Best Buy Launches “Deal of the Day”

The electronics giant is using e-mail, text messaging and social media to alert customers about the deals, which will last until midnight or until inventory is gone; the first deal was offered Monday.

Best Buy Company, Inc., is offering a new way for customers to find their next big bargain on consumer electronics.

The Richfield-based electronics retailer on Monday launched a “Deal of the Day” initiative. Each weekday, Best Buy will use e-mail, text messaging, Facebook, and Twitter to let deal subscribers know about unique and sometimes one-time-only offers on various products.

Each deal will last until midnight Central Time on the day it is launched or until inventory is gone, whichever comes first.

The first daily deal is a Coby Tablet that's being offered for $119.99-representing an $80 discount from the product's current retail value of $199.99.

This isn't the first time in recent months that Best Buy has announced a change in product pricing. In March, company CEO Brian Dunn told Bloomberg that Best Buy would switch to an “everyday pricing” model-although further details weren't provided and no developments or timeline have been released since. Retailers that have such a model essentially pledge to offer the best prices they can get from suppliers while still making money on each product.

Mike Vitelli, executive vice president and co-head of Best Buy's North America division, told Bloomberg News in February that consumers are becoming increasingly less patient as they wait for blockbuster sales and that demands have shifted for retailers' lowest, bottom-line price.

Daily deals are available online only and can be found at bestbuy.com/dealoftheday. The company's policy to match competitors' prices does not apply to the “Deal of the Day.”

Best Buy is Minnesota's third-largest public company based on revenue, which totaled $49.7 billion in the fiscal year that ended in February 2010. Revenue during the most recent fiscal year totaled $50.3 billion.