Best Buy

Revenue

$42.15 billion (2018)

Employees

125,000 (2018)

Founded

1966



Overview:
Best Buy is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. It was originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music. In 1983, it was rebranded under its current name with more emphasis placed on consumer electronics. Best Buy was named 'Company of the Year' by Forbes magazine in 2004, 'Specialty Retailer of the Decade' by Discount Store News in 2001, ranked in the Top 10 of 'America\'s Most Generous Corporations' by Forbes in 2005 (based on 2004 giving), and made Fortune magazine's list of 'Most Admired Companies' in 2006.

Read more (Wikipedia.org) →



Industries:
Card image cap
Retail
Card image cap
Consumer Goods



Similar firms (based on pattern co-occurrence):
Card image cap
3 shared patterns
Card image cap
2 shared patterns
Card image cap
5 shared patterns
Card image cap
3 shared patterns
Card image cap
2 shared patterns
Card image cap
2 shared patterns
Business Model Patterns:

Affiliation

How they do it: Best Buy offers an affiliate program which allows website owners to earn commissions every time a visitor on their page makes a qualifying purchase after clicking through an affiliate link./ ad banner.

Card image cap

Customer Loyalty

How they do it: The loyalty program My Best Buy allows customers to get rewards for points collected with purchases at Best Buy. In addition My Best Buy members benefit from better purchasing conditions such as free shipping, access to sales and offers and extended return and exchange periods.

Card image cap

E-commerce

How they do it: Best Buy offers all its products online, offering customers to get the products shipped directly through their home or organize an in-store pick up. This allows custoemrs to also buy products which might be sold out in their closest store as well as to shop during closing hours of the physical stores.

Card image cap

Leverage Customer Data

How they do it: Best Buy collects customer data to make recommendations based on the customers spending behaviour. This could include add-ons to certain products or discount or update alerts for products the customer has looked for previously on the Best Buy website.

Card image cap

Supermarket

How they do it: Best Buy offers a wide variety of electronics, including products for various price and quality requirements. This allows them to target customers with varying purchasing power and provide comparisons of products prices and qualities.

Card image cap