Over the years retail brands have been increasing all over the world and making huge amounts of profits from the sales made.
Expensive retail brands such as Amazon, Alibaba, E bay, Marks and Spencer, Tesco, Walmart, The Home depot, Cotsco, Lowe’s and IKEA have been making huge amounts of profits from selling many types of products to their customers. Retail brands sell a variety of products from clothing and shoes commonly referred to as soft goods to food to appliances to cars to furniture and even art products (Etsy).
Amazon for a fact is considered one of the most expensive retail brand in the world with a value of about 139.29 billion U.S. dollars.
A good quality product should have the following characteristics: it should be reliable, durable, meet the standards provided, able to satisfy the customer, have good performance and stability and able to withstand competition of a substitute.
We can thus say that the expensive retail brands still do provide good quality products based on these features of a good quality product. To explain each of them we can start with reliability; a good quality product should be able to keep on providing the best services for the duration of time it is needed to, for example a quartz watch from Amazon should be able to provide reliable services for a long period of time without losing count in terms of minutes, seconds or hours.
Durability means ability of a product to last long, of cos this does not apply to perishable products as they may have to be kept under special conditions to last long but as for products such as cars and electrical appliances durability is key and retail brands do ensure this happens through provision of manuals and guides on how to best use the product. Expensive retail brands also provide products which meet the standards required as they take a lot of their time and money working on them and also testing their responses in different conditions. Performance and stability is also ensured by these expensive retail brands as the products are often performing at their best as per the given features and customer service provided in a case where anything goes wrong.
A good quality product is well able to challenge its competitors and this is what retail brands do they provide the best and quality product to meet needs and even at times eliminate their competition. Walmart is trying to beat its competitors through developing quality ideas for example developing the tech incubator to win more customers.
Last but not least is customer satisfaction which is by far the most important feature of a product, meeting the needs of a customer is the key to more sales and hence revenue and this is what expensive retailers often use and it can be seen through the good reviews they receive from their customers for example E bay, Amazon and Alibaba usually receive positive comments from their customers and also many referrals to their site.