Whether you are a beginner, intermediate, or experienced seller branching out from Amazon and eBay, Walmart could be a better option for you, but a simple Walmart account registration will not guarantee success.
Instead, you will need to tap into the market dynamics of Walmart to understand how it operates and how you can use it to your advantage.
Each marketplace has its own way of working. In this article, we will go through seven strategies to boost your sales figures and take your Walmart seller account to new heights.
So, let’s roll!
1. Competitive Pricing
Even if you have not been involved in the e-commerce business as a seller, you would know from your experience as a customer that prices matter a lot. In fact, many people visit online stores only to compare the prices of the options available to them.
While selling at Walmart, offering the lowest prices can give you a massive edge over other market players. But it’s important not to start a price war that will cut your profit margins to the point where you can’t stay in business.
Further, you should check if offering prices lower than the market average would keep your business profitable in the long run. This strategy is not worth it if you risk losing money in the long run or significantly cutting your profits.
2. Inventory Management
Running short on stock can harm your business, even if you offer the lowest prices in the market. Your price concession would mean nothing to the customers if you were out of stock.
Walmart is also known for selling things that you might not be able to find easily elsewhere.
Additionally, as part of your Walmart inventory management strategy, you should maintain a certain level of buffer stock in case of delays and prolonged lead times.
Moreover, having a defined reorder limit at which you must place an order to get more stock is also very effective for inventory management.
3. Selling Products that are Short in the Market
Walmart has a massive list of items for people to choose from. The number of choices it offers to its visitors sets it apart from many other online stores.
In addition, Walmart has a reputation for providing things that might not be readily available elsewhere.
With that in mind, you should look for items unavailable in most other marketplaces. Selling products that are short in the market is a very effective strategy.
4. Customer Support
Walmart is not exactly known for its best customer support policies. While other suppliers are maintaining the status quo, you could stand out by being more conscious about in-house customer support.
You can work on the following to improve your customer service and, as a result, your sales:
- Shipping Rate
- Product shipped rate
- Product cancel rate
- Return of damaged and defected items
- Answering customers’ calls and emails
5. Getting Reviews
In online shopping, where customers cannot see the products in person, they heavily rely on the experiences of others. Yes, we are talking about customer reviews!
In online shopping, where customers cannot see the products in person, they heavily rely on the experiences of others. Yes, we are talking about customer reviews!
The more positive reviews you gather, the greater the chances are that your product will rank higher in the search results. A higher ranking ensures improved visibility.
We all know customers are not interested in scrolling through page after page to make their pick. Instead, they will look at a few top results and make their decision.
Having your product in those top results due to positive reviews, among other factors, can significantly boost your sales.
6. Leverage Walmart Policies
If you have worked on Amazon, you will know that you are required to pay monthly fees, such as account subscription, storage, shipping, FBA, referrals, etc. At Walmart, however, you are required to pay only for the referral based fees on the category of the product.
So, make use of those savings to increase your business elsewhere, including by offering free shipping (if it is possible) for increasing your product range and running promotions, or any other thing that will benefit you. For instance, you can use it for Walmart Marketplace advertising. In the same way, you could use Walmart account management services to better and more effectively take care of your account.
7. Running Promotions
A tried and tested way to boost your sales is by running well-thought-out and timely promotions. It will attract more buyers to your product listing and improve your sales. You could pick from the following types of promotions:
- Clearance: This type should be used only when you’re trying to clear out your inventory by significantly reducing the price (e.g., when an item is discontinued). This promotion will display a “CLEARANCE” badge above the product.
- Reduced Prices: Another form of Walmart marketing is reducing prices. If you cut down the price of an item under $100 by at least 5% or give a discount above 5$ on products over $100, you can use the Reduced Price tag. This type can be used to grab the customer’s attention during peak shopping periods throughout the year or during special merchandising events on Walmart.com. (e.g., Black Friday or Cyber Monday).
Are you Ready to Deploy These Strategies?
If you want to boost your sales on Walmart and scale your business quickly, you need to understand how the marketplace works. Looking at common strategies can help you understand market dynamics.
You can use a strategy or combination from the above list to improve your sales figures. Each time you change your strategy, you should track your results. It will help you develop a holistic plan for your Walmart account management that suits you and the product.
