Category Archives: BestBuy

Couples Longing For Electronic Gifts Rejoice At Best Buy’s New Wedding Registry

Daniel Posted On - April 13, 2015

Best buy Wedding Registry
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The days of receiving mixers and dainty silver-wares as wedding gifts are on their way out. The fact that individuals today are going gaga over electronics is no big surprise. With so many to use and so much to experience, couples today are showing a sharp diversion of their gift interests towards ultra tech devices and gadgets than all things conventional. With the introduction of the Best Buy Wedding Registry services, it is now possible for the couples to choose and track the electronic gifts they choose for their big day. At the same time, for those who will be getting the gifts can also be happy with the fact that the items will be available at great prices and will be cherished by the couple for a long time to come.

The question is how far Best Buy will score with this new endeavor. Considering the fact that their stores are complete with just about everything that can arrest an individual’s attention, to have curious heads peering in for more is more than just expected. From ultra HD TVs to a range of cameras, from tablets to smart phones of reputed companies, there is literally everything that can be tagged in the store. The base line of the matter is for this ever expanding company to grab every inch of the market that is there to be tapped with wedding offering infinite promises of enhanced sale and awareness.

With this innovative and promising move, Best Buy is expecting to sure further ahead in their sales and revenues this year. Considering the efforts that they have put into e-commerce marketing per se, is also expected to show its results in the form of enhanced registries to follow through the wedding season. The matter however, does not rest with availability of products and their prices. Best Buy has also thoroughly looked into the aspects of quick and effective free delivery of the tagged and purchased items. The option of free delivery is without any minimum purchase amount which is sure to make the process of choosing electronic wedding gifts a more feasible option.

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Best Buy is experiencing a continuous growth on web sales.

Daniel Posted On - February 23, 2015

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Recently Best Buy Inc. has declared their online sales have increased by 20% in the third quarter of the current fiscal year. The total revenue from this web sales amounted to be $601 million altogether. They further claimed that out of an aggregated $7.99 billion of domestic sales, 7.5% sales were completed through the web. When this figure is compared with the last year’s record it shows a definite 6.4% increase.

For the overall growth in web sales, the executives are broadly pointing towards two main reasons respectively: generalized improvements of websites as well as digital marketing and rolling out of ship from store capabilities. In fact, Hubert Joly, CEO of Best Buy has specially stressed on this ship-from-store factor which he thinks is primarily responsible for the growth in web sales.

Joly has also added that the retailer’s average value of online order increased year over year which helped them to get more traffic directed towards their site. But for this, he has credited the retailer’s contribution by making greater investments in the field of online marketing.

As a result Best Buy is focusing a lot in online advertising. AdGooroo, a search marketing firm also released a data which indicated this retailer is on top list in terms of investing on paid search during the first three weeks of the month of November.

Further he said that there is an increase in click-through rates e-mail messages to on Best Buy’s consumers. This is being backed by retailer’s endeavor to improve its personalized capabilities.

Best Buy, the 15th rank holder in Internet Retailer’s Top 500 Guide, is also initiating other improvements on its website. Best buy outlet section is one of them. The company has said it will bring greater convenience for the online consumers. Now they will be able to check more number of open box inventories, available for sale.  Not only that, they also included that, the consumers will have a greater shopping experience as they will enjoy a faster check out process including wider capabilities of its other features like wish list etc.

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Best Buy’s China Subsidiary Steps Into Online Selling

Shrikar Khare Posted On - November 18, 2014

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Chinese consumers can rejoice over a dynamic decision taken by Best Buy Co.Inc., very recently. This U.S. Consumer electronics chain’s subsidiary for China has entered into online retailing. It is well known as Jiangsu Five Star Appliance Co.

Five Star, has already launched its own e-commerce site, 5star.cn which can be compared with Alibaba’s Tmall and Amazon.cn. Furthermore, to provide additional support in this new selling strategy, they have taken a decision to sell their products by opening various web stores on different Chinese Online Marketplaces.

Interestingly Five Star is expanding its network through Jiangsu Broadcasting Television Network Corporation Ltd., also. By tying up with this renowned cable T.V. provider, shortly they will also start offering multiple products through various TV programs including a mobile app.

