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Founded in 1919, Tesco has become one of the largest food retailers in the world. It is currently leading the grocery market in the UK and is continuing to grow worldwide, entering other markets, including communications, mobile technologies, insurance, etc. It can be argued that the company’s success in recent decades has been largely based on its management’s strategies of using innovation and technologies for development, as well as cooperating with other enterprises.
One example of innovations that Tesco used was the introduction of self-service checkout tills. While the management claims that the staff in the supermarkets are always ready to help the customers, the company encourages the latter to use self-service tills as well (Bin Rosnizam et al., 2020). This innovation has certain benefits; for example, the tills can be used for both small and extensive orders. In addition, they decrease the time customers spend waiting in lines and reduce the company’s staff-related costs. Another example of innovation that is used daily by Tesco’s customers is online shopping. The company offers a variety of ways to place orders and choose location systems using different devices, which also makes it more convenient for the customers to use its services.
In addition, Tesco has partnered with other enterprises to promote its growth and increase profitability. Thus, one of its partners is the government-run China Resources Enterprise (Tian, 2021). While Tesco aimed to create a large food retailer in China, it faced certain challenges and is still struggling to solve its problems there. These issues include the lack of strong localization strategies and understanding of the core values of the enterprise. Nevertheless, it can be suggested that the company will be able to succeed in the new market once it overcomes its limitations in these areas.
References
Bin Rosnizam, M. R., Kee, D. M., Bin Mohammad Akhir, M. E., Shahqira, M., Bin Mohd Yusoff, M. A., Budiman, R. S., & Alajmi, A. M. (2020). Market opportunities and challenges: A case study of Tesco. Journal of The Community Development in Asia, 3(2), 18-27. Web.
Tian, Q. (2021). Analysis on the business strategy of Tesco in the Chinese market.Modern Economics & Management Forum, 2(1), 33-36. Web.
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