The 2023 Walmart Marketplace Seller Summit held in Las Vegas proved to be an insightful and transformative event, bringing together a diverse community of sellers, industry experts, and Walmart omni-channel leadership. The theme of the summit was Let’s Grow with an emphasis on doing whatever it takes to empower sellers to succeed.
There were three guiding principles that were interwoven into every element of this event:
1. People Matter
2. Marketplace is Built by Sellers, for Sellers
3. Listen to Your People & Customers
Throughout the event, these principles were highlighted on every stage and interwoven into various discussions and breakout sessions and emphasized Walmart’s unique, values-based competitive advantage for driving success in the ever-evolving e-commerce landscape.
Central to the summit's ethos was the acknowledgment that the success of Walmart's Marketplace hinges on fostering a mutually beneficial relationship between the platform and its sellers. The importance of seller well-being, sharing data, building and iterating on seller tools, and telling stories of growth and empowerment were all emphasized. Walmart leaders reinforced the notion that a satisfied seller translates to enhanced customer experiences. Collaborative interview panels between Walmart and its sellers were showcased as well as one Marketplace seller being awarded a purchase order from Walmart’s Chief Merchant for distribution in 3,000 Walmart stores. These moments underlined the company's commitment to nurture a vibrant seller ecosystem.
The summit underscored the fundamental truth that any online marketplace's growth and refinement are intrinsically linked to the sellers who populate it. The presenters on stage spotlighted successful seller stories, emphasizing the real-world impact of collaboration, taking risks together, innovation, giving feedback, and adaptability. This symbiotic relationship between sellers and the platform was showcased as the driving force behind Walmart Marketplace's continuous enhancement.
An element that set this summit apart was the leadership's willingness to embrace candid feedback from sellers. The expo hall had plentifully staffed help desks. Every breakout session had ten minutes for open mic Q&A for the sellers in the audience. This transparent approach to feedback collection and analysis enables faster iterations for improvement, thereby enhancing the seller experience and platform functionality. This willingness to pivot and adapt based on feedback aligns with Walmart's commitment to maintaining a dynamic and responsive Marketplace.
In addition to these guiding principles, the summit hosted specific breakout sessions that gave sellers actions and tools to help them navigate the path to success. While I was not able to attend every session, the four breakout sessions that I did attend were wonderfully insightful.
The significance of clear, comprehensive, and appealing item listings was emphasized. Sellers learned how meticulous attention to detail can directly impact conversion rates and customer satisfaction. The top four components of a quality listing = Content, Shipping Speed, Right Price, Ratings and Reviews. Within each of those four components, Walmart provides tools on their Seller Center to help you implement the changes needed to improve. Pretty valuable.
Sellers were equipped with strategies for leveraging metrics through Walmart’s Seller Center that enhance customer trust throughout the order process. From accurate shipping estimates to real-time updates, these measures bolster customer confidence in the Marketplace. There were five metrics highlighted as most critical for enabling customer trust with goals listed as a percentage of orders where these metrics are successfully completed:
This exploration of Walmart Connect shed light on the power of targeted advertising to maximize sales. Sellers learned how to harness data to reach the right audiences. The presenting team emphasized that no matter how small or large your budget, you can achieve growth in sales on site through using Walmart Connect. Additionally, with no setup fees, sellers only pay when a customer clicks on your ad. With 120M online monthly customers and 93% of the top keyword searches being non-branded, Walmart’s Marketplace has customers looking for new brands and products, so leveraging Walmart Connect is an important component for a seller to get their products in front of relevant customers. As an entry point for new sellers, the presenters recommended setting a budget for using Sponsored Product Ads (SPAs) and leveraging bid multipliers for the placements you want on site. SPAs are a quick way to see the positive influence Walmart Connect can have on your online sales.
The advantages of Walmart Fulfillment Services were showcased, illustrating how this integrated solution can streamline operations, enhance customer satisfaction, and ultimately drive sales growth. The WFS team was obsessive about being built by sellers, for sellers and providing ample time to listen to live feedback from sellers in the room so they could take notes and improve. Another highlight of this session was the new WFS capabilities launching this year:
In summary, the 2023 Walmart Marketplace Seller Summit encapsulated the essence of collaboration, empowerment, and growth. In the closing session, there was a unified, palpable sense of energetic expectation of what’s to come on Walmart’s Marketplace for sellers and Walmart Associates. With a values-based commitment to guiding principles, an open feedback loop from sellers, and a willingness to share actionable insights with sellers to navigate the complexities of e-commerce, Walmart’s Marketplace is poised to shape the future of online retail.
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