CEO of Urtasker.com.
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There’s no doubt the coronavirus pandemic has changed the way people shop. Forced stay-at-home orders and an increasing interest in hygiene and safety meant online shopping became mandatory for a lot of consumers — even those who would never have considered buying online previously.
On top of this, the closure of brick-and-mortar stores saw many brands scrambling to get their business online. However, what they thought would be a simple task of creating a website and directing in-store customers to the online counterpart soon became extremely competitive.
Having your own website gives you autonomy over the look of your online store and what you can do with it, but it also involves generating your own traffic and keeping up to date with algorithm changes. A lot of brands that went online faced (and continue to face) an uphill struggle, especially if they’re competing in saturated industries. It can take a lot of time and effort to get started, especially if you’re new to the arena and are up against brands that have had a solid online presence for years.
One way to expand your exposure online is by considering marketplaces like Amazon and Walmart. Our agency helps brands on these types of platforms, and we’ve found they’re a great way to reach consumers who are actively in “buy mode” and searching for products just like yours.
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Being visible on multiple different platforms — not just on your own website in your own corner of the internet — can give you a competitive advantage and help you reach different kinds of shoppers where they’re already spending their money.
An Omnichannel Approach: Using Walmart Marketplace in Your Diversification Strategy
Walmart is the second-largest online retailer in the U.S. after Amazon. Its marketplace branch attracts more than 100 million unique visitors every month, and it has been steadily growing throughout the pandemic.
We’ve also found that the pricing is very reasonable for sellers. Walmart Marketplace uses a simple price structure for its users with no monthly fees. You only pay when a shopper completes a purchase, and it’s typically around 15% of the order price. Some categories, such as consumer electronics and cameras, go as low as 8% per sale.
What’s more, Walmart Marketplace is constantly adding new features, including advanced listing tools, multiple advertising options and expedited shipping programs.
Creating a Walmart Marketplace store adds another revenue stream and attracts buyers who maybe aren’t using Amazon or navigating to independent store websites.
Wondering how to get started? We’ve had years of experience setting up and monitoring hugely successful accounts on Walmart Marketplace, and we recommend doing the following:
Optimize product listings.
Your product listings need to stand out on any platform, but on marketplaces like Walmart, this is critical. You’re competing with thousands of other brands to claim the top spot in relevant search results, and your product listings play a huge part in this.
Level up your product listings by:
• Using specific product names and keeping them short and snappy.
• Using high-quality images that show your products from a range of different angles.
• Highlighting key product features and the benefits these will bring customers.
• Incorporating popular phrases that shoppers are already searching for.
Invest in Walmart Marketplace advertising.
Walmart Marketplace doesn’t have as many advertising options as Amazon, but there are plenty of ways sellers can enhance low-performing SKUs with several campaigns.
Sponsored Product Ads
Sponsored product ads boost your products to the top of the search results for relevant search terms. Choose the category you want to increase visibility in and set a manageable budget.
Walmart is a stickler for relevancy, which means your product has to already show up organically in the first 128 search results to be eligible for in-grid sponsored ads. On top of this, you need to spend a minimum of $100 across the total span of the campaign or a minimum of $50 each day.
There’s also the option to showcase sponsored products in a carousel format. These types of ads can be shown on the Walmart homepage, in search results, on browse pages and on product detail pages. For this option, the products you advertise don’t have to organically show up in the first 128 results to qualify for this type of Walmart ad.
Walmart Buy-Box Banner
Buy-box banner ads are typically shown on product detail pages for items that are relevant to what the shopper is searching for. They’re particularly competitive, especially for popular products, and can only be used on automatic campaigns.
Walmart Search Brand Amplifier
Search brand amplifier ads shine a spotlight on a group of products and show up at the top of the search results for relevant keywords. The aim is to increase brand recognition and amplify a line of products to new customers. The minimum bid for this kind of ad placement is currently $1, but this varies depending on the category and product type.
Leveraging Walmart Marketplace In Your Diversification Strategy
Diversification is key for e-commerce brands today. Showing up on multiple different platforms and pushing your products to people who shop in different ways boosts revenue and brand visibility. Make use of the features Walmart Marketplace offers, such as its ad placements, to show your products in the best light and stand out amongst your ever-growing competition.
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Author: Omer Riaz, Forbes Councils Member
