Businesses know that with the significant increase in persons using the digital platform for purchasing goods and services, they need to scale their enterprises to adapt to this phenomenon. With many digital marketplaces offering an opportunity to expand their business reach, more and more companies see the benefits of putting up an e-commerce store. Among the emerging leaders in the industry is Walmart Marketplace, which curates legitimate and established establishments to provide consumers with a vast selection of offerings.
Establishments connected to this platform complement the existing number of e-commerce businesses of its parent company, Walmart. These businesses range from small and medium brick-and-mortar firms to those that only have a digital store. These sellers ensure that the community will have a diverse selection of goods and services for discerning customers.
With consumers wanting to exercise their purchasing power digitally, it’s essential to establish an online presence. This will help your company create a niche community of customers who enjoy your offerings. Additionally, with the digital marketplace offering dozens of categories from cosmetics, fashion apparel, electronics, and vehicle needs, among others, the opportunity to corner a piece of the market is quite huge.
In this article, we’re discussing how you and your business can establish a legitimate presence online with one of the biggest chains renowned worldwide. But, of course, it never hurts to have many channels to increase your reach and your revenue stream.
Why should you choose Walmart Marketplace?
This platform is one of the fastest-growing e-commerce platforms associated with one of the retail industry’s giants. With its expanding reach, we cannot underestimate the opportunity to grow with the platform. Furthermore, the platform allows businesses the freedom to manage their inventory (no limits on their SKUs), set their pricing, and take care of their orders. It offers unprecedented liberty that gives businesses room to grow.
What are the advantages?
There are many advantages to using this platform, but the most important is the lesser number of competitors. If you come into the platform before your competition, you’ll have a leg up on them. In addition, with the marketplace getting tweaked to ensure better performance, your brand will have the chance for better visibility and brand recognition.
There’s also the freedom accorded by the platform for sellers to list their products at the prices they want. In addition, your company can list your products in as many categories as possible. Your listings will also go live immediately, which is a definite plus too. This will help you expand your reach and make your brand more recognizable to more clients.
Another definite advantage is that there isn’t any setup or monthly seller fees that businesses have to pay. With other ecommerce platforms, a certain percentage of their price goes to the entity as payment for a listing, which causes some sellers to jack up prices. This is a huge plus because the company can use the amount saved for other purposes that will benefit clients in the long run. Additionally, you only pay for the completed sales based on a set percentage (between 8% to 15% on identified categories)
One more advantage is the seller can use the clearance section if they want to move inventory quickly. If the seller decides to put it on clearance sale, a badge will appear with the listing, making it even more noticeable. Your product will have a higher chance of getting purchased as there will be more traffic to your listing.
There are also available tools that sellers can use to ensure their success in the platform. These tools can help in discoverability, optimization, content, and insights. These will help the seller gain better traction with the target audience, increasing their chances of moving their inventory quickly.
Are there disadvantages?
There isn’t any perfect system, so of course, there are some hiccups that a seller will have to be mindful of if they want to be part of the platform. For one, there’s a stringent onboarding process that may limit the opportunities of startups. In addition, sellers have to establish their trustworthiness and professionalism because Walmart wants to weed out the bad apples.
Sellers also have to abide by regulations such as putting UPC barcodes and their pricing and parity codes. Companies also have to consider the nuances of the Buy Box, which the platform uses to prioritize listings. All in all, being on the platform entails a significant learning curve.
What’s the process?
The process of applying to be a seller in Walmart Marketplace is pretty easy if you have all the requirements. The platform screens its applicants based on its requirements before allowing the sellers to create an account name and sign up for the retailer agreement. The sellers also have to provide other pertinent legal documentation as well as payment and shipping information.
Once fully approved, the sellers will have the opportunity to do a test run and then go live. They can then utilize the dashboard and continue finishing their listing. It’s then up to their strategy to gain a following in the platform.
Selling in the Walmart Marketplace is going to be an experience. There are pros and cons to using the ecommerce site. However, a company that can latch on to the opportunity and work hard to capture a niche will encounter success.