These acquisitions help the company to strengthen its foothold in the senior market, furthering its competitive position. The company made strategic acquisitions of senior health and technology companies such as GreatCall in 2018 and Mindshift Technologies in 2011. Investments in modern technology such as smart home technology and hardware have set the ground for growth, further solidifying its competitive position in the market. This strategy has helped improve customer experience and increase the convenience of customers when shopping for technology-related items. The company has worked on the expansion of its online presence and checkout options to the physical stores. They can conveniently make returns without a receipt and also receive discounts on future purchases.īest Buy has also successfully incorporated its e-commerce strategy into its 1159 stores distributed globally. With service membership cards, customers can enjoy priority service. In addition, the company boasts a head start in customer service and product knowledge, a differentiated service offering. The company is also known for its competitive and proactive marketing strategies. This strategy is aimed at making Best buy a one-stop shop for all gadget-related items. It has rapidly increased the number of stores as well as products sold and services offered. Best Buy Business Strategyīest Buy has made its name by expanding aggressively. Its main competitors are technology service providers, mobile network carriers, e-commerce businesses, traditional store-based retailers, and multi-channel retailers. In 2021, Best buy recorded revenues amounting to $47,262 billion with a comparable sales growth of 9.7 percent from the previous year.Īlthough it holds a dominant position in the US, it faces challenges posed by competition. It currently boasts 102,000 employees worldwide, a decline from 125,000 in 2020. The company’s subsidiaries include Geek Squad, Magnolia Audio Video, Pacific Sales Kitchen & Home, and others. It has stores in Canada and previously in China and Mexico, in addition to the US. It specializes in technology products such as televisions, computers, cell phones, DVDs and CDs, audio equipment, game consoles like PlayStation and Xbox, cameras, and other imaging products. Founded in 1966 as an audio specialty store called Sound of Music, Best Buy rebranded in 1983 and became a national retailer. (NYSE: BBY) is one of the world’s largest multi-channel consumer electronics retailers.
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