Successful eCommerce strategies that help Walmart get more sales
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Walmart has become the second-largest eCommerce retailer in the U.S., with global net sales of $567.76 billion in the fiscal year that ended January 2022. This was an increase of 2% from the last year’s sales figures. The net eCommerce sales of Walmart also reached $62,000 million in 2022. All this can be credited to the successful eCommerce strategies Walmart has implemented in the business. To know the reasons for Walmart’s eCommerce success and the eCommerce strategies that helped Walmart reach the apex position, read on.
Some numbers to know about Walmart
- Over 100 million unique monthly visitors visit Walmart.com.
- With 5000 million USD in sales in 2014, Walmart.com’s sales crossed 62,000 USD in 2022.
- More than 130,000 sellers successfully use Walmart.com to sell their products online and get more conversions.
- Walmart plus, a Walmart program that offers a bunch of benefits to its subscribers, has around 11.5 million subscribers.
- 90% of Americans live within 10 miles of a Walmart store.
Reasons for Walmart’s success: eCommerce strategies
Walmart is gaining more ground with each passing day by applying successful eCommerce strategies, which are as follows:
Omni-channel retailing
The strength of Walmart is evident from the fact that the retailer has over 3500 stores around the U.S. and a reach of over 90% of Americans who live within 10 miles of a Walmart store. Also, regarding Walmart’s eCommerce presence, there are over 100 million monthly visitors to Walmart.com, and online sales are hitting new records each year. All this can be contributed to the omnichannel experience that Walmart offers to its customers. Whether customers shop online at walmart.com or some Walmart store, Walmart gives shoppers a consistent shopping experience irrespective of where they shop.
Various fulfillment methods, including home delivery, pick up from store, curbside pickup, and Next day and Two-day delivery, all have worked in favor of Walmart. Customers don’t need to order the products on Walmart.com and keep waiting for the final delivery of the products to you. They can choose to pick it up from the store and go to the store from where they can pick up their orders. That’s how simple and fast it is. This omnichannel retailing helps Walmart as it offers customers a comfortable shopping way.
Low prices
Since Walmart was founded, it has been known for its low product prices. Walmart believes in selling products at low prices so that its customers can lead better lives. Walmart enacted the Every Day Low Pricing (EDLP) strategy to keep that belief alive. The everyday low prices keep customers satisfied with getting products at the best prices at Walmart without any additional offers or coupons.
Additionally, when you sell at Walmart, you need to keep the product prices low. Not keeping so may lead to the delisting of your products from Walmart.com. The Walmart algorithm keeps monitoring the prices you mark for your products, and when the pricing policy of Walmart is violated, Walmart automatically unpublishes the product. Walmart makes that product LIVE again if you change the product price within an acceptable price range.
One-stop shopping
Why would a shopper go to a place to buy an iPhone, and the next place for groceries, if the shopper can get it all from one platform? This is what consumers like about Walmart. They get the ease of buying all things they want from one place-Walmart.
This One-stop shopping experience from Walmart is what modern consumers want these days. They want things from one place without worrying about going to different places for different items. The convenience consumers get with one-stop shopping at Walmart is undoubtedly working in favor of Walmart and is bringing in more conversions.
Also, Read:
- How can CedCommerce & Walmart Connect help reach more shoppers?
- How much is WFS Fee for Item Storage & Fulfillment from Walmart?
- How to sell on Walmart- 1P Seller, Drop Ship Vendor, or 3P Seller
- How to get More Views on Walmart Listings?
- How is Walmart playing smartly with its Private Label Brands?
Value for money
In the consumer preferences list, the value consumers get from the money spent is ranked First. This value offering is what consumers like about Walmart. They are satisfied with the value they get from the cash they incur from shopping at Walmart.
Offering frequently purchased items
There is a wide range of products customers get from Walmart. From electronics to appliances, furniture to home decor, and many more products from various categories help customers buy almost anything they want from Walmart.
Also, the expansion of Walmart into groceries aided Walmart in achieving what Walmart is today-a retail giant. The best-selling item at Walmart is not a mobile phone, camera, or chair. It is a banana. Since shoppers buy grocery items regularly, Walmart avails this opportunity since 90% of Americans live within 10 miles of a Walmart store, and groceries helped Walmart achieve an increased number of regular footprints.
The strategy of selling regular household items, including groceries and other products from various categories, is taking Walmart sales to new heights.
Abundant customer data
With millions of customers visiting Walmart regularly, Walmart has an enriched customer database. Walmart collects around 2.5 petabytes of data from its millions of customers each hour. Walmart then uses this data to analyze customers’ buying patterns, keywords customers use, trending products, etc. This data helps Walmart target customers differently and offer its customers a seamless, personalized shopping experience.
Big investments
What Walmart is today is because of the retail giant’s high investments in the last few years. One of the significant investments was the purchase of Jet.com in 2016 for a whopping amount of $3.3 billion. This deal helped Walmart gain the customers of Jet.com and make the best use of Jet’s talent to grow its business. Walmart also bought several other eCommerce players, including Bonobos-an apparel shop, for $310 million, Eloquii-a plus size apparel store, for $100 million, and ModCloth-a vintage inspired fashion store, for $50. All these million-dollar investments have paved the path of success for Walmart and given it the position it is in today.
Advertising business
The growing advertising business of Walmart is also a part of its eCommerce strategy. While shopping on Walmart, you must have witnessed an increasing number of sponsored ads. These are the ads that the advertisers sponsor to make their advertised products stand out among the rest. The advertising arm of Walmart, called Walmart Connect, helps to establish a holistic connection between online and offline shoppers and helps advertisers reach a broader customer base.
To Sum Up
With the increasing customer base and sales figures, Walmart’s eCommerce strategies are taking Walmart up and higher each day. The availability of offline stores is accelerating the growth of Walmart’s online footprints by facilitating product pick-up and delivery. To take advantage of the eCommerce strategies of Walmart and expand online by becoming a 3P seller on Walmart, fill up this marketplace application form. You can also connect with CedCommerce to make things easy for you.