How Walmart Could Dominate E-Commerce David Milstein Explains| #David Milstein #walmartsuccesspodcast

one of the key differences just to understand in the algorithm between Amazon and Walmart people like to hear this is on Amazon the main driver of rank is is sales volume just the bottom line know who's selling the most units on Walmart it's actually conversion right if you're finding value in what you're watching consider hitting the Subscribe button and turning on the Bell notification oh and don't forget to drop a comment I love hearing your thoughts and ideas by the way we have got a ton of other videos waiting for you and if you are ready to level up your mindset come hang out with us in our private Facebook group called mindset for business success welcome to Super entrepreneurs podcast I'm your host Shahed danani today we have with us David milstein David is the co-founder of cord the largest agency helping brand succeed on wall wart and he's only in his mid-20s he's managed over 50,000 products across 300 Brands help companies break Revenue records and cut shipping costs by 40% so I'm very much excited to welcome David hi David thank you Shah really appreciate the great intro over there no worries my friend this is awesome it's just beginning and you have experienced so much already so it's it's really great you're actually impacting other people's lives with your skills have you ever hit rock bottom bottom or were you ever at your time in your journey even though it's it's it's just in the beginning stages where you felt you face some hardship or something that you could share even personally or professionally and if you could share how you got out of it and any lessons you learned sure I I like to say I'm I'm very thankful it's been pretty it's been pretty smooth sailing honestly hasn't been terrible I'll say like the one thing perhaps is if I could say a time where I wasn't feeling my best in life times when I didn't really appreciate it all was when I was at like a previous job I was like before getting into this business before starting off my own gig here there was definitely like that feeling of just I I I knew I have potential but I just I'm not able to exercise it I feel like I'm like stuck in a bit of that rut like wait I know I could do something I just I don't know how to express that I'm like just going in checking in doing my 9 to five but like it's boring you know doing my thing it's not really getting somewhere and then having made that leap like I was like okay I'm going to quit you know I'm gonna start doing something else like that was definitely a big motivator even though for good a good year or two like I wasn't making anything I was just like just not just living off of what I made in the past taking some debt even and just like going into life okay here we're going for it and then hopefully it's been panning out quite well but always I think always up here was pretty it's pretty solid I don't think I ever felt like that like really low so thankful for that no that's good that's good David because many of us go through that realization that committed decision we just make any part of our journey when we realize that wait a minute this is not me like it happened to me in my ninth fight as well right it just decided this is not me and I I was seeing people celebrate their retirement and working their 30 years and I was like oh my God like I it was just something would happen to me right I was say I can't this can't be it and I felt like you said there was this potential this Burning potential within that needed to come out didn't just didn't have that direction and you found your direction and you're blessing your own life and others so I'm grateful to hear that story yes I'm very it's been great it's been great I really like I have a obviously still days where you come in and you're like okay today's a lot of pressure a lot of things and as long as like things are trending in the right direction as a whole that helps motivate for sure yeah for sure that's awesome substantial difference substantial difference that's that's awesome congratulations David A lot of people when they think about Ecom they think of Amazon or even Tik Tok now what makes Walmart such an exciting opportunity for sellers in in your point of view sure sure this is very common we do a lot of I'm as a co-founder you're involved in all processes even though I sck operations sales is a big component of what I do as well and I hear this question all day why am I getting it to Walmart Oh Tik tok's huge right now I should be getting to Tik Tok why are you promoting Walmart I want to go to Tik Tok so exactly so I'll say this Amazon for sure is they're the ones that are they're the number one dog right now like you should be your product should be on Amazon and you should be F working on that that's going to be the main business for a lot of people and typically like I would say a strong 90 90% of our clients plus are on Amazon and they're trying to replicate their success on Walmart um we do have some outliers who are like really big in store brands with Walmart and they're not they're like barely doing any Amazon but that's like a very different strategy so the reason why we push for Walmart is because the opportunity and potential that it does have toward the future Walmart's really been growing at an unparalleled pace and just their year-over-year growth has been so strong that we could just see a future we could see a potential Amazon although the the money is there today it is definitely very saturated there's a lot of competitors it's very expensive to break into that market with new products and it's also there's a little bit more un nness and premium products tend to thrive on Amazon versus on Walmart to different product based typically like more of their value products will succeed over there so if you do have a bit of a better pricing on your products you may succeed over there