How to Leverage Walmart Marketplace Data to Increase Sales
Table of contents:
- How does the Walmart Marketplace work?
- How can Walmart Data be leveraged effectively?
- DataChannel enables your business create momentum with Walmart
- Advantages of choosing DataChannel
- Getting started today
With the advent of Covid-19, most dynamic businesses have rapidly adapted to omnichannel selling. Online marketplaces like Amazon, eBay and Walmart have emerged as prominent platforms to enable the omnichannel strategy. Shopping online is ever expanding and there is tremendous scope for future growth. So, to accommodate this shift in buying trends, e-commerce companies now occupy a substantial chunk of retail selling worldwide. It’s predicted that by 2023, e-commerce revenue in the US region alone will be $740B!
Considering this, it’s a necessity for businesses to register and sell on top online marketplaces such as Walmart . Building your online store within these marketplaces is easier than ever now which includes promoting your products via various social media channels and targeted ad campaigns.
In this blog, we focus on one of the largest online selling platforms: Walmart Marketplace. Let’s understand how you can leverage data from this platform to optimize your online sales and maximize your ROI.
How does Walmart Marketplace work?
Walmart created its own online marketplace platform in 2009, for suppliers to easily register and sell their products online. Merchants who want to sell their products on Walmart Marketplace must apply and receive an invitation to the platform.
“In 2021, Walmart’s U.S. e-commerce sales grew 79%, and is believed to constitute more than 150,000 sellers.”
At Walmart, third-party sellers have a lot of sources for actionable data points such as pricing, inventory, returns, promotions and shipping. Walmart provides vendors with access to track these huge datasets, but a key issue is that the data is spread across several areas, making it very challenging for sellers to drive insights from it, let alone understand it. Also, in most cases, sellers are also selling across other e-marketplaces like Amazon in addition to their own D2C stores on Shopify, etc. Combining data across all these platforms is a big challenge.
The quantum of data generated across these platforms with ever-increasing inventory, customizations, and bespoke features is enormous. Moreover, every eCommerce platform has its own standard of protocols, schemas, and data structures. Thus, it is essentially impossible to effectively track and manage the data generated without a sophisticated data analyst team either in-house or a partner like DataChannel.
How can Walmart Data be leveraged smartly?
Here are some tips on staying on top of your game with Walmart data:
- Use customer data to know your audience better: It’s a fact that people shop differently in stores and online. However, if you know your target audience well enough (their interests, impulses, desires, buying patterns) you already know what type of product listings will help them make the click to purchase and encourage more conversions.
- Take note of your product’s pricing: Walmart is known to be a platform where products are affordable and value for money. Hence the seller might like to study the effect of pricing change on sales and revenue and make decisions on offers and discounts based on actual real time data.
- Take care of shipping: The most compelling reason for this is simply that Walmart does not pay you until you ship the products. Walmart monitors your shipping data and factors it in when deciding if you can continue selling on its platform. Therefore keeping track of shipment metrics becomes critical for cash flow management.
- Returns and Cancellations: Most eCommerce sellers quote this as the number 1 challenge, remaining on top of these numbers and analyzing reasons for these should be a priority for any seller.
- Use data integration tools for better insights: A very popular choice now, sellers with a big volume of products are adopting ETL/ELT tools to aggregate all their data into one place, for centralized access. This not only helps drive insights across different marketplaces and channels but also allows you to combine this data with your marketing data to measure true customer acquisition costs, LTVs, and ROI on your marketing spend.
DataChannel enables you to create momentum with Walmart
Our Walmart Marketplace integration enables you to gather on a pre-set schedule and frequency all of your marketplace-related data in one location. It provides sellers with access to collate information related to:
- Item Performance
- Delivery Defect
- Return Overrides
- Shipping Configurations
- Shipping Program
Once you have this data in a data warehouse, you can then analyze it across time and establish performance trends. This data can also be combined with data from other platforms and marketing data sets to get a transparent snapshot of your business. Predictive analytics techniques can then be applied to provide insights into your projected revenue numbers, inventory, and demand forecast, etc.
If you’re looking to work hassle-free with large datasets, DataChannel is the platform for you. A no-code, cloud-first data integration platform, it provides seamless data availability of the data that is specific to your business case. You can enable better business analytics, complete visibility, historical snapshots and much more with DataChannel as your partner.
“With its pipelines covering order management, reports on the top trending goods, unpublished items, seller listing quality score, inventory, returns, etc., DataChannel helps you make the best of your Walmart online store.”
Advantages of choosing DataChannel:
- Centralized access to all data: Get one platform to aggregate data from all your data sources whether it is eCommerce marketplaces or D2C channels or marketing platforms. From listings to reviews, extract meaningful data from large datasets, and make decisions to grow your business accordingly.
- Explore data on a granular level: With DataChannel, you get the ability to select what data you would like to move from your sources and at what frequency. Our easy-to-use User Interface allows you to select the exact fields of data you want to sync from your sources.
- Customized choice of a data warehouse: With DataChannel you get complete flexibility in data warehousing, no questions asked. You can connect one or more of your own data warehouses, or if you do not want to manage one, choose the DataChannel Managed Warehouse service at highly affordable costs.
- Getting to data-driven insights in minutes: We deliver data quickly, within minutes, instead of hours or days. Get scheduled reports around order management, pricing patterns, promotional offers, etc. with a couple of clicks.
- ETL + Reverse ETL capabilities: E-commerce data can be leveraged to create targeted campaigns for specific audiences, hyper-personalized email campaigns to maximize the effect of your ad spend. With in-built reverse ETL capabilities and drag-and-drop audience segment builder you can manage and sync your audiences across all marketing channels and marketing automation or CRM platforms in minutes without investing in a separate platform.
Get Started Today
Don’t know how to get started yet? Watch this video to get a better idea of how to move Walmart data to your favorite data warehouse using DataChannel.