CVS Pharmacy (Consumer Value Store), a subsidiary of CVS Health is an American healthcare retail corporation with more than 9000 stores located in the USA. With the pandemic fiasco hitting in the year 2020, there has been a visible boost in their sales while their yearly revenue increased up to 290 billion U.S dollars. Even when their biggest competitors Walgreens, Rite Aid, and Krogers Pharmacy have exceedingly structured their number of stores nationwide, the new, unique business model of CVS continues to beat its counterparts. Let us know more about that the CVS Business Model-Know More.
Following the healthcare sector, CVS’s business model structurally works through physical setups and online stores. The pharmacy renders its support to the local public through prescriptions, medical care, authorized medical benefits, or online diagnostic centers.
CVS Business Model
As the local retail industry continues to undergo critical changes due to the Covid-19 pandemic, CVS pharmacies have decided to restructure its business layout. With the rapid expansion from operating a single store to setting up their hallmark in the health sector, it is reported that their trade structure has been successful while adjusting to the continuous population growth, economic setup, and consumer patterns.
Although CVS experienced a temporary period where it was about to close 900 stores in the coming three years after they encountered losses in the pandemic, it has been a transforming period where they shift to other formats of retail. Let’s see how the CVS business model works and how it has shifted since the pandemic.
By providing local health care and medicinal advice to the citizens, CVS has established its presence as the domestic inhabitant of the health sector in the USA. The company offers quality assured healthcare services to its customers. To drive high engagement with the consumers, CVS has sought to open new physical stores with enhanced locations, highly accessible sites for medical facilities, and traditional stores providing prescriptions and general products.
CVS Branding Strategy
By ensuring productive strategies for market growth, CVS Health embraced the pharmaceutical stores with a new red-heart symbol signifying the company’s values of integrity, ethics, consideration, modernism, and robustness. With the infused shape of a teardrop, the red heart logo is symbolic to its general public, across locations, history, and ages.
With the continuation in developing brand authentic healthcare services, CVS pharmacies have topped the market with major business-led strategies acquiring the ropes of the healthcare landscape.
CVS Pharmacy Services
CVS engages in providing numerous services and products for pharmaceutical and medical needs. Consumers are free to choose among its wide variety of medical plans including over-the-counter prescriptions, walk-in medical help, special medicare services, cosmetic products, and pharmaceutical merchandise. With affordable prices and close location factors, a CVS pharmacy store is in wide demand.
A traditional store in every nook and corner of society helps CVS remain a people-friendly pharmaceutical branch. An authorized quality of medical help, provided with quick prescription services has helped in gaining confidence and trust among people in the CVS pharmacy.
CVS And Collaborators
CVS prospered in the pharmacy landscape with its goal-oriented initiatives, providing the best medical care facilities possible. This left them tons of opportunities to grow their company with the help of incoming successful collaborations. CVS’s business mindset, while providing quality services to its clients helped in gaining a beneficial merger with its counterparts.
In 2004, CVS partnered up with Eckerd Stores and Health Services. Furthermore, it also acquired MinuteClinic which helped in boosting its presence in the nation. By collaborating with healthcare insurance company Aetna, CVS saw a rise in profits by using their medical care policies. With its growth in the online sector, CVS opened its gates to new initiatives such as HealthHub.
Factors In The Growth Of CVS
Employees
There are numerous strategies and initiatives involved in making CVS the top medical care retail giant. It used its business layout by employing specialists and industry experts to ensure reliability and productivity. Looking at various departments, trained professionals, pharmacists, and experienced nurses are the source of an efficient company.
Locations
CVS is the largest retail chain in the US with over 9000 stores and 300,000 employees. Apart from the pharmaceuticals, it also houses general beauty and cosmetic products and merchandise which helps in giving an all-round expression to the customer. With a store in every society, it is hard for rival companies to beat CVS pharmacy.
For the general public, CVS pharmacy is always within-reach, approachable, more trustable, and better accessible if compared to the competitors with the same products. The stores are always well-equipped with recently required medications and pharmaceutical drugs within the customers’ proximity.
Cross-channel Approach
CVS is the flag-bearer of providing healthcare facilities through a multi-channel approach. With its accessibility to physical stores in the 49 states of the US, it also operates through an online medium. The HealthHub innovation system offers the services of sales of products and authorized prescription drugs.
This technology also supplies medical equipment through add-to-cart-based shopping. CVS’s website (www.cvs.com) provides health-related information. CVS also has websites that help in tracking your medical history and records of your medical bills like MinuteClinic. This accessibility of both walk-in and online-based retail helps in maintaining a customer-friendly approach in society.
Customer Facilities
CVS offers a wide range of services including pharmaceutical needs and prescription management to various clients. The clients range from walk-in customers to supplier chain pharmacies. CVS serves individuals as well as takes up orders from multiple business sectors. While endorsing a health-conscious brand, CVS declared its non-agency with the sale of cigarettes embracing the losses but establishing its reputation.
Conclusion
CVS’s business model has been designed for success. It provides every check in the list of a profitable retail giant ranging from customer satisfaction to high technical profits. With its numerous stores across the US, and a wide range of products with a reputable brand name, CVS has emerged victorious with its business layout.
Frequently Asked Questions
- How do I contact the nearest CVS pharmacy?
- Contact the customer service number at 1800-746-7287
2. What company owns CVS pharmacy?
- CVS Health
3. What does CVS stand for?
- Consumer Value Store
