If you’ve tried selling products on your own website, you probably know just how limiting it can be. Attracting a sustainable volume of traffic can be labor intensive. You can be sure that there’s a large portion of the market that doesn’t even know about your website and probably never will.
One of the best ways to get the kind of reach you need to build a successful and sustainable online store is by listing your products on popular marketplaces like Shopify, Amazon, eBay and now Walmart Marketplace. You’ll have a better chance of getting your products noticed by the millions of people browsing these platforms.
The rise of Walmart’s Marketplace
Walmart Marketplace isn’t new. It’s been around since 2009. However, it wasn’t as popular as Amazon, eBay and other platforms. That is until Marc Lore took charge of the platform’s operations. With some drastic restructuring and acquisition of various e-commerce companies, the marketplace has risen from the ashes.
The marketplace now has more than 7000 sellers and has shown accelerated growth in revenue over the past few years. The fourth quarter of 2017 alone showed a 29% increase in online sales. Forbes has listed Walmart as one of the largest public companies with 2017 eCommerce sales at 11.5 billion US dollars.
Why you should sell on Walmart marketplace
If you’re still sitting on the fence about selling on Walmart, consider the following unique opportunities that may pass you by if you don’t.
1 – Greater exposure
Walmart has become one of the most trafficked marketplaces in the US according to ComScore. The site has over 100 million unique visits from online users every month. It goes without saying that selling on the marketplace will increase your reach and digital footprint.
Some people are discouraged by the number of sellers and products on the marketplace. With over 40 million products on sale, some think they’ll never get their products before their audience. However, the marketplace is showing serious potential for growth. It is also still a relatively open playing field when compared to other marketplaces such as eBay and Amazon. Getting in now will mean you can ride the waves of success and enjoy the fruits of the rapid growth the marketplace is expected to see. You simply need to know how to get ahead of the competition through optimization.
2 – Access to various specialty listing and full-service tools
Walmart offers sellers a lot of flexibility when it comes to the integration of tools that they already use for automation. The marketplace also provides tools that sellers may find even more efficient.
Sellers can enjoy automation for the management of promotions, pricing or even keeping track of their inventory stored in various warehouses. For example, Walmart’s automated pricing platform allows sellers to gain a competitive advantage and fuel their sales on the marketplace.
Sellers also gain access to analytical tools that can provide invaluable insights into their sales performance.
3 – Increase your credibility and authority
Walmart has become the largest retailer in the world. It is one of the most rusted brands in the world. It offers a great opportunity for sellers to gain the trust of online consumers. It is a great fit especially for those who sell products in the top categories including appliances, electronics and home improvement.
4 – You only pay when you have made a sale
Marketplaces such as Amazon charge their sellers a monthly or annual listing fee. Walmart on the other hand only charges you a referral fee for each sale you make. This fee varies based on the category in which your product is listed. You won’t have to worry about spending money if you’re not making any sales.
5 – Walmart provides effortless transactions
Walmart has and continues to invest heavily in providing consumers with the best digital shopping experience. The eCommerce giant has fully remodeled their website in an effort to provide easier transaction methods such as Walmart Pay as well as faster checkouts making transactions effortless for consumers. The marketplace has done all the hard work for you.
6 – Reliable customer support
You don’t have to worry about investing heavily in customer support. Walmart provides reliable customer support for customer service issues. This ensures your customers are getting the help they need whenever they need it and at no extra cost to you.
You will however, have to address any product related issues. The marketplace refers customers to the sellers for assistance in such instances.
7 – Flexible returns policy
Walmart marketplace allows sellers to set their own return policies. You can therefore decide what policies to set and therefore increase your competitive edge. You can attract customers by providing a returns policy that is attractive. You can also set returns policies to protect your business.
8 – Operational safety
Walmart has been in eCommerce for more than 18 years. They’ve learned the ropes and have set security measures to protect sellers as well as consumers using the platform. You therefore don’t have to do any legwork or invest in security measures for your online store. You can rely on the marketplace to provide you and your customers with the security while transacting online.
Walmart offers great opportunities for online retailers looking to increase their reach and gain greater flexibility. There’s still relatively little competition on the marketplace. It is therefore a great time to join. Take advantage of Walmart to distinguish yourself from your competitors on other platforms.
If your business is looking for some expert help on getting listed in the Walmart Marketplace, or just want a second pair of eyes on your current set up, our team at Thrive would love to chat! Contact us today.