Currently, Five Star, is considered as the third-largest consumer electronics retailer in China. The company was launched in 1998, which now operates in more than 200 stores in China. It is also to be noted that the company has a huge staff strength which is nothing less than 23,000. It also has a tremendous annual sales record which is more than 20 billion yuan or $3.23 billion.

A company like this is planning to gear up for more expansion by entering into a partnership with various shops in small cities to beat its two other biggest competitors Suning Commerce Group Co and Gome Electrical Appliances Holding Ltd. The basic plan consists of turning the small retailers to their affiliates who will be able to cater their customer’s orders through Fivestar’s newly launched site 5star.cn., whenever they have insufficient stock to meet the buyer’s needs.

Zhou Meng, Five Star’s CEO clearly expressed this idea. He also said the small retailers will be get a huge benefit in this system as now they will be in a better position to offer a wider selection of products and items to satisfy their customers and opt for increased turnovers. Meng is also quite hopeful that they will be able to recruit at least 500 to 1000 affiliate stores within the year end.

Although 5star.cn mainly deals with electronics products like mobile phones etc, currently they are planning to spread their area by including more categories, which may also offer consumer items like cosmetics products. The site already works with SF Express.com Co. Ltd., a reputed Chinese delivery company and offers free shipping for orders above 99 yuan or $16.

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Best Buy Takes on ‘Showrooming’ Trend on its Stride

Steve Burns Posted On - December 11, 2013

Best Buy Aims to Combat ‘Showrooming’ by Matching Web Prices
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With the advent of technology and widespread internet usage the consumers of today have become more selective and careful. In such a scenario, sellers are trying out a host of strategies to attract the attention of buyers. Clever marketing tactics can help a great deal in this regard. Recently, Best Buy has been in the news for one such a reason. This consumer electronics retailer has launched an innovative campaign to take on ‘showrooming’. Read on to find out more about this.

What is showrooming?

Before getting into any further discussion, let us get a brief idea on ‘showrooming’. This term basically refers to the act of checking mobile devices in a store to obtain more information about a particular product. Many merchants fear that this can lead to loss of customers because if the buyer finds a better deal online then, he/she will purchase it from there.

A smart step by Best Buy

Best Buy has quashed showrooming fears to a great extent and has earned the trust of the shoppers. With the help of a clever holiday television ad campaign titled: “Your Ultimate Holiday Showroom”. It has called its stores “great showrooming floors” and is urging buyers to purchase from its physical shops and online platform.

Insights from a recent survey

Consumer analytics research firm Parks Associates has published a report titled “Mobile Commerce, Keys to Mass Adoption” and it is based on data from various consumer surveys with the household heads having access to the internet. It says that among users of smartphones who bought consumer electronics product in the year 2013, approximately half of them looked up the product and sales details while at the store using a mobile commerce app. Out of these 19% used an app from the retailer and 52% made use of the store’s Wi-Fi network to connect.

Consumers are using the mobile platform with more ease. They are using bar code scanning apps, mobile coupon apps and various other things to get information on products and compare prices. Quick checkout methods, convenience and easy payment options are encouraging more and more buyers to make their purchases directly with a smartphone.

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Best Buy Online Sales Observes an Increase of 10.5% in the Second Quarter of 2013

Steve Burns Posted On - October 8, 2013

Best Buy Aims to Combat ‘Showrooming’ by Matching Web Prices
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When Circuit City went bankrupt many observers had predicted that Best Buy will have a similar end soon. But last year, French executive, Hubert Joly, gave up his post at Carlson, a travel management company, to turn around Best Buy. Now, it seems that his efforts are bearing fruit. In the recent months, its stock price has risen, costs have reduced and profits have increased.

In a recent earnings release of this company it was announced that online sales were $477 million, a 10.5 percent increase on a year over year basis. The company stated that higher website traffic and order values have helped to raise online sales. There are many other factors which are behind these impressive figures. Let us take a closer look at the company and the efforts undertaken by them in the online sphere.

A Name to Reckon with

Headquartered in Richfield, Minnesota, Best Buy is a leading multinational consumer electronics corporation. Established in 1966, it was founded by Richard M. Schulze and Gary Smoliak as an audio specialty store. It was named “Company of the Year” by Forbes magazine in 2004, “Specialty Retailer of the Decade” by Discount Store News in 2001 and has won many other honours.

