Walmart Suppliers - How to Sell Your Product to Stores
Walmart suppliers rely on artificial intelligence-powered software that negotiates with buyers. The program prioritizes products not for resale and pre-approved suppliers since Walmart buyers don’t have enough time to negotiate with every potential supplier.
Before beginning the process of becoming a Walmart supplier, make sure your company meets their minimum requirements and secures a Dun & Bradstreet number.
1. Research the market.
Walmart is a retail behemoth that draws in thousands of customers each day, so to sell products on its shelves you need to attract these same consumers – which means marketing them through social media, ads and word of mouth.
Walmart buyers rely on various methods to source products, including online applications, trade shows, direct contact and partnerships with manufacturers. Their primary objective is finding high-quality items that offer customers great value while meeting stringent vendor criteria.
Suppliers typically take six to 12 months on average to secure their first purchase order from Walmart, but once a buyer accepts, 8th & Walton assists new suppliers every week with everything from filling out an online application and setting up their items.
2. Create a marketing plan.
Walmart is renowned for selling an assortment of quality products at competitive prices, attracting many customers while increasing sales volume. Their strategy has proven immensely successful as evidenced by increased revenue.
This company also provides several services designed to assist suppliers with streamlining their operations more efficiently, such as providing them with access to an efficient supplier portal that facilitates better collaboration between both parties.
The portal provides suppliers with access to resources that they can use to explore certifications, streamline operations and strengthen collaboration with Walmart. Furthermore, retail analytics highlight sales trends of suppliers’ items. This can assist suppliers with optimizing inventory management and reducing wastefulness – improving bottom lines and creating more sustainable business models in turn.
3. Create a website.
Becoming a Walmart supplier can be an exciting milestone for a small business. Walmart operates worldwide stores, so becoming one of their suppliers will boost growth exponentially. But to succeed, preparation is key. You will require an automated electronic data interchange (EDI) process designed specifically to meet Walmart’s requirements – this allows companies to communicate via the internet; Walmart requires its suppliers use Application Standard 2 (AS2) when sending transactions over.
Additionally, you will need a website displaying details about your products and business, GTIN/UPC numbers for products sold, certificate of insurance and GDSN provider details as part of starting the Walmart supplier process. All of this will assist with getting you underway as an official Walmart supplier.
4. Create a social media presence.
Walmart is seeking suppliers who meet its standards. These criteria include providing high-quality products at competitive prices with fast delivery times. If you own a small business, Walmart Marketplace could be an effective way for you to gain market presence without spending a lot of money.
Walmart is well-known for their work with US businesses and manufacturers, helping revitalize manufacturing industries while supporting American jobs.
If you are curious about becoming a Walmart supplier, visit their website to gain more knowledge of their requirements and their supplier portal to manage applications, invoices and fulfillment all from one central place – making the process easier for both parties and giving you more time to focus on sales!
5. Create a sales plan.
Create a sales plan that illustrates why your product will appeal to Walmart’s consumer base, and the company may consider adding it to their online marketplace. This is especially likely if it fills an important void or fills an absence in current offerings from Walmart.
As you make your pitch, keep in mind that each store may have unique requirements for getting into Walmart stores compared to selling on Walmart Marketplace; getting your product into a physical Walmart store involves additional steps than selling on Walmart Marketplace; for example submitting an RFP, supplier questionnaire and GTIN/UPC number will require time and expense – yet an effective sales plan could speed this process up significantly.
6. Create a business plan.
Establishing a comprehensive business plan is essential to getting your product into Walmart stores. They prefer vendors with proven expertise at selling products directly to consumers as well as suppliers with solid track records of quality and customer service.
Walmart utilizes a supplier portal to connect with their vendors. This enables them to easily manage applications, invoices and fulfillment. This streamlines the process and reduces errors while creating a consistent experience for both vendors and Walmart employees.
Walmart utilizes VMI to enable its suppliers to manage inventory in their warehouses based on point-of-sale data, saving both time and money by eliminating distributors while speeding delivery times to customers and decreasing stockouts and carrying costs.
8. Create a vendor agreement.
As a supplier, you will need to sign an agreement with Walmart that outlines your business relationship, including payment, performance metrics and shipping requirements.
Walmart employs an ingenious supply chain strategy centered around developing direct relationships with suppliers and streamlining inventory management as efficiently as possible, guaranteeing that they have what they need when they need it.
Walmart’s omnichannel operation requires precise forecasting of customer needs at any given moment and accurate placement of online-only products in warehouses nearer consumers; for this, data sharing and visibility provided by satellite tracking is crucial in reaching this goal. Furthermore, open communication and negotiations between buyers and their suppliers also contribute significantly.
9. Fill out the online product submission form.
Prior to submitting your product or service for consideration at Walmart, it is wise to conduct extensive research. Walmart has stringent supplier requirements including minimum order quantities and fast shipping turnaround. Furthermore, their focus areas include supporting American jobs and reducing emissions; if your goals align with these initiatives you could increase the likelihood of acceptance as a supplier.
Once your application has been submitted, it will be reviewed by Walmart buyers. If your product meets company standards, you will be invited to create your seller profile on Walmart Marketplace.
Be patient as it could take up to one year before receiving your first purchase order from Walmart. Once approved, your products will be sold in stores throughout the U.S. with payment being received within 30 days after delivery to either their warehouse or store docks.
10. Sign the agreement.
Becoming a supplier to Walmart can be an exciting adventure for any new company, offering many potential advantages to sales growth and company expansion. However, many factors must be taken into consideration before accepting such an ambitious client as Walmart.
One of the key components to building a successful business is having a solid plan. This should include having enough funds and fulfillment capacity for large orders on time. Another essential aspect is having an efficient supply chain. Walmart relies heavily on their suppliers delivering top-quality products. Furthermore, having strong relationships with buyers increases your chances of having your products entered into stores.
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In this training, I will discuss some of the things to think about when approaching a retailer to sell your products and become a vendor. Hope it helps! 🙂
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