Best Buy - the world's largest home appliances and electronics retailer

What is Best Buy?

Best Buy was founded in 1966 and is a consumer electronics retailer from the United States. It currently has branches in Mexico and Canada. It also had branches in China and Europe, but withdrew from these businesses in 2011 and 2012 respectively. It has more than 1,150 stores worldwide, and has more than 100 "Best Buy Express" unmanned self-service stores in airports and shopping malls in the United States.

Best Buy Features:

As the world's largest company in the home appliance retail industry, Best Buy has become one of the most famous retail brands in North America in the past 20 years. The yellow label of "Best Buy" became well-known when it opened its first large-scale shopping mall in 1983.

What are the business characteristics of Best Buy?

1. Single business model, continuous cost reduction

Bestbuy has created a new business model: large-scale home appliance specialty stores + chain operations, with goods 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. Services and online transactions are the winning formula

When consumers open Bestbuy, they can easily find purchase guides for various products. Bestbuy shopping guides do not promote products and only appear when consumers need them.

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

Bestbuy adopts two development methods: self-construction and mergers and acquisitions. The development of multiple stores has rapidly expanded the business circle, thereby increasing sales.

4. Close relationship with suppliers

Bestbuy 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.

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