The Measures Taken

A series of steps were taken by this company to develop the online sales channel. The old site search tool was replaced, product recommendations for online buyers who had no items in their shopping carts were improved, purchasing Geek Squad tech support services online was made simpler and the shopping experience on tablets was enhanced. Additionally, it also provided location-specific product offers and also encouraged buyers to write product reviews.

Plenty of action in the coming months

In the next few months, this company plans on improving its site navigation to a greater degree. Special attention will be paid to online merchandising for in-store clearance and open-box inventory. It has also been trying out a program where 50 of its stores will operate as fulfilment centres for online orders. Moreover, it plans on moving its website to a new ecommerce platform by next spring.

Future expectations

The CEO, Hubert Joly is optimistic that the online conversion rates will increase and the overall margins will improve in the near future. This will be achieved by things like better prediction of consumer demand and giving a clearer picture of the inventory position to the consumers irrespective of the devices they are using to shop.

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BestBuy ranks at the Top in Solving Shopper’s Complaints in Social Media

Steve Burns Posted On - July 11, 2013

BestBuy ranks at the Top in Solving Shopper
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With the e-business owners integrating in their marketing campaign the need for SMM, the essence that can get you there at the top in social media, needs to be understood first. With the e-sellers feeling the need to amplify their social presence, it is the social media marketing experts who are deft in profile handling, which can let your brand to get noticed. The retailers are at loggerheads in terms of offering their customers the best feedback as they are abiding by the norm of social engagement. According to a recent survey, it is BestBuy that has emerged as the retailer treading successfully and solving the problems of the e-shoppers.

How BestBuy has been going great guns?

The report has come out after scrutinizing the customer service areas of BestBuy for the last six months. When it came to fixing issues within social media, it secured around 1.5 stars. When it came to clarifying the queries in public, it got around 1.5 stars. In terms of living up to the expectations of the shoppers and offering enhanced customer experience, it also scored high. The response time when calculated on a basis was slated to be within 7 days. BestBuy’s Twitter presence has been quite appreciable responding to at least 20% of tweets of the customers.

The Coveted Five Stars

Many sellers aim for five stars when their services are being reviewed in the vibrant world of social media. BestBuy got the appreciation and the applause of securing 5 stars. This has been in relation to the average response time of 14 minutes which has escalated the retail giant’s status. It has also responded to 42.1% of consumers’ enquiries, to be specific, on the social media channels like Twitter and Facebook. BestBuy has been successful in the sphere of social media because of its supportive arm, Twelpforce, which was launched in 2009. Twelpforce made it easier for the employees to take their level of service a notch higher via using Twitter. Getting back to the customers, responding to the consumer questions became easier.

The Smart Business Move

Best Buy is a name to reckon with among the top retailers who seem to come a long way when it is about taking care of the customer needs and offering them good and constant support. The multi-channel retailer expanded Twelpforce to Facebook in 2011. So when someone has taken a grip over the two most important social media channels like Facebook and Twitter for catering to the customer needs in terms of clarifying their doubts and queries, it got to be in the good books. The shoppers’ issues got clarified in quick time, enabling BestBuy to hold the numero uno position as a giant retailer proving to be the best problem solver for the customers.

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Best Buy taking the Initiative to solve the Big Box Puzzle

Steve Burns Posted On - May 21, 2013

Best Buy taking the Initiative to solve the Big Box Puzzle
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The soaring popularity of the online stores where most of the shoppers prefer e-shopping, the traditional stores are feeling the heat. It is the retailers with the physical retail outlets who are adamant in establishing the supremacy of the physical stores. They are of the opinion that the traditional stores can go great guns, harness the attention of more customers, by implementing some of the best marketing strategies. The rise of e-commerce having an impact on the number of sales of the physical stores selling electronics is taken on a positive stride by the big shots like CEO of Best Buy, Hubert Joly.

The Shop-in-shops Plan

The brick-and-mortar stores of Best Buy are going for revamping as their CEO is trying to solve the puzzles of big box retail. In order to give a tougher competition to the online stores, have a voluminous client base, the physical retail outlets are walking that extra mile. The concept of shop-in-shops is what Best Buy is trying to cash in to reshape the landscape of traditional shopping. Best Buy is implementing the plan of rolling out Samsung shops, which have a higher resemblance with Apple stores dominated by minimalist design, with the high-end gadgets and laptops stacked in the shop in an eye-grabbing way.

