In mid-2023, Walmart underwent significant updates that directly impacted both Walmart sellers and buyers. These changes have opened up new opportunities for Walmart Marketplace sellers to reach millions of customers. In this blog post, we’ll provide you with expert guidance on strategies to succeed on Walmart. In the following sections, we will delve into the details of four proven strategies that will help you unlock the full potential of your Walmart Marketplace journey.
A quick view into the article:
- Listing and Content Quality
- Competitive Pricing
- Optimizing Shipping Settings
- Monitoring Performance Metrics
- Our Success Story: Results of Implementing These Strategies
- Final Thoughts
Listing and Content Quality
Your product listings and content quality can be the deciding factor in your sales success. To stand out from the competition, ensure that your product listings are accurate, informative, and visually appealing. Features such as high-resolution images, detailed product descriptions, and accurate specifications not only attract more customers but also instill trust in your brand. Growth Opportunities is a valuable tool on Walmart that helps you enhance your content quality based on their requirements. To access this tool –
Go to Walmart Seller Center and navigate to the Analytics tab. Then, go to the Growth Opportunities section, where you’ll receive personalized recommendations for each item based on Walmart’s guidance. You can make improvements based on their suggestions, ensuring your listing quality aligns with Walmart’s best practices.
By clicking on Details, you can identify issues that need improvement. For example, your product title may have multiple issues, such as missing key attributes, improper capitalization, or excessive length. To fix these issues, adjust your product title to meet Walmart’s requirements. These improvements will enhance your listing’s quality and ultimately attract more customers and drive success.
Competitive Pricing
Offering competitive prices is crucial for driving sales. Understanding market trends and analyzing your competitors’ pricing strategies is essential. When launching a new product, it’s advisable to remain competitive in terms of pricing. If you’re facing intense competition, consider initially lowering your prices to stimulate sales and then gradually increasing them.
For those selling the same product on multiple platforms, it’s important not to price your products on Walmart higher than on other platforms. Ideally, you should set your prices equal to or lower than on other platforms. Additionally, to ensure you’re staying competitive when multiple sellers are vying for the same listing, consider using a price tool like Informed.co. This tool can help you monitor and adjust your prices in real time to stay competitive in a highly competitive marketplace.
In Walmart’s Growth Opportunities, you’ll find the Competitive Price section. If you see a “No Match” status, it’s an indication that your price may not be competitive compared to other platforms like Amazon. To address this: If you find a “No Match” status for a specific listing, click on “Submit a price match.”
Now if you have the same item listed on Amazon with a higher price, input the ASIN in the provided field. Then click “Submit.”
Conversely, if you find that the price on Amazon is lower than the Walmart price, then update the price on Walmart to make it lower than the Amazon price. Then, submit the updated price. This action lets Walmart know that you are committed to offering competitive pricing and not setting higher prices compared to other platforms.
By following these steps and staying competitive, you can maintain a strong position in the market and attract more customers, ultimately boosting your sales on Walmart.
Optimizing Shipping Settings
Shipping settings play a pivotal role in increasing sales and enhancing customer satisfaction. Offering a fast delivery promise on your product pages can significantly boost your conversion rate. To achieve this, you need to build a robust shipping strategy tailored to your preferences.
Walmart allows you to create and customize shipping templates, which include options for standard, two-day, and one-day shipping. These templates can be tailored to different regions and items, providing you with flexibility. Setting multiple transit times can help you meet your customers’ expectations, and it’s an excellent way to optimize your shipping performance. To access these –
Go to your Walmart Seller Center account Settings, and click on the Shipping Template.
When you initially access this section, you’ll find default shipping templates. You can Edit these templates to customize them according to your preferences. If the default templates don’t suit your needs, you also have the option to create new templates from scratch.
Within these templates, you’ll find the choice to offer standard two-day and one-day shipping, depending on your preferences. Simply select the options that align with your shipping strategy and save the template. Once you’ve saved the template, you can assign SKUs to the specific template. This allows you to ensure that each product follows the shipping guidelines you’ve set.
By creating and customizing shipping templates, you can offer efficient shipping options to your customers, ultimately enhancing their experience and increasing your conversion rates.
Monitoring Performance Metrics
To ensure compliance with Walmart’s policies and guidelines, you must monitor and maintain performance metrics. Failing to do so could result in account suspension. It’s crucial to keep a close eye on metrics such as the order fulfillment rate, valid tracking rate, seller response rate, refund rate, and cancellation rate. These metrics should consistently stay within the accepted thresholds.
You can easily check these metrics by navigating to the Performance section in the Analytics tab of your Walmart Seller Center account.
Maintaining a high standard is essential, and the key metrics include –
- On-time delivery rate (>95%)
- Valid tracking rate (>99%)
- Seller response rate (>95%)
- Refund Rate (<6%)
- Cancel Rate (<2%)
It’s highly advisable to check your performance metrics often to ensure that you’re in good standing. This is a critical aspect of your success on Walmart’s platform, and monitoring your performance metrics is now conveniently accessible in one place. You can reduce the risk of account suspension and maintain a healthy account on Walmart.
Our Success Story: Results of Implementing These Strategies
We started working on this Walmart account in the first quarter of 2023, with a notable challenge. The sales volume at that time was 47% lower than the previous year, with a total of 808 orders.
Despite the initial setbacks, we were determined to turn the situation around. We audited our account and implemented well-thought-out plans, and the second quarter, which includes April, May, and June, brought about a remarkable turnaround.
In this quarter, our sales increased by 12.97%, compared to the previous year. Notably, the order volume almost doubled in comparison to the first quarter, reaching a total of 1,500 orders.
We maintained this upward trend, achieving a 24.25% increase in sales in the third quarter, which includes July, August, and September.
Final Thoughts
By following these strategies, you can anticipate significant results on Walmart. Success in e-commerce requires dedication and meticulous attention to detail, but the rewards are substantial.
If you have any queries, please let us know through the comment box or email us at info@ecomclips.com. We understand that every situation is different, so we offer a personalized approach to our service.
To know more about Walmart, please check out our other blog. Also, you can check our YouTube videos related to Walmart.
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