Being a retailer, your goal is to attract as many consumers as possible and sell as much as feasible. However, merely planning to sell on your website restricts your audience to those who are already aware of you and actively seeking your products. A significant portion of people never discovers your website.
Listing your products on marketplaces, like Walmart, is one method for expanding your reach and increasing your earnings.
“We save people money so they can live better” sums up Walmart’s mission and tagline.
Because Walmart has always stayed true to its mission and continually sought to provide low everyday costs to its customers, the company has created a solid and loyal customer base throughout its 50-plus years of existence. Customers who enter a Walmart store are aware of the store’s commitment to low prices.
Walmart makes it possible for its consumers to choose from various brands, products, and services by working with Marketplace Sellers.
In a nutshell, Walmart allows sellers to sell their goods on Walmart.com, which offers the same advantages and benefits as other massive marketplaces. The fact that Walmart has less sellers over its marketplace than Amazon benefits brands and sellers by reducing competition. It’s much easier to stand out and achieve your company goals if you sell on Walmart!
If you’re interested in finding out more about the factors that make Walmart different from its competitors, then read further –
- Strong online presence- Walmart is keeping up with the trend of customers shopping online rather than going to a physical store. It’s also helpful that the company’s website is mobile-friendly. It also has an app, allowing customers to browse and buy while they are outside.
- Wide range of services- Walmart offers a wide range of services to its consumers in addition to a broad range of products. Customers can, for example, exchange their outdated electronics for gift cards through the trade-in program. The company also has a service where you can print your photos or make them into gifts. It also has a service for registries and lists, box subscriptions, and much more.
- Everyday Low Price- Walmart’s strategy is built on the premise of low prices every day.
It may seem evident now, but retail margins were relatively high at the time, ensuring substantial returns even if sales volume was low. On the other hand, Walmart proposed lower profit margins, necessitating increased sales volume and expense reduction.
As a result of the low prices, customers are more likely to stick around. A stable cash flow, increased revenues, and better margins for the business result from this.
Walmart business model
Walmart serves 270 million customers in 11,700 shops. Its business approach is to be competitive in assortment, differentiate in access, lead in pricing, and give an amazing experience with EDLP (Everyday Low Prices).
Walmart has two fundamental business keys:
- One-stop shop
- Everyday Low Cost or Everyday Low Price
The addition of same-day delivery has completely altered the company’s business model!!
Everyday Low Price is one of Walmart’s goals to cut costs. It has an Omnichannel presence to offer a large selection of goods to customers in the US and globally.
In addition to its vast infrastructure, Walmart has made major investments in the growth of its online platforms.
The best ways to succeed as a seller on Walmart
Get Your Hands On The Walmart Buy Box!
It’s beneficial to win the buy box if you want more sales or conversions. When it comes to the buy box at Walmart, pricing—both the selling price and the shipping price—is a determining factor.
This implies that the seller who is willing to accept the lowest offer has a greater likelihood of making the sale, provided that a number of other prerequisites are satisfied.
Create product bundles to sell
As a seller on Walmart Marketplace, you should be aware that product bundles have the potential to assist in the expansion and success of your company. Product bundles are an excellent tool for your team to use in the effort to clear up slow-moving inventory while at the same time delivering additional value to the customers who purchase the bundles.
As Walmart’s business model is based on “Lowest Prices,” offering competitive prices is critical if you want to succeed in the realm of eCommerce.
The lower your pricing, the better your partnership with Walmart will be. Also, observe what other businesses in your industry are up to.
Optimize the fulfillment process
As the name suggests, Walmart Fulfillment Services, or WFS, is a fulfillment service provided by Walmart that handles all aspects of inventory storage, order fulfillment, refunds, and customer service for its sellers.
To ease the burden of order fulfillment, WFS can also provide access to the Two-Day Delivery program.
Why Should You Sell Your Products on Walmart?
One of the most significant advantages of selling on Walmart is the low marketplace fees for both brands and sellers. The only time merchants are compelled to pay a referral fee is when their product is sold. The referral fee varies based on the category: 8% for gaming consoles, 15% for groceries, 20% for jewelry, etc.
Customized return policy
Walmart Marketplace brands and sellers can set their own return policies. Sellers can set return conditions that are fair to customers and good for business. They have to submit a return policy that doesn’t go over 4,000 characters.
Increase Your Market Share
Every month, more than 120 million individuals visit Walmart’s online marketplace. Walmart’s Everyday Low Prices promise attracts shoppers shopping for low-cost items. Brands and retailers can now get a new online presence that they might not be able to access on Amazon.com or through their own website.
Steps for Selling on the Walmart Marketplace
Step 1: Sign up to sell on the Marketplac
To become a Walmart seller, go to marketplace.walmart.com, select the “Request to Sell” button, and fill out all fields. If you already possess the necessary information, completing it should not take you more than 10 minutes of your time.
Step 2: Registration
The next stage is being approved to sell on Walmart.com. There are six phases involved in the process of registering your business, which you’ll be notified of by email.
The signup process for Walmart Marketplace:
- Creating an Account
- Retailer Agreement with Walmart
- Tax paperwork for registering a business
- Information on the transfer of funds
- Shipping information
Step 3: Wrap up Item Setup
Setting up your products for Walmart Marketplace is the hardest part of making an account, which makes sense since this is where you put all your information (pictures, video, long and short descriptions, attributes, etc).
Request for a consultation call in case you need help in listing & creating content for product detail pages on walmart.
Click the “Validate Fields” button once you have ensured that all required fields have been filled out. Make the necessary corrections to the fields that have been highlighted, and then submit your file to the Seller Center.
Once everything is done, the status of the items in your Seller Center will change to “Active.”
Step 4: Test and launch
Before going live, make sure you have a few things to test before activating your account. You must upload and test your products. Use this tool as an early warning system for any issues that could harm your consumers’ experience with your product names or pricing.
Set up your best-selling item as a test product and make sure to generate complete listings with precise information and price.
Place a few test orders by publishing two or three items and then placing your own test orders. Simply test the following in the Seller Center- order acknowledgment, order cancellation, shipment, and return.
Once everything is working, you may go live on Walmart Marketplace. Walmart will review your account, then make it live. Once your store is live, items are discoverable within 24 to 48 hours and can be transacted within a few hours.
Overall, anyone who is interested in growing their e-commerce business and establishing their online presence in the United State, should consider using Walmart Marketplace as one of their platform of choice. The procedure of acceptance is quite selective; however, sellers that have expertise in selling high-quality products in other marketplaces may choose to apply for this one.
The Paxcom team helps brands/sellers achieve global success, from introducing a new product in a new market to expanding their presence in an existing one.. Our experts understand the challenges of the market and are proactively implementing business strategies and investments to mitigate them. For more information, you can connect with us at firstname.lastname@example.org or request for a consultation call here.