On each eCommerce platform, several strategies exist to improve sales!
With more than 110 million monthly users, Walmart is a rapidly expanding marketplace that has given many sellers access to a “Perfect Platform” with unprecedented potential for optimizing conversion rates. Walmart has the potential to sell over 11 million unique products. That’s why it’s in your best interest to learn everything you can about selling on Walmart to boost profits.
The problem for many eCommerce businesses isn’t how to sell on Walmart Marketplace but rather how to boost sales and maintain their competitiveness there. To maximize your profits, you need to focus on improving your conversion rate. 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 such strategies.
Table of Contents
Price Your Products Competitively
Given that Walmart’s business strategy is based on the idea of “Lowest Pricing,” it is essential to offer competitive prices to succeed in eCommerce.
When you work with Walmart as a partner, you must ensure that your pricing is lower than your competitors. Analyze your competitors’ activities, not simply on Walmart but also on other online marketplaces. This is where Kinator can help! By tracking your and your competitors’ prices across different platforms, you’ll be able to build and grow your Walmart business with our tool.
Ensure Adequate Stock Levels At All Times
Even if your pricing is the most competitive compared to those of your competitors, if you do not have any products in stock, customers will immediately turn to one of your competitors for what they need. Be cautious about checking the quantities of your stock so that you can stay put. Keep a tight check on your suppliers and make sure that your items are delivered on time to the Walmart eCommerce Fulfillment Center if you are using the Fulfillment by Walmart service.
Provide Good Customer Service
As a Walmart Seller, offering quality service is the best way to stand out. The greatest approach to achieve this goal, as it is in every retail sector, is to provide exceptional service to your customers.
If you follow these guidelines, you’ll be able to maintain a good reputation and get more praise from customers. Fortunately, Walmart already emails consumers asking for feedback on products. Providing a satisfying retail environment is all that is required. This is reasonably simple to achieve if you:
- Maintain a 24/7 customer care department to address any concerns or inquiries from customers
- Keep an extra supply on hand in case of a sudden surge in demand
- Add a FAQ, sizing guides, and other helpful resources to your online stores
- Make sure that the descriptions of your products are correct and full
By taking these measures, you can boost your brand’s reputation and make it simpler for online buyers to find your products.
Get The “Buy Box”
Though Walmart allows customers to peruse listings from different sellers, only one seller’s listing is included on the product page’s Buy Box, which also contains the Add to Cart button.
Sellers compete for the coveted “Buy Box,” which increases visibility and, in turn, increases the likelihood of a purchase being made. What does it take to get the coveted Walmart Buy Box?
The Buy Box almost always features the item at Walmart’s lowest price. As a result, maintaining low prices and ample supply are musts if you want to get the Walmart Buy Box.
Positive Customer Reviews
Because Walmart believes that the customer is always right, the value of the products or services you give 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. According to research from Bazaarvoice, a single review increases orders by 10%.
Take Advantage Of Walmart’s Lack Of Fees
Walmart marketplace selling costs only apply when you actually sell, in comparison 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. When selling on its marketplace, Walmart doesn’t charge setup, membership, or monthly account fees.
For each order shipped, Walmart charges a referral fee. However, Walmart marketplace fees vary depending on the product category. Referral fees range from 8% to 15% of the item’s price.
Keep An Eye On The Returns Program
Customers have the ability to return anything purchased from Walmart either in-store or through the company’s website, which gives the company a competitive advantage. This flexibility, which is offered to Walmart Marketplace sellers as part of a program called Enhanced Returns, has the potential to raise the level of consumer satisfaction while also 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.
Optimize Your Conversion Rate By Improving Your Product Details
Customers are less likely to make a purchase from a business if the product information presented on the product detail page needs to be more accurate and 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 due to the fact that purchase mistakes are drastically minimized when every product data is easily accessible. However, this is only feasible with the following pointers-
- Write a Proper Product Description
- Use High-quality images
- Set a Proper Product Title
- Add specifications
Advertise Products Using Sponsored Ads
The Walmart Marketplace provides its own cost-per-click advertising platform for sellers to run their own 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 they’re 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.
Conclusion
If you follow some basic principles, such as accurate product descriptions, delivery information, and client evaluations, you may optimize, improve, and eventually become a top seller on Walmart Marketplace. Focus your tactics on providing the most delightful shopping experience possible for Walmart’s customers and optimizing conversion rates. Team Up with a Professional Team Specialized in eCommerce! If you’re in doubt about how to start selling efficiently on Walmart.com or how to scale your business in the US market, kindly connect with us at info@paxcom.net or request a consultation call here.
