Best Buy has launched a third-party online marketplace to broaden its product selection, address gaps in its offerings, and attract new revenue as sales decline. The platform allows vetted sellers to list items on Best Buy’s website and app, from tech accessories to home goods, while the retailer takes a commission.
Key Takeaways
-
Expansion strategy: Best Buy’s marketplace aims to fill product gaps, such as older device accessories and complementary home items, while enabling smaller vendors to reach customers.
-
Revenue boost: The initiative comes as Best Buy faces three years of sales declines and looks for new profit streams, including advertising tied to marketplace products.
-
Balancing opportunity with risk: While the model reduces inventory costs, it risks diluting Best Buy’s identity and customer trust if third-party sellers fail to meet service standards.
8th & Walton is based in Bentonville: Walmart is our neighbor! Contact us today to set up a free consultation and see what a hometown advantage can do for your company.
