This is where online marketplaces come into play, simplifying the process and allowing you to focus on what matters most – driving sales. One such marketplace that commands attention is Walmart. However, to succeed on Walmart’s platform, you need the right selling strategies that will help your product listings thrive. In this comprehensive guide, we’ll delve into ten Walmart selling strategies that can significantly impact your performance on this influential eCommerce platform.
Before we dive into these strategies, let’s start with a quick overview of Walmart and its marketplace.
A Quick Overview of Walmart
Walmart, a global retail giant, has been a household name since its inception in 1962. With its headquarters in Bentonville, Arkansas, Walmart has grown into one of the world’s largest multinational retail corporations. It boasts a staggering 11,700 retail stores across 28+ countries and extends its reach to e-retailers in eleven countries.
Walmart has earned its reputation by delivering quality merchandise at the lowest prices possible. Its strength lies in robust logistics, efficient supply chain management, and a relentless commitment to providing customers with an exceptional experience.
While Walmart initially started with physical retail stores, it entered the e-retail business in the early 2000s. As of January 2018, Walmart’s net sales exceeded $495 billion, making it the world’s largest company in terms of revenue.
About Walmart Marketplace
Walmart’s foray into the online marketplace began in 2009 with the launch of Walmart Marketplace. This popular e-commerce platform, owned and operated by Walmart, collaborates with multiple Marketplace Sellers to offer millions of products and brands to its vast customer base.
In essence, Walmart Marketplace allows third-party sellers to list their products on Walmart.com, much like you would on Amazon or eBay. Given the immense daily traffic on the Walmart website, selling on this platform can be a tremendous opportunity to showcase your products.
Now that you have an understanding of Walmart and its marketplace, let’s delve into the strategies that can help you excel as a seller on Walmart.
Offer Highly Competitive Prices
Walmart’s business model revolves around the concept of “Every Day Low Price” (EDLP). To succeed on Walmart, you must offer prices that are not only competitive but lower than your competitors. Study your competitors’ pricing strategies on Walmart and other marketplaces to ensure your prices stand out.
Consider using a repricer tool to help you stay competitive by adjusting your prices dynamically. Walmart shoppers are accustomed to the idea of consistently low prices, and your ability to deliver on this expectation can make a significant difference in your sales performance.
Build Reputation and Credibility
Walmart places a strong emphasis on reputation when selecting sellers to join its marketplace. Maintaining a high feedback rating and customer rating is crucial. To thrive on Walmart, strive to achieve a feedback rating of 99% with a customer rating of 4.5 stars or higher.
If you’ve had success on other online marketplaces, particularly Amazon, highlight these achievements to bolster your credibility with Walmart. Demonstrating your ability to meet customer demands and provide excellent service can expedite your approval as a Walmart seller.
Offer Unique Products
Consider offering products that are not readily available on Walmart’s platform. Walmart constantly strives to expand its selection and enhance the customer experience. If your products fill a gap in their inventory, your chances of approval as a seller increase significantly.
By offering unique and sought-after items, you can attract customers looking for products they can’t find elsewhere on Walmart. This strategy can set you apart from the competition and enhance your visibility.
Win the Walmart Buy Box
Similar to other online marketplaces, Walmart introduced the buy box competition when it opened its platform to third-party sellers. Winning the buy box is crucial for higher conversions and increased sales.
The buy box on Walmart is primarily influenced by price, including both the selling price and shipping cost. To win the buy box, you must offer competitive prices while meeting specific criteria set by Walmart. Winning the buy box can significantly boost your visibility and sales on the platform.
Gather Positive Customer Reviews
Customer reviews play a vital role in Walmart’s customer-centric approach. While it’s not confirmed whether Walmart directly factors in reviews for rankings, positive reviews can undoubtedly impact your product sales. Shoppers often rely on reviews to make informed purchasing decisions.
Encourage satisfied customers to leave positive reviews for your products. Higher customer reviews can not only improve your rankings but also instill trust in potential buyers.
