Have you ever sold anything at Walmart? If so, you probably know it is a very competitive place, where even a slight change in your offer can make or break your sales.
With that, there are a lot of factors you must keep in mind when setting prices for your products at Walmart. Yet, delivery methods, descriptions, photos, and all the other details can only do so much.
The real key to success lies in pricing. That’s why Walmart price tracking is crucial for any seller.
Thanks to data gathered from Walmart’s website, you gain insights into the most profitable pricing strategies for your products and can set the right prices to maximize your profits.
Below, we’ll take a closer look at what are the common Walmart pricing strategies, how Brandly360 can help you track and apply them to your own business, and what else you can leverage to boost your sales at Walmart.
Understanding Walmart’s Pricing
Like any other marketplace, Walmart gives you a free hand when it comes to your pricing. It is an outstanding opportunity for sellers to experiment on their own, finding the best prices that attract customers and maximize profits.
To stay competitive within this vast retail ecosystem, it’s essential to be aware of price drops, discounted prices, and the best Walmart deals other retailers offer.
Understanding customer behavior and preferences plays a significant role here. You can notice the importance of it at local Walmart stores — price drop alerts always draw a bigger crowd, while discounts and offers get the attention of those looking for the best price.
It isn’t much different in the marketplace, where seasonal offers, discounts, and other best-deal promotions can help attract customers and boost sales.
Everyday Low Prices
Walmart is known for its “Everyday Low Prices” strategy, which aims to provide customers with consistently low prices on a wide range of products. This approach attracts budget-conscious shoppers who expect to save money when shopping at both local Walmart stores and online.
While beneficial for customers, this situation poses some sort of a threat to your marketplace offering. Walmart, being a retail giant, can easily undercut the prices of its competitors.
Still, it doesn’t mean you should lower your prices to remain competitive in the marketplace. Quite the contrary, by tracking the prices of these deals, you can notice gaps in those deals, which you can then use in your own pricing strategy.
For instance, if there’s a recurring price drop for a particular product, you can adjust your prices to capture sales from customers who don’t want to wait for the next price drop.
Price Matching
Walmart is also known for its price matching policy, which allows customers to get the same product for a lower price when they find it at a different retailer. This policy serves as an additional incentive for customers to purchase products from Walmart because they can be sure they get the biggest bang for their buck.
The policy is a smart way to ensure that specific products remain competitively priced at Walmart and that customers don’t have to worry about finding a better deal elsewhere. It also gives you more room to experiment with your own pricing strategies — for instance, by introducing a loss leader.
Want to get set up with competitor monitoring, price tracking and even more?
Book a free demo to monitor any e-commerce competitor pricing and get instant info of important price movements and more!
Why Price Tracking Is Essential for Success
Just like with any other market, monitoring pricing trends in the Walmart marketplace is one of the vital aspects of your pricing intelligence. Doing so, you gain insights into competition and the overall market condition, allowing you to adjust your pricing strategies and, more importantly, accurately predict future changes.
This way, you can make sure your offering remains appealing to potential buyers and your business stays profitable even if there are any more or less severe disturbances.
Besides aiding the development of effective pricing strategies, such data can help you uncover patterns and fluctuations within customer behavior. For example, by tracking prices over a longer time span, you can assess the demand for certain types of products and, consequently, predict your competitors’ supply.
Price History Data
Studying past Walmart price history helps you recognize seasonal variations and peak demand periods for specific products. With this knowledge, you can optimize your pricing to maximize profits during high-demand windows and adjust accordingly during slower times.
Analyzing price history data lets you identify and capitalize on recurring pricing patterns. For instance, if a competitor consistently lowers their prices during specific times or events, you can strategically adjust your own pricing to offer competitive deals and capture potential customers.
Competitor Strategy Assessment
Staying ahead in a competitive marketplace can be challenging, but one effective approach is to closely monitor your rivals’ pricing strategies. By keeping track of their price changes and promotional activities, you can identify patterns that reveal their tactics. This knowledge lets you adjust pricing decisions to counteract or adapt to competitor moves.
Being proactive is critical in this process. With insights into your competitors’ pricing strategies, you can develop tailored plans that outperform them.
Sometimes you don’t have to do much. Even if you only set an alert price for an item on your watch list, it can turn into hundreds of thousands in traffic in your app and website.
Market Trend Tracking
To stay competitive, you should harness the power of market trend tracking. This approach enables you to uncover opportunities in emerging trends in Walmart product pages, styles, and specific features that are gaining traction among consumers.
Needless to say, as you add products that cater to these trends, you give your business a significant edge over your competition.
How Brandly360 Can Help
When it comes to Walmart price tracking, having a reliable tool that provides in-depth analysis and real-time data is crucial for staying ahead of the competition. Brandly360 is designed to be that go-to resource, offering an extensive set of features tailored specifically to meet the needs of businesses monitoring prices on Walmart.
With its unique combination of automation and advanced analytics, Brandly360 eliminates guesswork and grants you valuable insights into your competitors’ pricing strategies. From price drop notifications to the discounted price tracker, its vast array of helpful functionalities can help your organization stand out in the marketplace.
Comprehensive Price Monitoring and Automation
One of Brandly360’s core strengths lies in its ability to automate price monitoring, saving time for businesses with multiple distributors. Its sophisticated algorithms track product prices, availability, and delivery times at frequent intervals, ensuring you always have the most accurate information on hand.
Within those price trackers, you’ll also find virtually unlimited possibilities to scale your monitoring process, enabling you to track an increasing number of products and competitors without sacrificing accuracy or efficiency. This level of automation not only frees up valuable time for your team but also minimizes the risk of human errors.
Advanced Analytics and Reporting
The true power of Brandly360 lies in its ability to transform raw data into actionable insights. With the platform’s advanced analytics, among other tools, you can study price history trends, dissect competitor strategies, and identify patterns that inform your own pricing decisions.
Furthermore, Brandly360 not only lets you track prices but also generates comprehensive reports that provide a clear picture of your pricing performance compared to competitors. These reports enable you to pinpoint areas where adjustments might be necessary while highlighting potential growth opportunities.
A Walmart Price Tracker Tailored to Your Needs
Brandly360 is more than just another Walmart price tracker; it’s a powerful, insightful tool designed to help you navigate the complexities of the Walmart marketplace and connect it with your other channels.
With its comprehensive monitoring capabilities, advanced analytics, and user-friendly features, Brandly360 equips you with the necessary tools to make informed decisions and stay ahead of the competition.
Whether tracking prices for your watch list, seeking the best deals from other retailers, or trying to shop smarter by adding products that cater to emerging trends, Brandly360 is the go-to solution for all your Walmart price tracking needs.
So why wait? Invest in your business’s growth today by leveraging the power of Brandly360!
Want to get set up with competitor monitoring, price tracking and even more?
Book a free demo to monitor any e-commerce competitor pricing and get instant info of important price movements and more!
Manager with experience in leading team of software developers and testers during implementation of internal and external IT projects. Ceo of Brandly360.com.