By: Retail Dive
Two of the biggest retailers are raising the bar for what it means to be a true one-stop-shop. While some companies have downsized their inventories and closed physical locations, retail giants, namely Amazon and Walmart, are giving customers a broader array of both products and services.
Walmart reigns supreme in brick-and-mortar retail, while Amazon dominates e-commerce. Both retailers set themselves apart by doing more than selling merchandise. They also generate revenue from categories like financial and clinical services, third-party sellers and subscriptions.
“Both Walmart and Amazon have gotten to such a point where they’re both, not only credible, but they have developed a huge amount of trust, amongst their followers and their consumers,” said Arthur Dong, teaching professor of strategy and economics at Georgetown University’s McDonough School of Business. “I think they’re just scratching the surface now.”
Amazon and Walmart have increasingly produced revenue streams outside of their core businesses. In recent years, both companies have been building out their ecosystem designed to win more of their consumers’ spending dollars.
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