Target Records 84.4% Increase in Earnings Per Share in Q2

Before you get angry and irritated with Target and their amazing growth during 2020’s second quarter, instead take the time to learn what you can from their success.

You don’t have time to test and experience everything in your own business. So, borrow from Target’s.

How did they do it during the coronavirus pandemic?

Well, interestingly, though much of their growth came from online purchasing, Target also saw excellent in-store growth.

In-store growth increased roughly 10.9% while online sales growth increased an astounding 195%!

Of course, the company recognizes those extremes were caused by unusual market conditions. And it’s rightly not counting on that trend to continue in 2020.

But the point is Target positioned itself well. And they were ready to capitalize when the unexpected happened.

So what is it that Target has done? Find out below:

1. Build Out Its Same-Day Services

Target has been sinking bigtime capital in its same-day services for years. Those services include Pick-Up, Drive-Up, and Shipt.

Pick-Up allows you to order online or in the Target app and then pick your goods up at the store for free.

Drive-Up means Target employees actually hand your order to you after you make the order and go to pick it up. However, you can only make Drive-Up orders through Target’s app.

Shipt is an app that Target bought which allows you to have your order delivered to you.

The lesson to learn is that wherever you can add convenience, you’ll get more sales growth. And if turbulent times happen, you can see extreme growth while others get left behind.

2. Create an Omnichannel Shopping Experience

Target COO John Mulligan said that the average multichannel customer spends 4 times more than a store-only one.

Target’s present on practically every major social media site you can imagine (Facebook, Twitter, Instagram). Combine that with the app, website, and store itself, and you begin to see what it means to have an omnichannel shopping experience.

Target may even have more online presences than that. But you get the point.

So how can you do the same?

Hopefully you found that helpful. And while you may not be able to offer exactly the same conveniences, you can begin strategizing how to do so.

It’s a wise move on your part because you’ve seen how Target knocked out of the park during Q2.