and Tik Tok is look if you're going to make money on Tik Tok please experience it have fun with that if this week of all weeks this is the week I would say Tik Tok shows something that they're down for a day but whatever I'm say even if they are sustainable long term it's not a Marketplace Tik Tok is yep it's a social media app that happens to also offer the marketplace and integrate those two together which I think is really cool it's it's a lot of cool Concepts but I don't think it's going to have the necessarily the capability to facilitate as much success as an established Marketplace such as Walmart Walmart has so infrastructure already in place in order to facilitate strong e-commerce platform aside from just like their fulfillment Network that they've had you know for so long and they also they're no theme to to to retail they're the number one retailer for the past 20 plus years they know how to make sales and not we're just going to see what happens over here like they understand they understand that that Amazon is catching up to them when it comes to total revenue and they need to dominate they need to continue to push there so they're going super aggressively in their Marketplace side of their business they're doing a lot so I I believe it has the most opportunity even if today even if it's as of today Tik Tok might be the hottest because you could make a really quick Buck I think in the long-term potential I think Walmart's where the gold lives do you feel that Walmart is catering to new products or new businesses that are coming on to the platform when it comes to their algorithm to promote new people to show their brands or show their products to more people do you know anything about their algorithm comparably to Amazon for new products interesting see this new idea I don't think Walmart necessarily treats a new product much different than other another product that exists on other marketplaces the one difference I would say that's going to be very key is Walmart marketplace has a lot of levers particularly around pricing and if you're going to use the same products on Amazon as on Walmart you do have to maintain price par in order that Amazon doesn't shut you down and that Walmart doesn't shut you down so having a new Walmart exclusive product you are able to play the game a lot more and and we see a lot of success from this even if you have a very extensive Amazon catalog but you're able to bring in a slightly variated product for Walmart different UPC a little bit of a different they can even add in some little silly accessories to the product to make it a little bit different if you're selling supplements change the account slightly and yes there's production costs that are impacted over here but keep it small keep it just a few items and play the game get in get your product in make sure you adhere to all the common typical things that you should do to succeed on Walmart and then go ahead and have fun with your pricing give it make sure you're enrolling constantly and forom motions and you'll see success like that yeah so the key what I'm hearing is to have some sort of exclusivity or some sort of uniqueness when you're coming into Walmart walm Walmart loves that Walmart loves when you're coming to them with I'll tell you what Walmart yeah Walmart likes when you show them that you care about them and like you're willing to invest in them if you're just an and this is what they hate the opposite of what they they want is if you're an Amazon Seller you're like I'm just going to come here and replicate My Success you just copy and paste your whole catalog over from Amazon to Walmart you don't change anything the same title same description same everything images whatever that's good but if you keep everything the same and just push as if it's something regular like Walmart specifically has in their style guides that they want their copy to be unique they don't want they don't want to Mir any other platform even if the formatting works out they don't want to mirr it because they want you to invest and put time into their platform that's what they're asking just give us your time give us a little bit of your time just so you I got it work on it so you have to buy some sort of customization to show that you are enthusiastic and it shows in their product line it shows in in in store as well what they do exactly exactly that's definitely a whole conversation start St component so David you scale Brands that's what you do I love the fact that you're in your 20s man you're going places this is awesome when you're scaling Brands is there anything you could share with us you shared some information about making it on Walmart but is it any other strategy or any type of information that you could share with us regarding scaling brands on this platform or if you have any kind of knowledge that you have learned being exclusively focused on Walmart that someone should know about for sure so like always say we're speaking about this in in the sense of showing Walmart you're buy but even for yourself it's it just if you give if you don't give Walmart a chance you just come to Walmart and you just expect it to just do your x% of Amazon because you're just diving right into it but you're not actually giving it the opportunity from your perspective yeah like the same way that you spend time on Amazon making sure that you know every last attribute's filled out properly and that everything is just perfectly all your ducks are in a row and you just go ahead and just assume that Walmart's just going to do the same thing based on what you did on Amazon that's foolish you're purely not thinking and considering like I need to you know make sure I'm tweaking things in over here that I'm making sure that every because attributes are different it's a different algorithm you have to understand you have to understand it's a different platform it's not Amazon 2.0 it's a whole other algorithm yeah