For small business owners and new product designers, a barrier to entry in the market is the difficulty of getting products sold at mass retailers like Walmart. Now, Walmart is giving small businesses a chance to do just that with the Walmart 'Get on the Shelf' contest, a competition that will put the products of smaller brands on the shelves of the big box retailer.
The Walmart 'Get on the Shelf' contest encourages small companies and inventors to submit videos of their product ideas -- which can cover all categories, from electronics to clothing -- on Walmart's dedicated website. The public will then vote on the ideas, and three of the most popular ideas will be sold on Walmart.com. Further, one lucky grand prize winner will get his product not only on Walmart.com but also on the store's shelves.
Why This Trend Is Growing
- Mass Retailer Competitions
- Other mass retailers could follow Walmart's example and hold competitions to find new products from small businesses and inventors.
- Crowdsourced Product Selection
- Retailers could use crowdsourcing to tap into the preferences of their customers and select products to sell on their shelves based on user-generated votes and reviews.
- Online-first Product Testing
- Companies could launch products exclusively on their website and use customer feedback to determine which products to sell in physical stores, reducing the risk of wasted inventory.
Industries Being Reshaped
- Retail
- Retailers could use competitions and crowdsourcing to find and sell unique products, attracting customers looking for something new and different.
- Small Business
- Competitions like Walmart's could be a game-changer for small businesses and inventors looking to break into the mass market and get their products in front of a wider audience.
- Product Design
- Designers could use crowdsourcing to gauge interest and preference for their product concepts before investing in production, reducing the risk of failed products and wasted resources.
