As an E-Commerce seller, you’re balancing numerous elements of your strategy to set your products up for success. But what’s the most important factor? According to Citi, 87% of online shoppers say price is the deciding factor in their purchasing decisions. With such a strong emphasis on price, having a competitive pricing strategy is crucial for online success.
At Walmart Marketplace, we provide our sellers with a range of tools and solutions to help them thrive. Below are three key resources specifically designed to help you manage and optimize your pricing strategy.
1.Repricer
Streamline your pricing management with automated rules
A great way to keep your offers competitive on Walmart.com is by using our Repricer tool. It automates the pricing process, saving you time and effort while ensuring you stay competitive in a market where prices are always changing.
You can choose from a variety of strategy rules to tailor the tool to your specific business needs:
1. External Price
Gain a competitive edge by adjusting your prices to match or beat those on other E-Commerce platforms.
2. Buy Box Price
Automatically adjust your prices to help you win the Buy Box on Walmart.com.
3. Competitive Price
Adjust your price to match or beat the most competitive option, whether it’s the Walmart Buy Box price or the price on external platforms.
2.Success Hub
Expert guidance, right at your fingertips in Seller Center
Next, take your efforts to the next level with Success Hub. This tool simplifies the process by pinpointing specific items in your catalog that have potential for improvement in areas such as pricing, inventory, and assortment.
We’ve also made several updates to Success Hub this year to help you reach your goals more efficiently. Here’s a quick overview of the latest enhancements:
- Enhanced inventory optimization
- Automatic enrollment in Repricer
- A new, dedicated page to view all suggestions tailored to your catalog
- And more!
With Success Hub, you can stop guessing and start making informed decisions. The recommendations are strategic and personalized to your business, with a focus on growth. In fact, Marketplace sellers who regularly act on Success Hub’s recommendations often see an increase in GMV.
3.Buy Box Report
Track Your Buy Box Performance
The tools mentioned above are designed to help you improve your chances of winning the Buy Box. But how can you track your results? Just log in to Seller Center, go to the “Reports” section under Analytics, and download your Buy Box report. In this report, you’ll find detailed insights, including SKUs, whether your products competed for the Buy Box, whether you won, and more.
Keep in mind that Walmart evaluates all aspects of your item listing, not just pricing, when selecting the Buy Box winner. Here’s a pro tip: regularly check your Listing Quality (LQ) score. Simply select “Improve LQ Score” and then “Offer” to view your price compared to the competitive price, allowing you to make adjustments as needed.
With customers having more choices than ever, it’s crucial for your listings to stand out with the best offer. We encourage you to leverage these tools to strengthen your pricing strategy and keep your offers competitive on Walmart.com.
Content Source-Walmart Blog
