If you’re looking to expand and branch out from selling your products on eBay or Amazon, a good option to go for is the Walmart Marketplace. However, just because it’s also an eCommerce platform, it doesn’t mean that the very same rules will apply to it. And if you want to succeed as a marketplace seller, you’ll need to adopt different strategies to what you’re used to. With that said, we’ll discuss what the marketplace is all about, some of the advantages of choosing to sell on this platform, and tips to help you boost your sales. If you want to learn more, continue reading.
What’s the Walmart marketplace?
In a nutshell, Walmart’s marketplace is a widely recognized platform for eCommerce that is owned and operated by the named company. Through their partnership with various third-party sellers, they’re able to bring countless brands and products to consumers. And because of their immense popularity, this platform presents an excellent opportunity for businesses to generate awareness and exposure for their respective offerings. And as a result, increase their sales considerably.
Advantages of selling using the platform
The increasing popularity of the marketplace for eCommerce isn’t surprising. When you get right down to it, they have a considerable consumer base. And this makes it the ideal platform to target buyers. However, it offers more benefits to sellers beyond the massive following that it offers. To this end, here are some of the advantages of selling through the marketplace.
- Lack of regular fees. Those who have sold on Amazon are probably familiar with the monthly fees that it charges when it comes to the storing of the product listing’s stocks. However, the marketplace takes a different approach: it doesn’t impose charges to sellers for the management of the services. Simply put, the platform is devoid of hidden fees.
- Excellent support. As one of the world’s most popular and reputable retailers, Walmart has established an incredibly reliable infrastructure on the World Wide Web. Additionally, its expansive but perpetually growing network provides sellers with exceptional support, be it from tax collection to managing inventories.
- Better visibility for products. Because of its widespread popularity, sellers have a much better chance of improving the visibility of their products to their intended audience. With millions of active users daily, the platform offers sellers the opportunity to grow and flourish.
Tips to boost your sales
The marketplace may offer sellers exposure to their respective consumer bases, but in a crowded platform, you’ll need more than that to stand out. Your visibility online will determine whether or not you’re able to attract your target audience. And in an effort to help you on the endeavor, we’ve compiled a few simple yet effective tips to do just that.
- Price your products competitively
Those who are familiar with the Buy Box of Amazon will know that the prices of the products are essential. However, they aren’t necessarily the most important factor. However, in the marketplace, it’s completely different. The reason is that pricing your offerings low puts you in a much more favorable position in winning the desired Buy Box. But be sure not to engage in any races with any other seller or you’ll hurt your bottom line. Don’t forget about the shipping costs too when pricing your products or you’ll risk financial losses.
- Monitor your inventory
Another selling strategy that is integral to getting the marketplace’s Buy Box, and ultimately generating more sales for your eCommerce business, is monitoring your inventory. After all, even if you’ve got the most affordable price for your offerings among all your competitors, you may still lose out on winning the box if their stocks are better than yours. So make sure that you always have a healthy inventory for your products. In this way, you’ll have a competitive advantage in stocks. More importantly, you’ll avoid frustrating your target audience by losing stocks when they need the products the most.
- Target the needs of consumers with unavailable products
With a wide selection of different products, buyers can find almost anything they need on the marketplace. And if you want to stand out, you’ll need to meet a demand that no other seller can. It is for this reason that you must research on and fill gaps on product needs that very few sellers are accommodating.
- Have excellent customer service in place
Customer support can make or break a business in eCommerce platforms like the marketplace. If you want to attract prospective customers and transform them into loyal followers, you need to keep them engaged. And one way of doing so is by having an excellent customer service system in place. Addressing their concerns and responding to their inquiries might not seem like a big deal, but you’ll be surprised at how much it can affect their decision to do business with your online store.
When it comes to eCommerce platforms, you’ll be hard-pressed to find one in the same level as the marketplace. However, that’s no to say that it will automatically guarantee success, you must find ways to attract buyers to your internet store too. And with the abovementioned tips, you’ll give your business better odds of reeling in those most likely to turn into paying customers and in turn boost the sales of your eCommerce enterprise.