In a move that may help bolster their status as a competitive rival to Amazon, Walmart has announced the addition of new product categories, omnichannel experiences and fulfillment solutions for third party sellers on Walmart Marketplace. The announcement was made during their annual Let’s Grow! 2024 Walmart Marketplace Seller Summit.
“We’re executing strategic priorities at Walmart that are helping us to become the customers’ first choice – every day, every season, for every item. Walmart Marketplace is a key component of that mission,” stated Tom Ward, executive vice president and chief eCommerce officer in a press release. “We know the importance of personalized, seamless omnichannel experiences, and Walmart continues to advance its digital and fulfillment capabilities, including the new categories and features we announced today, that enhance the overall customer and seller experience on Walmart.com.”
“Sellers are looking for a smart path for growth,” added Manish Joneja, senior vice president, Walmart Marketplace and Walmart Fulfillment Services. “We’re bringing all the pieces together to be much more than a marketplace and investing in new ways for sellers to serve customers as we grow together.”
Premium Beauty, Pre-owned and Collectibles Expansion
Citing the need for increased selection and customer preference, one area the expansion includes is the creation of a Premium Beauty product category, in addition to increasing its range of Collectibles and pre-owned merchandise.
The latter may seem an odd choice, particularly for a retailer who came to prominence during a time in which the pre-owned category was limited to independent consignment shops and thrift stores. But given the exponential growth of secondhand platforms including ThredUp, Poshmark and (to some extent) Etsy, it may be a profitable one. According to a recent report from Retail Dive, the domestic secondhand market grew 11% in 2023, which was seven times faster than the broader clothing market.
The secondhand marketplace will be known as Resold at Market, which promises five million items from more than 1,700 sellers, offering a selection of goods ranging from luxury fashion and electronics to collectibles, sporting goods and more.
Premium Beauty at Walmart has been described as an “elevated, seamless brand experience” backed by custom storefronts and editorial content, representing what the retailer feels will be “the latest evolution of Walmart as a top beauty destination,” deepening customer trust through direct and approved sellers.
Walmart Marketplace’s Omnichannel Growth
Also planned is a new omnichannel experience known as Walmart LocalFinds, which was previewed at the 2024 summit. Designed to bridge the gap between online and physical shopping, Walmart LocalFinds will provide direct pickup and delivery from sellers’ physical stores and is planned for a hard launch later this year in Atlanta and Dallas. Paired with the Walmart last mile delivery network, LocalFinds is designed to enable faster deliveries and act as a nexus between local businesses and Walmart’s digital channels.
New Solutions from Walmart Fulfillment Services
In addition, Walmart Fulfillment Services (WFS) has developed new logistics and fulfillment solutions to help sellers move products across markets and fulfill any eCommerce order.
Multichannel logistics
Walmart’s new Multichannel Solutions program will allow sellers to use WFS to fulfill orders from any eCommerce platform through Walmart’s supply chain, in sharp distinction to the retailer’s previous multichannel restrictions. Now, Walmart can fulfill orders and manage returns while offering plain, unbranded packaging, shipping and rates estimated to be an average of 15% lower per item than other providers. The Multichannel Solutions program is scheduled to be launched on September 10th.
Cross border fulfillment
Also being introduced is Walmart Cross Border, a new international import service for full container load shipments. Sellers can now use WFS to handle transportation of inbound merchandise from ports in Asia to US WFS facilities, as well as optional Customs clearance support from their preferred customs broker.
New and Expanded Seller Solutions on Walmart Marketplace
Walmart Marketplace will be revising their Global Seller Center and new app to provide seamless onboarding for eligible sellers in any market, so they can cross borders and go global by selling in the US, Mexico, Chile and Canada
Just in time for the holidays, Walmart also announced they will be waiving peak season storage fees for sellers who inbound their inventory to WFS fulfillment centers by Sept. 30
To help sellers scale and grow their business, Walmart Marketplace Capital is expanding to offer qualified sellers access to cash advances of up to $5 million
Also in the works a new Deals Dashboard that makes it easier to enroll items in Walmart’s popular deals events. The feature will also provide sellers with detailed data and insights to offers and make more deals readily available to customers, particularly during holiday events
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