Walmart is one of the biggest retail stores in the world known for offering products at affordable prices.
Walmart brick-and-mortar stores have been around as far back as 1962. However, it wasn't until 2009 that the Walmart online marketplace was launched.
Today, Walmart comprises thousands of sellers with dozens of product categories ranging from electronics to fashion, home and kitchen, and more.
To start selling on the Walmart marketplace, you need to register using the Walmart Seller Center.
So, if you're a business owner thinking of launching a business on the Walmart marketplace, read on as we go through everything you need to know about the Walmart Seller Center and how to sell on the Walmart marketplace.
So what is the Walmart marketplace? Walmart marketplace is an online platform with established professional sellers selling high-quality products that complement Walmart's products.
Sellers on the Walmart marketplace can easily list their products without having to worry about monthly fees or set-up costs. This allows sellers to save more and earn more.
In addition, Walmart has an established audience of 120 million monthly visitors and loyal customers who shop from various product categories and channels. This means that you can get your brand in front of millions of customers who are ready to buy your product.
Selling on the Walmart marketplace comes with many notable benefits. Here are a few reasons why you should be selling on the Walmart marketplace:
To sell on the Walmart marketplace, there are some qualifications that you need to meet. These qualifications include:
Here’s a simple three-step checklist to help you get started on the Walmart marketplace:
Before selling at Walmart, you need to meet the minimum qualifications listed above. It is crucial to have everything ready to avoid any back and forth. With everything ready, the application process could take only a few minutes.
Once approved to sell on Walmart, you will need to create a seller account. Go to Walmart’s Seller signup form, fill in your name, business name, business email address, phone number, etc., and create your account.
Once done, you will receive an email requiring that you verify your business. Once you are verified, you continue to set up your account.
To verify your business, go to the seller's homepage and click on the “Get Verified” button. Then, fill out the verification form with all the details requested. This includes tax information and other business details. Once done, submit the form for review. The verification process could take up to two business days.
Once your business details are verified, you can proceed to set up your payments. You can choose between three payment processors: Payoneer, PingPong, and Hyperwallet.
Next, you will need to set up your shipping method for order fulfillment and return services. To set up your shipping, go to your seller homepage and click on Start Shipping. Choose your shipping template, fill on all necessary details, and click on Submit.
The final step is listing your products and testing orders to ensure a smooth process before going live. You can test two or three orders without shipping them. Simply check for acknowledgment of orders, order cancellation, shipping, and refund. Once all is validated, you can go live.
Walmart Seller Center is a platform on the Walmart marketplace that enables sellers to manage their products and sales.
To start selling on the Walmart marketplace, you will need to register your company via the Walmart Seller Center and update your account settings.
You can upload and manage your product listings, track your orders, monitor your inventory, and get access to several tools and resources. You can monitor your performance and optimize your selling experience using tools like the Listing Quality Score.
Also, using the navigation bar at the top, you can get customer support, view customer messages, view notifications, and edit your profile.
The Walmart Seller Center is user-friendly as it comes with several tools and resources that can help improve your performance and boost sales.
So, here are a few strategies that can help you skyrocket sales on the Walmart marketplace:
Your Walmart product listing is an essential part of your customer’s journey. The quality of your product listing can make a positive or negative impression on potential customers. What's more, Walmart recognizes a high-quality listing and uses an algorithm to calculate a Listing Quality Score that goes between 0 and 99.
Walmart will display this score on individual detail pages as well as your store’s catalog.
You can keep tabs on your Listing Quality Score through your Walmart Seller Center Dashboard.
To improve your score, you want to consider these factors:
A high-quality product listing will get more eyes on your store, increase marketing opportunities, minimize product returns, and improve the conversion rate.
Excellent customer service will always translate to positive reviews, referrals, and repeat purchases.
A customer will always tilt towards a store that can provide excellent service and improve their shopping experience.
What does excellent customer support look like? Here are some metrics to keep in mind:
Walmart is well-known for offering the lowest prices. With Walmart’s business model, setting competitive prices is the only way to stay relevant in the market.
Focus on offering the lowest but most competitive prices. This also puts you in the best position to win the Walmart Buy Box.
You want to consider two things when setting your prices. Consider your product and shipping prices before setting a price. Also, avoid running the rat race to the bottom as this could hurt your profit margin. Look out for what your competitors are doing both on Walmart and even on other marketplaces.
Invest in repricing tools like Repricer to set competitive prices and stand out from the competition.
Winning the Buy Box can drastically change the game for your business. It can increase your conversion rate and triple sales. The Walmart Buy Box is controlled by price. This includes the price of the product as well as the shipping price.
Sellers that offer the lowest prices have a higher chance of winning the buy box if they meet other criteria as well. These criteria include stock availability, good reviews, and good account health, amongst others.
Walmart is focused on giving customers a positive shopping experience. What’s more, customers will mostly make a buying decision based on customer reviews.
With this in mind, you want to ensure that you get positive customer reviews on your product pages. You can do this by encouraging your customers to drop a review via email or social media after making a purchase. You can also offer incentives to encourage customers to drop their reviews.
The better your customer reviews, the higher your rankings on the Walmart marketplace.
One of the most powerful ways to draw attention to your Walmart product listing and increase sales is to run strategic promotions.
Depending on what your goals are, you can run two types of promotions.
The Clearance promotion will display a “CLEARANCE” badge above the product. This tells customers that your deal is better than the average. This kind of promotion is effective for moving slow inventory, excess inventory, or seasonal items.
The Reduced promotion displays a “REDUCED PRICE” badge for products with $5 off on items above $100 or 5% off items that are below $100. This is also effective for slow-moving products and can give you a quick sales boost.
One way to ensure effective customer service is to do a good job fulfilling orders. This means delivering customer orders on time and also supporting customer returns or refunds.
Thankfully, Walmart offers a sophisticated Fulfillment service - Walmart Fulfillment Services (WFS). With Walmart Fulfillment Services, you can hand over the responsibility of fulfilling orders to Walmart. Thanks to their vast network of warehouses and infrastructure, you won’t have to worry about delivering products to your customers.
On the other hand, you can choose to use a third-party fulfillment service. However, you want to ensure that you can deliver a great customer experience working with them.
What makes Walmart stand out from other marketplaces is that there are no costs to set up a Walmart Seller Center account. You only need to pay referral fees each time you make a sale. These referral fees are a percentage of the total sales price for a completed purchase. These fees range from 6% to 15%.
The amount you can make as a Walmart seller depends on various factors. This includes the type of product and product category, how well you price your products, how well you advertise your products, and so on.
According to data from Jungle Scout, Walmart sellers earn at least 20% and more than half of small businesses earn over $100k annually in revenue.
The Walmart marketplace is an online platform that provides businesses the opportunity to expand their reach and sales.
With Walmart Seller Center, register your business, list and sell your products, manage your inventory, track your orders, and ultimately increase sales and profit.