What is BestBuy? BestBuy Review, Features

Best Buy is the world's largest retail, distribution and service group for home appliances and electronic products. It was founded in Minnesota in 1966 and launched its first online shopping website in 2000. Currently, its online cross-border business is mainly in North American countries, including the United States, Canada and Mexico. The website provides services in three languages: English, French and Spanish.

About Best Buy Group

Best Buy is the world's largest retail, distribution and service group for home appliances and electronic products. Best Buy's corporate group includes Best Buy Retail, Music Garden Group, Future Mall, Magnolia Hi-Fi, Hotline Entertainment, Future Shop and Five Star Appliances. Best Buy is a leader in the industry in North America, focusing on corporate vision, mission and values.

Best Buy once had branches in China and Europe, but withdrew from these two markets in 2011 and 2012 respectively. It has more than 1,150 stores worldwide, and more than 100 "Best Buy Express" unmanned self-service stores in airports and shopping malls in the United States.

Due to the decline of offline business, Best Buy gradually turned its attention to online and entered the online market in 2011. Its website has gathered more than 100 sellers and has 1 billion visits each year. At present, its online cross-border business is mainly in North American countries, including the United States, Canada and Mexico. Unlike other e-commerce platforms, only invited sellers can enter the Best Buy platform, and their products can be sold in Best Buy stores, but their products are limited to consumer electronics.

Main Products

Best Buy mainly markets consumer electronics (audio, video, personal portable products, communication products, photographic equipment and accessories), home office supplies (computers, digital photography, software and other peripherals), entertainment software (music, movies and software), electrical appliances (large appliances, furniture, small household products) and related services.

Business characteristics

1. The business model is single and the cost is continuously reduced.

Best Buy has created a new business model: large-scale home appliance specialty stores + chain operations, with products displayed in warehouse-style or sample displays. This not only brings together many brands, but also makes it easier for consumers to buy and reduces operating costs.

2. Service and online transactions are the keys to success.

When opening Best Buy, consumers can easily find buying guides for a variety of products; Best Buy shopping guides do not engage in promotional work and only appear when consumers need them.

3. Two-way expansion through self-construction and mergers and acquisitions.

Best Buy adopts two development methods: self-construction and mergers and acquisitions. The development of multiple stores enables the business district to expand rapidly, thereby increasing sales.

4. Close relationship with suppliers.

Best Buy adopts the model of payment first and then delivery, putting the business risk on itself, thus achieving a win-win situation among suppliers, consumers and itself.

Best Buy Registration Process Guide (Buyers)

1. First, log in to the Best Buy official website homepage and then choose to log in to your account.

2. Click the blue button above to jump to the Best Buy account login page. If you already have an account, you can log in directly.

If you don't have one, click the "create one" button at the bottom to create a new account and fill in your first name, last name, email address, password and phone number.

Tip: If you have a Google account, you can also log in using your Google account.

3. After completing the above steps, you can click the blue button "create an account" at the bottom of the page to create the Best Buy account.

4. After creating an account, you can add your favorite products to the shopping cart. Click the cart in the upper right corner to view the items you added.

Note: When paying for an order:

When you pay for an order, Best Buy will ship the item to the customer and confirm the payment method to be charged for the item. At the same time, Best Buy may use your credit card, credit or debit card issuer to pre-authorize the amount of your order when you place an order, which may affect your available credit. When you place an order using a debit card, Best Buy will charge your card when you place the order. For special delivery items, Best Buy will collect payment when you confirm the delivery time. For digital items, Best Buy will collect payment when you start downloading the product or the product is in your account and available for use.

Best Buy in China

-In 2003, Best Buy opened its first global sourcing office in Shanghai, China.

-In 2005, Best Buy's purchases in China accounted for 72% of its global purchases. Hisense, Haier, Changhong, Xiahua and others are all its important suppliers.

-On May 12, 2006, Best Buy officially announced to the outside world that it had acquired Jiangsu Five Star Appliances in the form of a controlling stake. So far, the top three home appliance chain enterprises in China are: Gome, Suning and Best Buy.

-In January 2007, the first Best Buy brand store in China officially opened in Shanghai, China.

-On February 22, 2011, Best Buy announced on its official website that it would close nine Best Buy stores in mainland China and planned to open nearly 50 Five Star Appliance stores in China during fiscal 2012.

-In 2014, Best Buy sold all of its businesses in China, including FiveStar Appliances, to Zhejiang Jiayuan Group and officially withdrew from China.

Development History

-Best Buy was founded in Minnesota in 1966.

-In 1983, it was officially renamed Best Buy.

-In 1989, Best Buy eliminated its commission-based sales model and introduced the self-service discount store concept.

-In 1992, Best Buy's annual revenue reached $1 billion.

-In 2000, Best Buy launched its first online shopping website and introduced the niche Best Buy store concept.

In 2001, Best Buy acquired the Magnolia Hi-Fi chain.

-In 2002, Best Buy acquired Future Shop, a major consumer electronics retailer in Canada.

-In 2003, Best Buy acquired Geek Squad, a provider of residential and commercial computer support services.

-By March 2004, Best Buy had more than 750 stores in North America.

-In fiscal 2004, Best Buy had sales of $24.547 billion and a 16% market share.

-In 2005, Best Buy's fiscal year operating revenue reached US$27.433 billion and its net profit was US$984 million. At that time, Best Buy had a 16% market share in the US consumer electronics market. Walmart ranked second with a market share of 11%.

-In 2006, Best Buy acquired Pacific Sales Kitchen and Bath, a high-end household products retailer. On May 12 of the same year, Best Buy officially announced to the outside world that it had acquired Jiangsu Five Star Electric Appliances in a controlling manner.

On March 28, 2015, Best Buy announced the closure of its Future Store chain in Canada; 65 of its 131 legacy locations were converted to Best Buy locations, and the remainder (primarily those in close proximity to existing Best Buys) have been permanently closed.

-In fiscal 2017, Best Buy's total revenue was $36.2 billion, of which 8% came from Canada and Mexico.

- On March 1, 2018, the company announced that it would close 250 standalone Best Buy Mobile stores in the United States by the end of May due to low revenue.

-In June 2019, the company's chairman and CEO Hubert Joly resigned and became the company's executive chairman of the board. On June 11, the company's CFO and strategic transformation officer (STO) Corie Barry became the company's new CEO.