Overview of BestBuy | World’s Leading eCommerce Platform for Technology
Last Updated on July 8, 2022 by
BestBuy is one of the world’s leading eCommerce platforms of consumer technology with over $4 billion in annual revenue. While BestBuy Canada’s physical retail spaces are mainly known for electronics, their Marketplace offers items ranging from electronics to furniture, e-Mobility, jewelry, and many other product categories. Outside Canada, the BestBuy marketplace operates in the United States, China, Europe, and Mexico. This marketplace has over 250 million visits to its stores and eCommerce site each year. It offers sellers a huge assortment to compete with other giant eCommerce marketplaces like Amazon, eBay, Walmart, etc.
In this article, we will go through all the aspects of the BestBuy marketplace to give you an overall idea that will help you to make a decision about whether the BestBuy marketplace is a good fit for you or not.
So, please keep reading till the end.
BestBuy is a Canadian-based eCommerce platform. This marketplace is one of the most successful electronic retailers in Canada. Bestbuy.ca, which has been a popular choice among computer enthusiasts, it’s recorded itself in 55th position in Canada and is one of the most popular markets among Canadians. BestBuy’s first approach was to outsource offerings outside of its main category to third-party merchants. So, its merchants have become market leaders in new categories, offering clients anything from mobile phones and accessories to home entertainment systems. As a result, BestBuy’s website receives more than 18 million monthly visitors. So, their risk-taking strategy is paying off handsomely. The BestBuy marketplace also allows sellers to sell refurbished products along with new products because of customer demand.
Why you will consider BestBuy Marketplace?
Whether you are seeking a new sales channel to grow your business or trying to expand your product line, an online marketplace like BestBuy can help. Here are a few points that help you to figure out why you will choose the BestBuy marketplace.
- Every year there are more than 250 million visits to Bestbuy.ca, so it’s a great opportunity for sellers to increase the visibility of their products by displaying them in front of its huge crowd.
- Sellers can take the business to the next level without spending a lot of money on a web-based business framework.
- Sellers can view and manage all the aspects of their seller account from listings to order management.
- BestBuy.ca have an integration app for sellers to handle their multiple online stores.
- Marketplace gives sellers an efficient approach to offering everything that their customers want.
- Customers can shop using any of the BestBuy Canada channels – work area, versatile, or application.
- The website supports both English and French language so clients can shop in either French or English.
As you are fully aware of BestBuy’s enormous potential and chances, It is thus the ideal opportunity to make a profit from the BestBuy platform.
The Strength of the BestBuy Marketplace?
Market Dominance: As the largest and most dominant electronics retailer, BestBuy reaps all of the benefits of its position. It operates 1231 stores throughout the US, Europe, Mexico, China, Turkey, and Canada.
Different Sales Service Strategy: The lack of knowledge about various electronics is a challenge for most customers. BestBuy, which is tech agnostic, fixed the problem by providing brand comparison tools, expert consultations, and services for all the electronics it offers.
Strategic Acquisitions: BestBuy has made a number of smart purchases in recent years that have allowed retailers to capitalize on profitable prospects.
Geek Squad: BestBuy values its customers and ensures that customers may get items and services from a shop employee or through tech support from the BestBuy Geek Squad Service.
Customers Encouraging: Customers are enticed to remain longer and act on their desires by a beautiful store. Customers buy more as they remain longer. BestBuy put a lot of money into integrating stores into its eCommerce strategy, which resulted in more sales both online and in-store.
Extensive Portfolio: BestBuy has a diverse portfolio including its brands Magnolia, Insignia, Modal, Pacific Sales, and many others, in addition to its wide range of consumer durables.
Is BestBuy have an Integration App?
Yes, bestbuy.ca have an integration app. If you have a store on any platform like Shopify, the BestBuy Canada Integration app offers a complete integration solution by allowing you to sell your store products on the BestBuy marketplace. The inventory and price of items in the shop and on the BestBuy Canada Marketplace can be synchronized with this solution. The BestBuy Canada Integration app has a number of key features.
Complete Synchronization: Set up an auto-synchronization of the order and inventory between the Shopify (as an example) store and BestBuy Canada on a regular basis.
