With a growing customer base and low competition, an excellent reputation, and millions of unique online visitors monthly, the Walmart online marketplace is a platform that allows online retailers to grow and expand their business within a short period.
Thanks to its sophisticated features, online retailers and business owners can sell products on Walmart and maximize their potential.
However, to become a Walmart seller that is effective and ultimately successful, it is important to know and implement effective selling strategies for selling on Walmart.
In this article, we will run through 8 Walmart selling strategies on how to sell products on Walmart and how to increase online business revenue.
Here are some of the best selling practices to grow sales and revenue in the Walmart marketplace.
To increase search visibility, reach your target audience and ultimately get to the first page on the Walmart marketplace, you need to optimize your product listing.
Not only does optimizing your product listing increase search visibility but it also helps you rank better, qualifying you to win the Buy Box. Here are simple ways to optimize your product listings and increase search visibility in the Walmart online marketplace:
With Walmart's Listing Quality Dashboard, you can access your performance, review Walmart's improvement suggestions, and improve on your product listing.
The dashboard reveals your average listing quality as well as a product-by-product breakdown showing the strength of your listing. If you click on “Details'' for a product, Walmart will take you to the “Items Detail Page” where you can access opportunities to improve your product content and pricing.
Walmart will also show you which part of your content (product title, description, images, etc) needs improvement.
With this tool, you can maximize potential, increase organic rankings and sales.
Customers want to get the best products at the lowest possible prices. This is something that Walmart considers very seriously. It is also a major determinant for winning the Buy Box. If your prices contradict Walmart's pricing rule, your product may not get published. Worse still, your account could be suspended.
When setting your prices, consider your product prices and shipping costs to ensure you are still making a profit while setting low prices.
With millions of searches on the Walmart marketplace, you can leverage Sponsored Ads to get your products in front of your customers. With Sponsored Ads, your products can appear in high-traffic placement areas such as Search In-Grid, Product Carousel, and Buy Box.
Walmart considers factors like product title and description, product category, and frequency of clicks for ranking Ads.
Running sponsored Ads increases search visibility. It also increases velocity for your best seller products and seasonal items.
There are two types of Walmart Sponsored Products Campaign: Automatic campaign and Manual campaign.
Automatic campaigns give your product maximum exposure. They are best for brands that are new to advertising or brands who want to launch a product.
Manual campaigns allow advertisers to handpick their keywords to bid on. They are best for brands that know their customers and have some history selling on Walmart.
You may have the lowest prices amongst your competitors, but having no products in-stock will easily turn your customers to your competitors and decrease your chances of winning the Buy Box. Ensure you monitor your inventory levels and avoid running low on inventory. If you are using Fulfillment by Walmart, ensure you keep close tabs with your suppliers and make sure your products get to the Walmart e-commerce fulfillment center at the right time.
Your Order Defect Rate (ODR) is an important seller metric that determines your performance in the Walmart marketplace.
The Order Defect Rate metric takes into account Cancellation Defects, Delivery Defects, Return Defects, and Customer Complaints.
Walmart sellers are expected to meet the following performance metrics:
Walmart will give sellers 30 days to improve If they are unable to meet up with these standards. However, if this does not happen, Walmart may suspend seller privileges.
The best selling strategies are customer-centric strategies. Delivering the best customer service improves buyer trust and attracts repeat customers who can become loyal fans of your brand. Plus, they are more likely to drop a good product review on your page. Also, loyal customers improve word-of-mouth marketing, attracting new customers.
Here are a few ways to get your customers coming back to your online store:
Here are some customer support metrics you should also pay attention to:
One of the best ways to draw eyes to your product listing and increase sales is to run promotions.
You can run promotions under one of these badges: Clearance or Reduced.
Running the Clearance promotion displays the CLEARANCE badge which tells customers that they are getting a better than average deal on the product. This promotion can help you get slow-moving products or seasonal products out of the way.
On the other hand, running the Reduced promotion shows customers the REDUCED PRICE badge of $5 off on products more than $100 or a 5% off on products lower than $100. This type of promotion helps give your product a boost.
Walmart has a powerful reputation and consciously picks bestsellers to sell on the platform. They also ensure that sellers maintain good credibility and reputation while selling on the platform.
To maintain your credibility, ensure that your fulfillment process is a smooth procedure from start to finish.
Walmart also requires that you maintain a feedback rating of 99%. This is in addition to a customer rating of 4.5 stars.
Maintaining your credibility not only ensures you stay relevant on the platform but also builds buyer trust.
Selling on the Walmart marketplace presents so many opportunities for online retailers. By implementing the right selling strategies, you can make the most out of the platform, increase sales and expand your business in no time.