On Friday June 17th, Tambo attended Walmart's Global Seller Summit, an opportunity for UK based eCommerce sellers to explore how to grow their business as part of Walmart Marketplace.
Organised by Walmart and powered by Payoneer and Linnworks, the event was the first of its kind in the UK to offer insights from global industry leaders and introduce the Walmart programmes, tools, and newly available support to help UK sellers succeed as part of the curated Marketplace community and reach a growing market of more than 120 million US consumers each month.
We learned that Walmart's Marketplace is a top priority within their business, and they aim to offer their US customers quality British brands that they know, from search data, they are looking for. They believe that culturally, the UK and US are similar, and that products that do well in UK, are likely to do well in the US.
Here are some of the key stats and learnings from Friday's summit:
How to apply/onboard
89% of Americans shopped with Walmart in the last year
Walmart has 120M monthly shoppers
90% of their customers use Walmart marketplace
76% of US shoppers purchased apparel, footwear and accessories at Walmart (12months ending Sept 21)
Reviews are as important as they are on any other marketplace. They shared that:
93% of consumers read product reviews before making a purchase
Having 1 review = a 10% lift in orders
Having 50 reviews = a 30% lift in orders
They see a 45% lift in conversion rat on products that have a 4+ star rating and 100 reviews
In order to apply, you will need to show that you are an experienced e-commerce seller by providing a unique Taxpayer reference, Company registration number, W8 BENE or W8 ECI, full details of foreign entity, company address and name.
You must also show a compelling product catalogue which enhances the Walmart.com assortment, with competitive price points and a GTIN/UPC GS1 company prefix number.
Finally, you must show that you are able to provide exceptional customer experience through a track record of first class customer service, a B2C warehouse with shipping and US returns capability or an approved 3PL fulfilment provider and fast and reliable fulfillments.
In order to get started you must first request to sell through an online application. Secondly, if your application is approved, you will need to sign the retailer agreement through a contract. The next step after signing the contract is to complete your seller profile and connect your payment account in Seller Centre. Once this is done you will be able to list your products and go live.
It usually takes around three weeks for set up and onboarding. However, it can be done in a few days if you have all the product information ready or are using an integration partner.
Regarding fees, these are based on the items weight, and sellers can enjoy reduced rates for inbound shipments to WFS (Walmart Fulfilment Services). On top of this, sellers will incur a monthly storage fee. These fees can be estimated using the WFS calculator.