Automated Shipment Process: If shipping software is installed like Shipstation, Shipworks, etc, you can automate the shipment process with the help of the Integration App; otherwise, you need to manually ship the products as usual.
Order Acknowledgement: As soon as orders are placed in the marketplace, you will receive an automatic order acknowledgment.
Order Sync: The seller can turn off order syncing if they don’t want to fulfill orders through the Store. BestBuy Canada Orders will be synced to the app, but they will not be created in the store.
Automatic Order Creations: Orders placed on BestBuy Canada are automatically created in the Shopify store with all of the necessary details, just like they are on BestBuy Canada.
Error Notification: Errors are displayed for all failed products uploaded. It allows the seller to see the issues, fix them, and quickly re-upload the products.
How to become a seller on BestBuy Marketplace?
The BestBuy marketplace enables top-rated sellers to sell their items while benefiting from the marketing, advertising, and millions of visitors that come with being associated with a well-known brand. Please follow the below procedure to become a seller on the BestBuy marketplace:
Apply for the Marketplace seller: Apply to be a marketplace seller, the seller needs to provide the contact information and all of the relevant details. After that, the Walmart business development team will review the submitted application. When a review is completed, Bestbuy sends a registration email, and the seller needs to join Western Union for EFT (Electric Funds Transfer).
Set up your store on BestBuy.ca: After completing the registration phase, sellers just need to set up their store by updating information such as shipping policies, payment information, and so on.
Once sellers are done with those steps, they can start uploading products and offers.
A few things need to be considered before selling on BestBuy.
We highlighted a few key points that every seller should be aware of before launching their business on this massive eCommerce site.
- Merchants are in charge of their products’ shipment.
- Product descriptions should be provided in both English and French because sales in the French language account for about 20% of all sales on BestBuy
- BestBuy is largely a consumer electronics retailer, but it also sells items from a variety of other categories. So, before you list your products, make sure you check all of the categories.
Why does BestBuy Marketplace sell refurbished products?
Canadians are aware that BestBuy is the place to go for the latest and best technology, but there are also customers looking for deeply discounted items. As a result, Canadian retailers recognize that using the BestBuy marketplace they may benefit in two ways: buyers get a fantastic deal on refurbished electronics, and products get a second chance at life. So, retailers have added refurbished items and third-party vendors to their websites.
BestBuy expects that demand for refurbished products and Marketplaces like BestBuy will continue to expand as more demand is placed on the supply chain for refurbished products. Following that, BestBuy hosts a number of third-party retailers who sell both new and refurbished products. It went on to say that all of the sellers represented on it have been thoroughly inspected and approved and that they only sell A-Grade refurbished products which are more trustworthy than brand new versions of the same device.
BestBuy Payment Gateways
BestBuy.com accepts most types of Payment gateways like
- My Best Buy Credit Card
- My Best Buy Visa® Card
- Best Buy Gift Cards
- My Best Buy reward certificates
- American Express
- Apple Pay etc
Disadvantages of BestBuy Marketplace
Nobody or nothing is perfect. So, the BestBuy platform has a number of disadvantages. Let’s look at some of BestBuy’s limitations.
- Electronics Overdependence: Technology is dynamic and ever-changing, which raises the risk in the electronics industry. BestBuy revenue-generating electronics could be obsolete in a matter of months or years. So, what next?
- BestBuy is not popular or highly recognized beyond North America.
- Brand not popular outside the USA
- High competition
- High overhead costs
To Wrap Up,
Bestbuy should be a top priority marketplace for the seller to start their business because of its huge customers, a large number of categories, market dominance, different sales strategies, customer encouragement, and low maintenance cost on a web-based business platform. Bestbuy provides its sellers with all the aspects from listings to order management. With BestBuy, sellers can handle multiple stores by using its integration apps. It has also the fastest payment system and provides support from technical assistance to exclusive seller hub access, easy shipping, and return policies. Though BestBuy has some limitations like electronics dependency, high competition, and brands not being popular outside the USA, they are negligible.
We tried to recap all the key elements of the BestBuy Marketplace that might help you to make the decision before using this online platform for your business. We hope that you learn something from this article and if you need any further assistance regarding BestBuy, feel free to let us know through the comment box. We will be glad to help you with that. If you think this overview blog is helpful, please do subscribe and share to know others.