Understanding and leveraging eCommerce platforms like Walmart Marketplace has become crucial for brands across various sectors. As online shopping rates continue to grow, so does the data available to marketers who use them.
Retail marketplace APIs provide brands with a powerful opportunity to understand customers' shopping behavior directly through eCommerce channels.
The Walmart Marketplace API, provided by the retail giant Walmart, has emerged as a game-changer, offering marketers a direct channel to assess their sales performance with Walmart's vast online marketplace.
In this blog we’ll take a look at how marketers can get the most out of their Walmart Marketplace data, and which metrics they need to track in order to measure the success of their marketing efforts.
Walmart Marketplace is Walmart's eCommerce platform, offering third-party brands direct access to millions of online shoppers through seamless product listing, order management, and inventory synchronization.
Marketplace sellers are given the opportunity to use Walmart.com as a venue to sell and promote their products on Walmart.com alongside Walmart’s own products.
As there’s no intermediary buyer for brands selling on Walmart Marketplace, sellers can list any items they want, provided they’re not prohibited - and they can determine their own prices.
The Marketplace boasts numerous integrations with third-party platforms, simplifying the shipping and order handling processes, which is a notable advantage over the logistics required by Walmart suppliers. The Fulfill By Walmart (FBW) program closely mirrors Amazon's FBA initiative, and the platform’s Seller Center is continuously improving.
By using a Walmart Marketplace API integration, brands can stream their operation performance, enhance visibility, and reach Walmart's extensive customer base more effectively.
Brands can collect insights tailored to their goals, such as product catalog management, inventory updates, order processing, and shipping integration.
The platform not only facilitates efficient eCommerce operations but also unlocks insights into customer behavior, which can be cross-referenced to other marketing efforts. Therefore, brands are able to optimize their product offerings, pricing strategies, and overall customer experience within Walmart's vast online marketplace.
Tracking key metrics on Walmart Marketplace is essential for marketers selling on the platform as it provides insights into sales performance driven by campaigns, influencing customer behavior, and overall return on investment (ROI).
By closely monitoring these metrics, brands can make data-driven decisions, optimize their advertising strategies, and maximize their impact on Walmart's highly engaged customer base.
Walmart Marketplace provides marketers with a comprehensive suite of reports and metrics to track and analyze their sales success. Each report delivered by Walmart Marketplace is delivered with important product attributes to obtain the flexibility needed to correlate these back to initiated campaigns, these include:
These attributes, when analyzed in conjunction with metrics encompassing sales, promotional activities, shipping statuses, and more, offer comprehensive overviews of your marketing strategy and product positioning. Such insights are pivotal for marketers seeking to refine their approach and enhance market penetration.
At the moment, the Walmart Marketplace supports over 15 reports on various granularity levels, among which the following three are widely utilized. Below, we’ve listed a few key metrics and dimensions from these three reports to help you understand the relevancy for each:
Looking for a report that will gauge product performance?
Item Report:
Want a report for effective stock management?
Inventory Report:
Want a report that will help optimize your product strategy?
Assortment Recommendations Report:
Using these reports and metrics provided through the Walmart Marketplace API integration, sellers can automate their reporting and gain proactive insights into their product performance, inventory management, and customer demand. This allows them to make informed decisions to optimize their sales strategies and maximize revenue.
More details on additional metrics for the Walmart Marketplace can be found here.
Numerous brands and agencies have already leveraged the power of the new Walmart Marketplace API to drive success. This is especially useful for CPG companies that are integrated with Walmart Marketplace's product catalog and inventory management systems, as they gain direct access to sales data and order fulfillment metrics which they would rarely have access to when selling within the wholesale model.
Obtaining these datasets optimizes their product assortment, pricing strategies, and delivery processes, leading to a significant increase in online sales and customer satisfaction.
To maximize the effectiveness of the Walmart Marketplace API integration, marketers should consider the following best practices:
Mastering platforms like the Walmart Marketplace is increasingly important for marketers aiming to maintain a competitive edge in the eCommerce landscape. Adverity proudly collaborates with Walmart, empowering marketers to effectively monitor crucial metrics around sales data, order management statistics, inventory levels, and product performance. These insights offer guidance for refining strategies and outperforming competitors in the online marketplace.
With eCommerce becoming more dominant in the retail industry, platforms like the Walmart Marketplace offer brands a distinct opportunity to integrate their operations seamlessly while fostering deeper connections with customers and supporting brand loyalty.
By cross-referencing these performance metrics with other online marketplace platforms such as Amazon and Shopify, businesses can unlock greater visibility on a range of digital shelves, elevate customer experiences, and ultimately achieve sustained growth and success in the dynamic eCommerce landscape.