On each eCommerce platform, several strategies exist to improve sales!
Boasting over 110 million monthly users, Walmart’s rapidly expanding marketplace offers sellers unprecedented potential to optimize their sales. As the world’s largest retailer and the second most prominent online marketplace, Walmart provides a perfect platform for sellers eager to enhance their conversion rates and tap into a broad customer base.
“Being the world’s largest retailer, Walmart has set its foot in the eCommerce space as the second most prominent online marketplace.”
The problem for many eCommerce businesses isn’t how to sell on Walmart Marketplace but how to boost sales and maintain their competitiveness there. You need to focus on improving your conversion rate to maximize your profits. Also, customer retention would be fine if you prioritized providing them with the greatest possible Walmart customer experience. Read the blog for further information on customer engagement techniques to drive sales.
Table of Contents
1. Price your products competitively.
Given that Walmart’s business strategy is centered on “Lowest Pricing,” offering competitive prices is crucial to your eCommerce success. When partnering with Walmart, ensuring your pricing is the most competitive on the market is essential. Analyze not just Walmart but other online marketplaces as well. Aim to deliver high value at low prices by consistently employing the Everyday Low Price Strategy (EDLP) to build customer loyalty and increase conversions. This is where tools like Kinator come into play; they enable you to track and compare your prices with competitors across multiple platforms, fostering informed decision-making for business growth.
2. Ensure adequate stock levels at all times.
Maintaining adequate stock levels is vital. Even with the most competitive pricing, customers will turn to competitors if you run out of stock. Be proactive in managing your inventory, especially if you utilize Fulfillment by Walmart. Regularly check your stock quantities and ensure timely deliveries to Walmart’s eCommerce Fulfillment Centers.
Our digital-shelf analytics tool can help you manage inventory effectively, alerting you when stock levels are low to prevent any potential sales loss.
3. Provide exemplary customer service
Exemplary customer service sets you apart as a Walmart seller. The best way to achieve excellent customer service is to provide exceptional support:
- Maintain a 24/7 customer care department to address any concerns or inquiries promptly.
- Keep an extra supply on hand in case of sudden demand spikes.
- Include FAQs, sizing guides, and other helpful resources in your online store.
- Ensure all product descriptions are accurate and complete.
These steps will enhance your brand’s reputation and make it easier for online shoppers to find and purchase your products.
4. Buy-Box for the win
5. Reviews elevate customer engagement
Because Walmart believes that the customer is always right, the value of your products or services is increased by the weight of their ratings. Ratings and reviews are what make product pages work. This user-generated content helps build customer trust, improves SEO performance, and gives buyers more information about the products they’re considering buying. The more reviews appear on product description pages, the greater the benefits for merchants and brands. Over 95% of customers read reviews of a product before they buy it, and 58% of those customers are willing to pay more for a product with good reviews (Global Newswire) .
6. Take Advantage of Walmart’s Lack of Fees
Walmart’s seller-friendly policies are transparent, as the selling costs only apply when you sell, compared to other online platforms that impose listing and account fees. It implies that if your brand is not making any sales, it has no expenses. Walmart doesn’t charge setup, membership, or monthly account fees when selling on its marketplace. Take advantage of its seller-friendly.
Walmart charges a referral fee for each order shipped. However, Walmart marketplace fees vary depending on the product category. Referral fees range from 8% to 15% of the item’s price.
7. Keep an eye on the returns programme
Customers can return anything purchased from Walmart in-store or through the company’s website, giving the company a competitive advantage. This flexibility, offered to Walmart Marketplace sellers as part of a programme called Enhanced Returns, can raise consumer satisfaction while lowering the expenses incurred by sellers. When you choose the Returns Shipping Service (RSS) offered by Walmart as your go-to choice for label printing, you may cut down on the amount of money you spend on processing your returns. This in-store service allows you to save money on customer service costs and return fees, in addition to granting you access to discounted prices.
8. Optimize your Conversion Rate by Improving Your Product Details
Customers are less likely to purchase a business if the product information presented on the product detail page needs to be more accurate and have essential details. The quality of your PDP significantly impacts a sale’s outcome. A well-executed product information page is one of the best methods to prevent returns, abandoned carts, and customer discontent. This is partly because purchase mistakes are drastically minimized when every product’s data is easily accessible. However, this is only feasible with the following pointers-
- Precise product Descriptions – Explain key features and characteristics of the product
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Use high-quality images—add at least 4 high-resolution images, size or grammage charts, and images. Rich-media videos like unboxing, demo videos, and 360-degree images add to the experience.
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Set a proper product title—50 to 75 characters. Brand Style Name + Descriptive Feature + Material + Grammar + Quantity.
Optimize the product content timely to ensure accurate and updated information is being displayed.
9. Advertise products using sponsored ads.
Walmart Marketplace provides a cost-per-click advertising platform for sellers to run their campaigns. The Sponsored Products feature raises brand awareness by exposing customers to advertisements when they buy on Walmart.com, from initial search to final purchase.
This service is always available to sellers, whether trying to meet holiday sales goals or promoting certain products.
Two sorts of campaigns exist: Automatic and Manual.
- Automatic campaigns enable Walmart’s algorithm to advertise in response to pertinent search searches.
- Manual campaigns let the seller manually choose keywords and bid on search queries that buyers use to locate items on Walmart.com. Both strategies are efficient means of generating impressions and sales.
Last but not least, make the most of the festive and holiday seasons. Walmart reported a 4.3% rise in transactions during 2023’s fourth quarter. Sales rose to 17% in the US market and 23% globally. Here are a few bonus strategies to help you prepare for the IT season.
- Email Marketing helps businesses tap larger audiences in a more personalized manner. Use it to hint at the forthcoming holiday season sales, run secret promotional discount codes for customers, and make the most of it.
- Promote collaborations with influencers and harness the power of social media marketing for enhanced visibility. Add links to the posts or stories for customers or viewers to easily access.
- Black Friday & Cyber Monday are considered the most significant eCommerce events; prepare for them in advance and save the last-minute hassle. Buckle up your inventory, ensure smooth & easy checkouts, and enhance faster deliveries for an incredible customer journey and a fruitful experience.
Conclusion
By adhering to fundamental principles like accurate product descriptions, comprehensive delivery information, and robust client evaluations, you can optimize your operations and ascend to the top ranks of Walmart Marketplace sellers. Team up with a professional team specialized in eCommerce to further refine your strategies and achieve significant growth on Walmart.com. Contact us at info@paxcom.net or book a free call here.
