Bed Bath & Beyond are known as one of the most reputable stores having products that fits anywhere in the house. Mostly, they sell bedroom, bathroom, kitchen, and dining room products but they have developed so much in recent times that it the retail stores have everything an individual needs to decorate. However, the company has not been doing so well in the market lately which has resulted in declines in sale as well as decline in the stocks and shares by almost 30%. The company is posting weak results since the start of 2014. Therefore, the question arises whether the company can make it through this tough time.
There is numerous competitions in the market, every day you see a new store with such offers that make you crave to spend. The reason behind their success and Bed Bath & Beyond’s failure is that they do not know how to market themselves in an efficient manner. Usually companies come up with such strategies that help them at least sail to the shore if not cruise through it but on the contrary here no efforts are taken to come out of turmoil they have been experiencing.
It will be completely wrong to say that Bed Bath & Beyond does not have a target audience. Being a home store it has the audience it seeks to target but the approach with which they are doing business is quite conventional and not suitable for present time. Moreover they need to understand that now the current shoppers are divided in two distinct categories that is the first one being the conventional shoppers opting for brick and mortar stores whereas the other are new generation of shoppers that opt for electronic mediums to fulfill their shopping needs online.
They need to realize here that the needs of these shoppers are quite different from one another and they need to be catered according to their needs. Marketing plays a very important role and if the company wishes to come out of the disaster then it needs to streamline its business. Bed Bath & Beyond needs to prioritize now before it gets too late for them. If an effective mechanism gets generated that seeks to focus on their online business and stores separately then there are chances that the company would be able to bring back its customers. All it needs is look back in their marketing schemes.