Amazon and Walmart have been dominating retail for years, and have begun competing with each other more directly since 2016. Walmart purchased Jet and began using it to bolster their online sales, and Amazon answered by purchasing Whole Foods Market for $13.7 billion, launching them further into brick-and-mortar retail than ever before.
Smaller stores are falling behind these retail giants. Kmart, Sears and Toys โRโ Us have recently filed for bankruptcy and closed many or all of their stores across the country. As these two battle it out for the title of the biggest retailer, other companies who lack the ability to keep up are dying off.
However, the competition is creating a much more enjoyable retail experience for shoppers. Amazon has introduced new technology that allows Whole Foods shoppers to completely skip traditional checkout, while Walmart has begun a program for ordering items online and picking them up in the gigantic store parking lots, getting out of your car is no longer necessary.
Both companies have begun a customer experience competition, rather than competing primarily on price and quality of products. The result of improving customer relations and experience? More products tailored to shoppers and better ways to shop. Amazon and Walmart are dominating retail with no sign of slowing down anytime soon and with all these new shopper benefits, we hope the competition never stops.