target marketplace

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What is Target Marketplace Target market
corporation is an American-based departmental
store chain, which has its headquarters in
Minneapolis, Minnesota was founded by George
Dayton. It was established as the discount
division of Daytons department store in 1962.
Then in 1969, it was merged with J.L Hudson
Company. Firstly during the 1980s, its store
started expanding nationwide as a part of
Dayton-Hudson Corporation. Then in the 1990s,
Target marketplace introduced its new format of
the store under the brand name which is named
Target. The first Target store was opened in
Roseville, Minnesota and now they have more than
1800 stores. It is the seventh largest retailer
in the US. They made its first billion-dollar
sales in 1979 and offered a Billion Dollar Sale
to celebrate its achievement for its loyal
customers. Presently its website has millions of
visitors per day. Presently Presently, in 2021
its total revenue is about 106 billion with 1938
stores in the U.S. It also has a facility of
almost 51 supply chains and 45 owned
brands. Nowadays Target marketplace is one of
the largest retail services in the US. Its
tagline which says Expect More. Pay Less. is
what makes it different from its competitors like
Walmart. They basically sell quality products
like clothes, accessories, and other home
accessories. They offer these products at great
deals and discounts, which cater to the customer
rapidly. Their cheap and chic strategy worked
well for them. But their online store turns out
to be a winner as, even though it faces
competition from big giants like Amazon still,
the trendy fashion choices and great deals
offered by Target are clear- cut winners in terms
of the preference of school teenagers. They
invested in an omnichannel business that
transformed their brick-and-mortar store into e-
commerce channels. During the Covid-19 pandemic,
its e-commerce sales saw growth up to 144.7 of
growth. They have also invested in same-day
delivery which has increased the success of its
online retail services. A one-stop shopping
strategy that worked well for Target as you can
find anything in these online stores from clothes
to home or kitchen appliances. It makes your
shopping easy if you can find everything in one
place. Lets know in detail about the success of
Target marketplaces ecommerce strategy. Omnichan
nel offering Forum offered an omnichannel
approach that allowed an absolute shopping
experience from all the channels. Whether you are
shopping from a brick-and-mortar store or you are
doing online shopping. The omnichannel offers
flexibility to the customers to choose the
different shopping channels as per their
convenience. They have managed Omni channels
which offer the same kind
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of flexibility in stores that you have in online
stores. It increase the traffic, availability and
sales of Target.
Drive-up and pickup services
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Corporation has also set up an online Order
Pickup and Drive Up parking service that makes
the store more convenient and hassle-free for the
customers. This service allows the customer to
pick up their order at the Target store from its
parking lot, where the employees of Target store
will directly deliver their purchase to them. As
the sales with drive-up service has seen a growth
of 80 in 2021, it worked in the favour of Target
marketplace as this service is minimising their
delivery cost. As in a normal order, delivery
from the warehouse cost 90 more than the drive
pick-up at stores. It has also eliminated the
wait for getting the products.
Competitive pricing strategy
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The exclusive price and attractive offers and
deals make Target marketplace unique and
captivating. If we compare the pricing strategy
of Target and Amazon there will be hardly any
differences. But Target had adopted a competitive
pricing policy in which it offered discounts by
charging more for a product than Walmart. This
helps in increasing the profit margin of Target
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as compared to Walmart. Target mostly sells a
product at some amount higher than its competitor
and offers discounts on it. They have also
invested in private brands for increasing
customers. Over the last 20 years, Target has
managed to launch its own and latest private
brands label that have been successful in
catering the customers. Same day delivery
services
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The same day delivery is actually what every
consumer who shops online wants. So, Target has
invested in to provide a same-day delivery
service. This has proved to be a success for
Target as their same-day delivery sales have seen
a growth of 235 in 2021. Target has managed to
use the impatience of customers shopping online
by investing in this service. Target started
offering
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the same day delivery services in 2017 when it
acquired Shipt, a shipping company. During the
pandemic it expanded this service and started to
sell perishable items in a same-day delivery
service. One Stop Shopping
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Amazon and Walmart are the two top competitors of
Target and all of them offer a one stop shopping
service. A one stop destination for buying the
items needed is what every consumer dreams of,
because of the busy schedule nowadays. People
want to buy everything, from groceries to home
appliances at one place, so that they could also
save their money from delivery charges. As, if
the people will buy the items from different
online stores they have to pay each of these
online stores their own delivery charges. So if
they could have the access to buy all the
different items at the rate of a single delivery
charge, then customers will definitely go for it.
It also makes your shopping easy and time
saving. Its investment on all the different
kinds of products and brands has helped it to
revamp as a one stop shopping destination from
just a retail store. In a nutshell, there are a
number of reasons why Target in ecommerce is a
success story. They have managed to open Omni
channels that offer the same kind of flexibility
in stores that you have in online stores. They
focus on brands that cater to customers in their
stores and open different kinds of store formats
so customers can have accessibility to stores,
which are mostly in busy areas. Promoting a loyal
customer base by giving discounts and other
perks. Brand positioning acts as an elevation
step for Target, as it attracts with its trendy
fashion options and its valuable private brands.