Amazon and Walmart are the two major players in ecommerce marketplaces. And although Amazon still leads in online sales, Walmart Marketplace has the potential to offer sellers less competition and more visibility. However, like Amazon Marketplace, sellers must learn to optimize storefronts, content, advertising and product pricing to succeed while navigating Walmart’s rules and regulations.
A brief look at Walmart Marketplace
Walmart Marketplace functions like Amazon Marketplace. Brands apply, create an account, onboard, build a storefront, develop content, list products and start selling to Walmart’s audience of 120 million unique visitors per month.
Walmart offers low startup costs and reliable fulfillment and ensures the platform is a trustworthy place to sell. Walmart Marketplace is known to have a more rigorous application process, but that gives sellers enhanced transparency, listing clarity and policy stability.
Walmart Marketplace quick facts:
- Per Walmart, “There is no setup, monthly, or hidden fees for any sellers. Instead, you pay for what you sell. We deduct a reasonable referral fee from each completed purchase. Our commission rates vary by category and total sales price but range from 6% to 15%.”
- Walmart Marketplace offers catalog management, brand management, advertising, fulfillment and returns.
- Sellers can allow customers to return online or in-store.
- Merchants can set their own inventory levels.
- The Repricer tool lets sellers swiftly match competitor pricing.
7 Tips for maximizing your sales potential
Maximizing your sales potential is critical to remaining competitive. Higher sales drive revenue and contribute to brand growth and market share expansion. Maximizing sales throughout your channels can increase profitability, let you invest in innovation and expansion and maintain a sustainable business model. A strong sales performance can also drive brand visibility and credibility. Use these seven tips to maximize your potential on Walmart Marketplace:
1. Optimize your product listings
Your Walmart Marketplace product listings are essential for achieving visibility, attracting customers and driving sales. High-quality product listings enhance the shopper's browsing experience but also have the power to instill confidence in the product and brand. To optimize product listings effectively, brands should focus on several key areas:
- Craft compelling product titles that are descriptive, concise and include relevant keywords
- Optimizing product descriptions with detailed information, features and benefits
- Include high-quality images from multiple angles and perspectives to give a clear understanding of the product's appearance and quality
SEO
Utilize keywords and search terms strategically throughout the product listing to improve discoverability and search ranking. Conduct keyword research to identify relevant terms and phrases that resonate with Walmart Marketplace's audience. Incorporate these keywords naturally into product titles, descriptions and backend search terms, which can increase the likelihood of appearing in relevant search results. By optimizing product listings with high-quality content and strategic keywords, brands can maximize their visibility, attract more customers and build trust while giving customers the information they need to make a purchasing decision.
2. Price products competitively
Competitive pricing is paramount for success on Walmart Marketplace as it directly impacts a brand's ability to attract customers and drive sales. With numerous sellers offering similar products, pricing competitively can differentiate a brand and entice shoppers to choose their offerings over competitors. To price products competitively, brands should:
- Conduct thorough market research to understand pricing trends, competitors' pricing strategies and consumer expectations
- Utilize dynamic pricing strategies, such as pricing based on market demand, seasonal trends or competitor pricing changes
- Implement a pricing strategy that balances competitiveness with profitability
Walmart Marketplace provides seller tools like the Repricer, which automatically adjusts prices based on predefined rules and competitor pricing changes: Leverage Walmart's Repricer and other pricing tools to maintain competitive prices in real time. In addition, strive to react swiftly to market changes and optimize your pricing strategies for maximum impact. When you stay agile and strategic with pricing decisions, you can effectively compete on Walmart Marketplace and attract price-sensitive shoppers.
3. Leverage promotional opportunities
Walmart Marketplace offers various promotional opportunities for sellers to boost visibility. These opportunities include running discounts, offering deals, participating in seasonal promotions and leveraging Walmart's special events like Black Friday and Cyber Monday. To run effective promotions and deals on Walmart Marketplace, brands should:
- Carefully plan campaigns, setting clear objectives and tailoring promotions to resonate with their target audience
- Offering limited-time discounts, bundle deals or free shipping to incentivize and create a sense of urgency
Brands can also invest in Walmart's advertising options to increase reach on the marketplace. Utilize sponsored product ads, display ads and other advertising formats to target specific customer segments, promote new products or increase brand awareness. It's essential to monitor the performance of any promotional campaigns by analyzing key metrics. Use the results and strategies accordingly to maximize your impact and ROI on Walmart Marketplace.
4. Provide excellent customer service
Negative customer experiences can prove catastrophic for a brand since 73% of consumers will switch to a competitor after multiple poor interactions. Providing excellent customer service on Walmart Marketplace is critical to building a following, driving sales and maintaining a positive brand reputation. Positive customer experiences not only lead to repeat purchases but also encourage word-of-mouth recommendations, which can attract new customers to the brand. Prioritize responsiveness, professionalism and empathy in your interactions with customers. Respond promptly to customer inquiries. Address any concerns or issues and provide helpful, informative responses that build trust.
Brands should also ensure transparency and clarity in their policies regarding returns, refunds and exchanges. You can demonstrate a commitment to customer satisfaction by handling returns and refunds promptly. To provide excellent customer service on Walmart Marketplace:
- Implement clear communication channels, efficient processes and fair resolutions
- Effectively manage returns, refunds and customer inquiries
- Invest in training that empowers customer service representatives to handle inquiries and resolve issues effectively to maintain high levels of customer satisfaction on the platform
5. Aim to win the Walmart Buy Box
The Walmart Buy Box is a prominent feature on Walmart Marketplace that allows customers to quickly add a product to their cart for purchase. It typically displays the product offered by a specific seller that Walmart determines as the best option based on various factors.
To win the Walmart Buy Box, focus on pricing competitively, maintaining high seller performance metrics, offering fast and reliable shipping, optimizing product listings with relevant keywords and high-quality images and ensuring sufficient stock availability. Participating in Walmart's Fulfillment Services, utilizing Walmart's advertising options to increase visibility and providing excellent customer service can also improve your chances of winning the Buy Box.
Cart.com for Walmart Marketplace services
Navigating ecommerce marketplaces is not always easy for brands handling it on their own. Marketplace Management services can help you create winning strategies and maximize potential sales. Contact us today to find out more.