The Quality Support offered to the Customers

The shops will enable the interested buyers to sell the Samsung phones, laptops, tablets, other high-end gadgets and accessories. The shops will offer a better buying experience to the customers by having Samsung consultants who will enable the customers to take informed buying decisions. The consultants will be working with Best Buy employees to ensure that the number of customers pouring in the traditional stores will leave the store as satisfied buyers. The consultants will also work as a team with Best Buy’s Geek Squad tech support so that the customers coming up with tech- related questions can be satiated to the core.

The Samsung stores are replacing the space occupied by physical media like CDs, DVDs, whose sales count have decreased significantly. Best buy is reallocating the space that it had allotted to physical media by banking on a plan of “floor-space optimization.” The profitable items will find a place in the store and it used to offer 20% space for the CDs and DVDs, which is soon going to change.

Creating the Brand Experience in Stores

Every new marketing strategy or business proposition that gets implemented by a giant retailer or a big shot in the operating industry, it is the customers who are the biggest judge. For offering that matchless brand experience to the prospective customers, this strategy works out big, irrespective of the tactic being condemned by many critics. The Best Buy stores that are in prime location will have these Samsung shops. The Apple-like shops will be the key in making the future of Best Buy a great one and one of the top providers of consumer electronics. The shops will be of various sizes and largest Samsung shop will be around 460 square feet.

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Best Buy Aims to Combat ‘Showrooming’ by Matching Web Prices

Steve Burns Posted On - April 2, 2013

Best Buy Aims to Combat ‘Showrooming’ by Matching Web Prices
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The ‘showrooming’ trend is a serious threat for the physical retail outlets. Since it is established that the price of the products is one of the key factors that have a greater impact on the purchasing behavior of the consumers, the top online marketplaces are spelling out new innovative strategies to hook more customers. Best Buy has come up with a great business proposition and it has declared that it will offer low price guarantee on the vast array of its in-stock products. The prices that the consumers will get at Best Buy will match with the other local retailers and even with the top 19 retailers that are going great guns in the online market zone.

This new strategy is definitely a great answer to the concept of showrooming, which is eating up the business juice of the retailers with physical stores. The interested customers are very choosy in terms of investing their money while buying products. They want to enjoy the best deals, the exciting offers, so that shopping online gives them a higher level of satisfaction. For checking out the wide variety of products, to strike up a conversation with the sales stuffs, the potential buyers frequent the physical retail outlet, but they seal the business transaction online by availing the best offers.

Top US Online Marketplace

Best Buy taking up the Challenge

It is the impulse of the customers at the time of buying which ultimately enable them to make or break an online transaction. The ability to match the pre-tax prices of the in-stock products from a local competitive store and the other online retailers is a great weapon in the hands of the customers. This is definitely one of the best efforts that Best Buy has adopted to hold on to its customer base and add new ones to let its business grow. However, the experts in the field opine that such a move or the matching of web prices of the products to that of the local retailers and e-retailers cannot really put an end to ‘showrooming’. Consumers who are busy in tightening up their financial belt  will make a much thorough probing when weighing the prices of the products that they want to buy.

The Holiday Shopping Season offered the Signal

There is a mad rush among the interested buyers to buy their choicest products during the holiday shopping season. Best Buy engaged in the test mode in the fourth quarter of 2012, starting from October 24 and it continued till the fag end of December. In this test mode, Best Buy found out how lowering down the prices to maintain parity with the other local stores and e-sellers helped it observe surging sales figures. The big players in the field like Amazon, Apple, Sears, Target and the like reflected the same real-time price as Best Buy did in its retail store. BestBuy.com and its physical store also held up the same price chart.

Enhancing the Customer Care Experience

Improved customer service is what Best Buy is banking on to fight against showrooming. By reshuffling its team and adding new personnel, this credible marketplace is aiming to reach out to the people in a greater way and offer enhanced customer service. Remaining competitive at the price that Best Buy offers coupled with its excellent customer service, can make it to defy the challenge posed by “showrooming” to a great extent.

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