Selling on Walmart is a great opportunity for entrepreneurs and small business owners to set their own business apart from the competition.
The difference between using Walmart for online marketing purposes and not using Walmart is stark. As an online merchant, you can directly and easily reach a vast market of a billion plus people. You do not have to spend too much to sell your products on Walmart. You can be sure that your product is going to be sold for competitive prices.
However, to make the most of your selling on Walmart, we’ve gathered the most useful tips. Implement them in your business and watch your sales go up.
1. Leverage Walmart’s Lack of Fees
On Amazon, it seems like you have to pay fees for nearly everything: account subscription, FBA, shipping, storage, seller referral fees and more. But with Walmart, you’re only responsible for paying referral fees which are based on the product’s category.
Given this, use those savings to boost areas elsewhere, like adding in free shipping (if possible), expanding your inventory, running promotions, or anything else that can help you.
2. Get Feedback on your Products and Services on Walmart
Sellers cannot afford to overlook the influence of reviews, both positive and negative, on eCommerce revenue. As much as 84% of people trust online reviews as much as friends, and 90% of online shoppers read customer reviews before making a purchase. With such a powerful reach, building positive reviews and managing negative ones becomes vital for every eCommerce business.
There are 3 ways a buyer can leave a product review:
- A few weeks after a buyer orders an item, Walmart automatically emails an invitation to review that purchase. There will be a link to the review form.
- Buyers can go to the order detail page from their account and select the “Review this product” link.
- Even if someone didn’t purchase an item from Walmart.com, they can still leave a review on a listing if they own that item by selecting “Write a Review” beside the review snapshot.
3. Maintain Excellent Customer Support
Your Walmart sales on your products or services would suffer if you had poor customer support and feedback. You have to deal with the customers who buy your product or service. You cannot afford to make them unhappy.
Walmart, too, has a large customer base. Your sales suffer when your customers are unhappy with your products or services. The more satisfied your customers are, the more sales you make.
How do you win the hearts of your customers and keep them coming back for more? Create a reputation for service excellence on your Walmart account. For this, you need great customer support and superb product or service offerings. There are a number of ways in which you can help your customers create a positive customer experience with your business on Walmart.
According to Repricer.com, here are the things to consider:
- Shipping standard rate should be 99% or higher to ensure you continue to rank in organic rankings.
- Product shipped rate needs to be at least 99.5%.
- Product cancel rate has to be under 1.5%.
- While returns because of damage or defects may be unavoidable, keep this rate under 3% and process all refund requests within one day upon receipt from buyers.
- Your 90-Day Seller Rating metric should be less than or equal to 90%.
- Customer service escalation rate needs to be less than or equal to 0.5% on all
- Answer at least 60% of customer calls (getting below 4% is the bad magic number) and 90% of customer emails within one day.
- Each order file should be confirmed and received by Walmart within one hour of receipt, and electronic notice of shipment confirmation has a four-hour window.
4. Automate your workflow
Automation software and tools will boost your conversion rate, increase sales and brand awareness. They provide better customer service and improve your customer experience. Automation allows you to have a 24/7 business and spend much less time on repetitive tasks.
We would especially like you to pay more attention to your accounting and cash flow management. With such automated software as Synder you will enjoy a seamless process of reconciliation, expense tracking, managing invoices and payments, and more.
You may connect all of your sales channels and payment providers and handle them within one interface. All the data will be accurately reconciled and synchronized. Detailed Profit and Loss reports will give you all the financial information needed for you to track the financial health of your business. You can expect correct conversion rate calculations for your multi-currency payments, too.
5. Don’t Run Low on Inventory
The first step is simply to make a complete inventory of your products. This will determine what you can sell, what items are out of stock, and what are the right quantities of the product that you can sell.
Collect information about the number of items of each product in stock at your stores, your sales, and the profit margins for each product. Track your sales for each product for at least three months to allow for inevitable sales dips. Also, your sales should continue to rise even though the economy is getting worse.
Another step that you can take to track your inventory is to add a field on your sales tracking software so that you can log each item that you sell. This will help you determine the number of sales that you should be making and help you to plan your next move.
We highly recommend Synder as the ultimate solution for inventory tracking, read more about it in our guide.
6. Run Strategic Promotions
Start running promotions to draw attention to your listings and increase sales. You can choose from one of the two banners, depending on your needs.
- Clearance: Choosing this promotion will display the “CLEARANCE” badge above the product, indicating customers are getting a better-than-average deal. Use this promotion when trying to move slow-moving stock, excess inventory, or seasonal items at the end of a season.
- Reduced: This promotion shows the “REDUCED PRICE” badge with products that have more than $5 off on items more than $100 or 5% on items under $100. Pick this one when you’re looking for a quick boost.
Final Thoughts on Selling on Walmart
There are several reasons that make it worth the while to sell on Walmart. In terms of cost-effective marketing and discounts, Walmart will always be on top of the list. Apart from the fact that you can sell on Walmart, you also have the chance to access a large customer base.
Let automation make it easier for you to handle your online business. Such reliable and affordable software as Synder will save you not only time, but also money. Spend less and make more! Sign up for a free trial and register for a demo with us today!