If you’re in the e-commerce selling space, you already know you need a list of strategies to sell on platforms like Amazon or eBay in 2023. Walmart is no exception since it’s a vast marketplace.
To succeed there, you need effective Walmart strategies tailored for success. In addition, Walmart is constantly innovating and trying new things, so you must stay up-to-date with changes.
That’s why we created this article, to provide the top 10 Walmart strategies to improve your sales in 2023. These strategies are tried-and-true techniques that have been proven to help sellers gain more visibility and boost their sales on Walmart Marketplace.
In addition, we will cover topics like Walmart selling strategies, Walmart buy box tactics, Walmart seller policies and procedures, as well as other tools and tricks of the trade. Read on.
Proven Walmart Strategies to Succeed
Below are 10 Walmart seller strategies to help you improve your sales today:
1. The Lowest, Most Most-Competitive Price Wins the Race
No, we don’t mean having the lowest, most-competitive price wins the customer every time. But, on Walmart’s website, it does help. Walmart has a competitive seller environment where the lowest price usually wins the Walmart Buy Box. Having effective Walmart pricing strategies will help you stay ahead of your competition.
Walmart Buy Boxes are Walmart’s way of highlighting the best seller for the product, giving them more visibility and sales. Walmart runs an automated system to decide which retailer will get the Buy Box, and it’s usually determined by who offers the lowest price. Walmart also has a fixed pricing policy, so follow Walmart’s rules when setting your prices.
When it comes to your Walmart pricing strategy, you want to focus on more than just the price, however. Walmart also considers factors like customer service quality, inventory levels, and delivery times. Walmart buyers prefer to buy from sellers with good customer service, so make sure you provide an excellent experience for Walmart shoppers.
2. Keep Your Inventory Stacked
Shoppers want to buy things quickly. Walmart’s goal is to have products delivered within two days or less. That means Walmart sellers need to keep a steady supply of inventory available so they can meet Walmart buyers’ demands.
One of the best ways to do this is by forecasting demand for your products and ordering accordingly. Use your past sales data and trends to project how much inventory you’ll need in the future. Additionally, establish a relationship with your suppliers and communicate with them regularly to avoid supply chain disruptions.
Implementing inventory management software can also be useful to track your inventory levels, set reorder points, and automate purchase orders. Ecom Circles Automation Software offers an inventory management feature that automatically and frequently update stock and prices across platforms to prevent stock-outs and losses.
By keeping your inventory stocked, you can ensure that you’re meeting customer demands, reducing the risk of lost sales and negative feedback.
3. Diversify Your Inventory
Another point you’ll want to keep in your Walmart seller strategy is diversifying your inventory. Walmart offers a wide range of products, so it’s crucial to find the right ones for your Walmart listings.
In addition, you want to focus on items with high demand and low competition. This way, you can capture more Walmart sales without competing with other Walmart sellers.
Consider expanding your product offerings to include different brands, styles, sizes, colors, and price points. Another way to diversify your inventory is to source products from different suppliers and manufacturers.
This will help you avoid relying too much on a single supplier or product, which could be risky in case of supply chain disruptions or market changes. By diversifying your inventory, you can offer more options to customers, reduce the risk of stockouts, and ultimately increase your sales and profits.
4. Monitor Your Seller Performance
Walmart has a seller performance system that evaluates each seller’s performance based on Walmart’s Seller Performance Standards. The system measures your on-time delivery rate, seller response rate, refund rate, cancellation rate, and valid tracking rate.
Consider expanding your product offerings to include different brands, styles, sizes, colors, and price points. Another way to diversify your inventory is to source products from different suppliers and manufacturers. This will help you avoid relying too much on a single supplier or product, which could be risky in case of supply chain disruptions or market changes. By diversifying your inventory, you can offer more options to customers, reduce the risk of stockouts, and ultimately increase your sales and profits.
In addition, Walmart considers sellers based on customer service, order fulfillment, and pricing accuracy. Walmart also has a feedback system to help evaluate how well Walmart customers rate each Walmart seller.
