But simply listing your products on Walmart Marketplace isn’t enough. To be successful on this platform, you need to develop a robust strategy that aligns with your business goals. Here are some tips on how to build a successful Walmart Marketplace strategy:
Understand Walmart Marketplace’s Requirements and Policies
Before you even start listing your products on Walmart Marketplace, you need to make sure that you meet all of the platform’s requirements and policies. Walmart has a strict vetting process, and not all sellers are accepted.
Some of the key requirements include:
- A professional business entity (LLC, corporation, etc.)
- A US Tax ID and bank account
- A minimum of 2 years in business
- A proven track record of selling products online
Once you’re accepted, you’ll also need to comply with Walmart’s policies on pricing, shipping, and customer service. Make sure you fully understand these policies before you start selling.
Research Your Competitors
Before you start listing your products on Walmart Marketplace, it’s important to research your competitors. Look at what other sellers are offering, their prices, and their ratings and reviews. This information will help you identify gaps in the market and develop a competitive pricing strategy.
Walmart also has a “Buy Box” feature that highlights the top-performing sellers for a particular product. By understanding what it takes to win the Buy Box, you can optimize your pricing, shipping, and customer service to increase your chances of winning it.
Optimize Your Product Listings
Once you start listing your products on Walmart Marketplace, it’s important to optimize your listings for visibility and conversions. This includes:
- Writing compelling product titles and descriptions
- Using high-quality product images
- Offering competitive pricing
- Providing accurate product information, including size, weight, and dimensions
- Including keywords that customers are likely to search for Walmart Marketplace
Walmart also has a “Product Content Quality” program that evaluates product listings based on their accuracy and completeness. By optimizing your product listings, you can increase your chances of ranking higher in search results and winning the Buy Box.
Offer Competitive Pricing and Shipping
One of the key factors that customers consider when making a purchase on Walmart Marketplace is pricing and shipping. Walmart’s algorithms prioritize sellers who offer competitive pricing and fast shipping.
To be successful on Walmart Marketplace, you need to offer competitive pricing that’s in line with what other sellers are offering. You can also use Walmart’s price automation tools to adjust your prices automatically based on market conditions.
Similarly, you need to offer fast and reliable shipping to win over customers. Walmart offers several shipping options, including standard, expedited, and two-day shipping. By offering fast and reliable shipping, you can improve your chances of winning the Buy Box and earning higher sales.
Provide Excellent Customer Service
Finally, to be successful on Walmart Marketplace, you need to provide excellent customer service. This includes responding to customer inquiries promptly, resolving issues quickly and effectively, and offering refunds or returns when necessary.
Walmart Marketplace also has a rating system that allows customers to rate their experience with a seller. By maintaining a high rating, you can improve your chances of winning the Buy Box and earning higher sales.
In conclusion, building a successful Walmart Marketplace strategy requires careful planning and execution. By understanding the platform’s requirements and policies, researching your competitors, optimizing your product listings, offering competitive pricing and shipping, and providing excellent customer service, you can increase your chances of success on this growing eCommerce platform.
Looking to build a successful Walmart Marketplace strategy? Purple Cow is here to help. Our expert team can guide you through every step, from listing optimization to marketing and promotions. Stand out from the competition and drive sales with a custom Walmart Marketplace strategy tailored to your business. Contact us today to get started.