it's entirely different so you have to like the same way you spend your time figuring out Amazon how to rank what products succeed doing your research and there's just such I'll give like a very basic idea of of what you want to do on Walmart like a very quick idea when you want to list your products on Walmart go ahead and create new content for it makeing sure that your Cate your items are categorized correctly fill in your attributes properly for it make sure to send an inventory to wfs which is their version of FBA and throw some dollars into advertising it could really be as simple as that just a very quick method things may take time but this is really you don't have to put your whole assortment on Walmart to start pick up a few listings these are my pop sellers on Amazon put them on the Walmart then the few hours making sure that they're optimized properly put some inventory in spent some advertising dollars advertising is honestly quite similar are some key differences but if you know a good Amazon plan a Walmart shouldn't be too different and you'll see success just like that but if you just like don't actually put anything in it you're not going to see anything problem that's like a general idea yeah is there anything that you could share when it comes to scaling on Walmart that may surprise people yeah I would say and this is something that I'll say a little bit about the the levers on Walmart is on wall on Amazon it's very ads driven on Walmart promos are so massive like it's really key to be able to lean into promotions heavily it's a very like we we could see from brands that have truly dove into Walmart have come from like really leveraging promotions heavily and like especially during ke time especially during four but even throughout the year Walmart has specific promos for different like categories and whatnot and they have their like things to mirror Prime day that Walmart plus week or the whole June or July of last year was was very was very strong if you lean in and you really go all in on the promos your items rank will just shoot up because you're really dominating from a conversion right so one of the key differences just to understand in the algorithm between Amazon and Walmart people like to hear this is Amazon the main driver of rank is is sales volume just the bottom line know who's selling the most units on Walmart it's actually conversion rate that's above that obviously sales volume plays a role but conversion rate plays a very key component there so a product let's say even especially a new launch you want to make sure you're converting immediately off the bat and the best way to really hit a strong conversion rate is having that great price if you could even just show that you're on a strike through your product was $15 now it's at $1 like you're just showing that and it's you're just able to move a lot of volume because you have that strong conversion rate even if you're just getting clicks that is anisate as well from impression to click from click that to cart like these are all impacted within your rank so if you could just show a nice listing showing a listing that has a good price pricing opportunity it will really help with driving your initial rank so that's just a little bit uh understanding a little bit about the algorithm which having that perspective will give you some insight into how you want to Launch sure how you want to generally move products on platform is there any kind of information that a seller that people that come in to see you they have this assumption about Walmart but it really isn't true like a misunderstanding about Walmart Ecom platform sure the most common thing I hear is that Walmart doesn't work you know that I've been on Walmart for years yeah it's just like yeah I've been on the platform I can't make any sales nothing's really working for me and then I start to prod I ask hey did you do this did oh no I I like it's just the same things over and over I w't did not there may be a few brands that will have a difficult time on Walmart generally speaking if you're a more premium brand like if you're more high-end you're more expensive like it's got to be very hard or not not let say harder rather to scale on Walmart really favors a more value product and those are the ones that really dominate when it comes to like you know having a strong retail really helps but if you do invest properly we've worked with premium brands that have gotten success it's just going to cost you a little bit more up front but once you get over that hurdle and you achieve strong rank you could actually succeed in the long run it's just going to cost a little more off the bat yeah it's very similar to the students that we work with our mindset Transformations the ones that if they come back say I'm not seeing anything nothing is happening same thing that you're saying about probing and when you start asking specific questions about different areas of the work that they needed to do to achieve the transformation they haven't done the work that really makes sense I totally hear people look I get it you want to be able to do the least amount of work and get the most success of things I I look I'm a big believer in that if you could solve that more power to you but yeah sometimes you just got you got to put the Brun work and it and that's what's going to get you there so for David would do you help people launch new products as well sure we do the full generally speaking we typically work with Brands who already have proven success on other platforms it's a little difficult to take a new brand as a whole to Walmart there's definitely like it's possible but it does just take more effort from us and from the seller really having to promote things and really going aggressively and they have to really know if e-commerce and you're doing you have already sold your brand you want to New Brand that's a different story but like if you're new to e-commerce as