Provide Exceptional Customer Service
Maintaining high customer service standards is essential for success on Walmart. Walmart has strict requirements for order fulfillment, shipping, and customer service, and failing to meet these standards can lead to suspension.
To thrive on Walmart, adhere to these guidelines:
- Maintain a timely shipping standard rate of 99% or higher.
- Ensure your product shipped rate is 99.5%.
- Keep the product cancel rate below 1.5%.
- Minimize products returned due to defects or damage to less than 3%.
- Provide timely updates on product information through partner tools.
- Maintain a 90-day Seller Rating of 90% positive or higher.
- Keep the customer service escalation rate below 0.5% for all orders.
- Confirm and receive each order file within 1 hour of receipt.
- Notify customers of shipment within 4 hours.
- Process refund requests within a day of receiving them from customers.
- Answer at least 60% of customer calls, with an abandonment rate below 4%.
- Respond to 90% of customer emails within 1 day.
By consistently meeting these customer service standards, you not only ensure compliance with Walmart’s requirements but also enhance your reputation as a reliable seller.
Leverage Walmart Advertising
Advertising on Walmart is an effective way to increase your conversion rates and visibility on the platform. Walmart offers various advertising options, including sponsored products, display ads, and search ads, to help you reach your target audience.
Investing in Walmart advertising can give your products an edge and drive more traffic to your listings. It’s a strategic move to boost your sales and brand visibility on the platform.
Optimize Product Listings
Optimizing your product listings is essential for improving your visibility on Walmart. Pay close attention to the following aspects when creating your product listings:
Use high-quality images: High-resolution images that clearly depict your products can attract more customers.
Write detailed product descriptions: Provide accurate and informative descriptions that highlight the key features and benefits of your products.
Optimize for keywords: Incorporate relevant keywords in your product titles and descriptions to improve search visibility.
Offer competitive prices: As mentioned earlier, competitive pricing is crucial for success on Walmart.
Maintain accurate inventory: Ensure that your inventory levels are up to date to prevent overselling or stockouts.
By optimizing your product listings, you can make your products more appealing to potential customers and increase your chances of making sales.
Build Brand Awareness
Building brand awareness on Walmart’s platform can set you apart from other sellers. Consider creating a unique and compelling brand presence that resonates with your target audience. This can include:
Customized storefront: Take advantage of Walmart’s custom storefront feature to create a branded shopping experience for customers.
Enhanced content: Use enhanced content modules to showcase your brand story, product benefits, and unique selling points.
Consistent branding: Maintain a consistent brand image across all your product listings and storefront.
A strong brand presence can help customers recognize and trust your brand, leading to increased sales and customer loyalty.
Monitor Competitors and Industry Trends
Staying informed about your competitors and industry trends is crucial for adapting and evolving your Walmart selling strategy. Regularly analyze your competitors’ pricing strategies, marketing efforts, and customer service practices. Identify areas where you can differentiate yourself and gain a competitive edge.
Additionally, keep an eye on industry trends and customer preferences. Consumer behavior can change rapidly, and being attuned to these shifts can help you adjust your product offerings and marketing strategies accordingly.
Final Thoughts
Mastering Walmart as a seller requires a well-rounded approach that encompasses competitive pricing, outstanding customer service, optimized listings, and strategic advertising. By implementing these ten winning strategies, you can enhance your performance on the Walmart marketplace and drive more sales.
In the highly competitive world of eCommerce, Walmart offers a prominent platform with millions of potential customers. With the right strategies in place, you can tap into this vast audience and achieve eCommerce success on Walmart. Remember to continuously monitor and adapt your approach to stay ahead of the curve and maximize your sales potential.
Walmart’s commitment to “Every Day Low Prices” aligns with the need for cost-effective selling strategies. As you embark on your journey as a Walmart seller, embrace these strategies to thrive in the ever-evolving eCommerce landscape.
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