It’s essential to monitor your Walmart performance regularly to ensure you are meeting Walmart standards and providing the best customer experience possible. This will help you maintain a high rating in the Walmart seller performance system and ensure that Walmart buyers continue to purchase from you.
5. Utilize Walmart's Fulfillment Services
Walmart has several fulfillment services available to Walmart sellers. Walmart’s fulfillment services make it easier for Walmart shoppers to receive their orders quickly and conveniently.
Fulfillment by Walmart (FBA) is a great way to increase your sales and reduce the time it takes Walmart buyers to receive their orders. FBA allows you to store your products in Walmart warehouses and have them shipped directly to Walmart customers when they buy from you. This helps reduce the cost and risk associated with shipping and cuts down on time-to-market for new products.
It’s also essential to take advantage of Walmart’s free two-day shipping guarantee when applicable. If Walmart shoppers purchase certain Walmart products, they will get two-day shipping for free. This is a great way to increase Walmart sales and create a competitive edge for Walmart sellers.
6. Marketing, Marketing, Marketing
Walmart buyers are always looking for deals. If you want to increase Walmart sales, it’s essential to engage Walmart shoppers by offering discounts and promotions.
Walmart provides marketing tools that can help Walmart sellers reach more Walmart customers and promote their Walmart listings more effectively.
Walmart also has a Walmart advertising platform where Walmart sellers can place ads on the Walmart website and mobile app. This effectively targets Walmart shoppers with specific products or services they may be interested in purchasing from you.
7. Keep Pristine Customer Support
Walmart shoppers expect quality customer service. Therefore, responding promptly and professionally to any Walmart customer inquiries or feedback is essential. Walmart also offers Walmart seller support, where Walmart sellers can get help from Walmart experts as needed.
This is your chance to show Walmart customers that you are serious about providing the best service possible. If you handle customer issues with empathy, understanding, and a willingness to resolve the problem promptly, it will lead to increased Walmart sales. It will also improve your overall ratings in Walmart’s Seller Performance system.
You can use automation tools to set up auto-responses or create canned responses to common inquiries. Another way is to ensure accurate and timely shipping and delivery of orders, providing tracking information to customers.
8. Take Advantage of Fewer Fees
You’re paying a fee for just existing on Amazon, whether it’s a fee for listing, a fee for selling, or a shipping fee.
With Walmart transactions, Walmart sellers are only charged referral fees related to the product’s category when Walmart customers purchase items from Walmart sellers.
This is a considerable saving for Walmart sellers and gives them more money to invest in marketing, promotions, shipping, and other areas of their Walmart business. This will help you increase your Walmart sales and save you money in the long run.
9. Run on Reviews
Walmart reviews are incredibly important for Walmart shoppers. Walmart shoppers rely on Walmart reviews to determine whether Walmart sellers offer quality products or services.
Likewise, Walmart shoppers depend on Walmart reviews to decide which Walmart seller they’ll purchase from.
It’s therefore crucial that Walmart sellers manage their Walmart ratings and feedback to maintain a good rating in the Seller Performance system.
This means continually monitoring your Walmart rating, responding to customer inquiries or feedback promptly, and ensuring that your products meet Walmart standards.
10. Employ Ecom Circles with the Task
At Ecom Circles, we understand the selling strategies needed for Walmart, Amazon, eBay, or whichever e-commerce platform you use.
Specifically, our team of experts can assist Walmart sellers in finding the right Walmart products to sell, optimizing their Walmart listings, and launching effective Walmart marketing campaigns. And with the knowledge of newer selling strategies such as two-step dropshipping, Walmart sellers can take their Walmart sales to the next level while eliminating some of the hassles that come with traditional dropshipping.
Ecom Circles is here to help Walmart sellers increase their Walmart sales and maximize their profitability on Walmart Marketplace. So if you’re looking for help with your Walmart strategy, contact us today!