a whole it's I would say there's other venues to start first if you're a brand new e-commerce I would start with Amazon try that out and then you could you could go to Walmart for sure but so so a new product a new idea A New Concept you know on Amazon what entrepreneurs will do is they see a product and they make tweaks to it like top performing products they make tweaks to it and that all the time on Amazon and to piggyback on the success would you say that they they should stick with Amazon initially for looking at Walmart and and what would be the main reason for that sure so the main reason I I believe in this evolution of a marketplace where you first start with a lot of you have a lot of resellers of of very large brand I have your Dove soap have your Kleenex tissues those are all being resold on Amazon on Walmart the big business around there then it goes to more of this private label where you start to have some of these more generic products of those cheaper tissue a cheaper soap all those things and then you get for more of the premium products which is like oh this soap is is clean and all this other nonsense about it and a super premium product and that's where Amazon is Walmart's still I feel in that middle phase we have these so once you start to think of this like more premium like cool product that you came up with at tweak can you find success on Walmart potentially I'm not saying not I'm not saying to throw it out but something just to consider is the volume may not be there necessarily you know just it's still newer and like you have to first like I like to say here here's another thing like people go to we have Brands a lot of brands that sell on Amazon and their most generic products don't succeed on Amazon because of how competitive it is and they come pass on Walmart and all of a sudden those products are thriving much more than their bestsellers in Amazon because their bestsellers on Amazon are a little bit more Niche but the generic products on Walmart there's so much opportunity for generic product obviously getting more competitive with time and we see Devolution ourselves but there's definitely still a lot of you could still get the number one can opener on Walmart which is crazy like you can dominate for that versus on Amazon it's like there's no way it's too competitive so just an interesting makes sense David so I want to ask you about mindset so how important mindset is for you do you do any work internal work man I wish honestly I did more it's definitely I don't do anything specifically like I'm a religious guy so I think like from that perspective I pray and whatnot but from like things to M Faith yeah faith of achieving exactly but personally to like really CS play I consider I should definitely be doing more for that down days definitely days I get in I'm just like this sucks yeah mental mental toughness and having a stronghold on the Eternal world you start seeing it mimic on the exterior especially when it comes to Opportunities and growth and going in to a higher success ranges in your journey I feel that the internal world is super important for the body to move in that direction because the body moves as the mind creates a vision and what happens is a lot of people are the body is moving the mind is somewhere else right so when we bring that alignment into the conscious mind subconscious mind we bring bring that alignment we see a human being become a lot more effective in what they do that I feel that is a very powerful aspect of Entrepreneurship that many people like you said they want to they just don't know the direction yet and that's what one of the main purposes of the show is to bring that awareness because it just makes the whole journey so much more pleasurable that's really nice that's really nice yeah yeah so is there one thing you could share that sellers that sellers may make as a mistake when they come to Walmart or you see them on Walmart making that mistake when you bring them on as a client what is that mistake and then how do you help them for sure so I have something like technical I'll say like we definitely like I mentioned a few times about this idea of investment let's think like a really technical component to it is there are some really simple things when it comes to just understanding your categorization if you are miscategorized and particularly the categorization name for those in the notes is called the product type if you don't have the correct product type in your listing you are really holding yourself back it's such a key component to so many things it determines which attributes your listing gets it determines which keywords your product ranks for it it lets you know so many key parts of your listing are are around that product type and if you are just in the wrong one because previously last year it was automated from Walmart which just auta determine what it was sometimes it would even tell you just default which means your listing was wrecked there was something wrong over there but nowadays even today you are you do set up products to the product type on that level there's still wrong product types there's sometimes very similar ones you're not necessarily sure what the best way to go about it you have let's say storage container could go on so many if could go to school if could go the baby you go to Outdoors like identifying the best product type is a really great way to make sure that your product is going to have success and you know what test to learn Walmart still has so much time like they're still growing play around with things don't just it's not just a one and done deal like really like you try doesn't work try something else keep going because the success that exists never give up for sure not love it love it Davido it was great having you on the my friend and hopefully we'll keep in touch I want to see where you go with all this of course this is really nice dude thank you so much man here