to give customers more control. The internet requires the company's CRM system to have Internet-based sales, marketing, and service channels to enable real-time, personalized marketing. It can be seen that the enterprise CRM system must adapt to the development of Internet technology to better serve customers.

It turns out that e-commerce will completely change the traditional physical marketing system. In marketing management, a new marketing system combining digital network and traditional marketing system is formed, which makes marketing management more convenient, effective and more economical. Multi-channel retailing and marketing can effectively save customers' purchase costs. “Customer value is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price (Kerin & Hartley, 2014).” Since the original content provided by Wal-Mart is free, it becomes the perfect opportunity for the company to develop customer value through advertisements or even the content itself. According to Scott McCall, the Walmart senior vice president overseeing entertainment: ““We think this will drive a deeper engagement with customers. We want them to drive by our digital store multiple times a day (Flint, & Nassauer, 2018).” Consumers can browse the information of products online, according to the rich information on the Internet and the convenient links through streaming platforms, consumers can choose the products that suit them, and then go to the physical store to determine the price of the products. They can save time and energy spent on retail stores and queued payments through online ordering. There will also be more price advantages due to the cost reductions brought by more efficient and integrated marketing methods.

Multi-channel retailers can leverage the interactions between channels to implement effective marketing. Wal-Mart can design targeted marketing solutions based on consumer buying habits and competitors' trends in each channel, flexibly reducing marketing costs and achieving effective marketing. “Points of difference are those characteristics of a product that make it superior to competitive substitutes (Kerin & Hartley, 2014).” In the case of multi-channel marketing, low cost will continue to become Wal-Mart’s major point of different and keep Wal-Mart products competitive in the market. In terms of the cost of sales and marketing, implementing multi-channel retail does require some initial investment. For example, Wal-Mart invested $250 million in the venture with Eko (Flint, & Nassauer, 2018). However, multi-channel customers usually cost lower in later phases because the after-purchase processes and inventory management processes can be shared, and companies can also achieve scale advantages by targeting high-value customers and meeting their expectations. Online streaming and content creation can be extremely helpful in identifying different customer groups based on the content itself. “Market segmentation involves aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action (Kerin & Hartley, 2014).” In addition to being the low-price supermarket brand, Wal-Mart may be able to build high-end sub-brands with the help of marketing on multiple platforms.

In conclusion, Wal-Mart’s recent move is an ambitious beginning to create a multi-channel and multi-platform marketing. This is driven by the rapid development of competitors such as Amazon, as well as the disadvantages of the traditional singular mode of retailing. With the help of multiple online channels, Wal-Mart is able to manage customer relationships more efficiently, reach out to new customers, reduce cost and increase customer value, and perform potential market segmentation in the future. After expanding to multiple channel models, each channel can be positioned in different purchases to meet the different needs of consumers for convenience, classification, promotion and price points. This diversity of channels and new partnerships in the online content industry will enable Wal-Mart to take advantage of a larger share of traditional category sales opportunities and expand into apparel, F&B, consumer electronics, financial services, furniture, music downloads and even tourism, staying ahead of the competition.

References

Flint, J. & Nassauer, S. (2018). Walmart Cuts Online Video Deals in Bid to Become Entertainment Hub. Wall Street Journal. Oct. 11, 2018. Retrieved from: https://www.wsj.com/articles/walmart-cuts-online-video-deals-in-bid-to-become-entertainment-hub-1539259201?mod=searchresults&page=1&pos=10

Kerin, R. A., & Hartley, S. W. (2014). Marketing: The Core. 6th ed. New York, NY: McGraw-Hill Education.

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