Best Buy Bolsters Online Offerings From 3rd-Party Sellers
Best Buy Company, Inc., recently tapped a provider of cloud-based e-commerce solutions to help bolster the “Best Buy Marketplace.”
The Richfield-based electronics retailer debuted Best Buy Marketplace in 2011. The move significantly boosted Best Buy’s online offerings by adding inventory from third-party sellers, and it appeared to better position the company to compete with sites like Amazon.com that market third-party products and let shoppers compare prices before they make a selection.
Now, the offerings are expanding. Best Buy Vice President Ray Stacey said in a recent statement that the company has partnered with Morrisville, North Carolina-based ChannelAdvisor, which collects product data from third-party companies and in turn optimizes and disseminates that information to e-commerce companies such as Amazon and EBay. Now, Best Buy joins the list.
“ChannelAdvisor’s platform will help us bring new vendors to the marketplace more quickly—which means a better shopping experience, including a larger selection and competitive prices, to consumers,” Stacey said.
ChannelAdvisor President and Chief Operating Officer David Spitz, meanwhile, said the partnership will give his company’s customers access to more than 1 billion consumers on Best Buy’s website.
Best Buy spokesman Jon Sandler declined to disclose the financial terms of the partnership or quantify the sales generated by Best Buy Marketplace, but he said that the latest partnership “reinvigorates the customer experience by bringing new vendors to the Marketplace, thereby giving our shoppers an even wider selection of products to choose from.”
After plummeting about 50 percent in 2012, Best Buy’s stock is up roughly 260 percent this year—making it the best-performing stock in the S&P 500 index, according to a recent Star Tribune report.