A multinational consumer electronics retailer, Best Buy operates 1779 stores in the US, Canada, and Mexico. Richard M. Schulze and James Wheeler established the business in 1966.
Best Buy intends to transform four locations into fulfillment centers in 2020 to introduce powerful ship-from-store capabilities.
Best Buy
Year Founded: 1966
Headquarters: Richfield, Minnesota
CEO: Corie Barry
? Fun Facts:
↪ From 1966 to 1983, the company was known as Sound of Music.
↪ We introduced our first plastic gift card in 1995, making us one of the first retailers.
↪ We’ve helped customers recycle more than 1 billion pounds of e-waste
↪ Our Geek Squad agents make approximately 5 million house calls a year
? Pricing info:
Best Buy offers 10-15℅ more discounts than its competitors. It also offers 20℅ discounts on intermediaries and free shipping.
Pros and Cons of Best Buy
| ✅ Pros: | ❌ Cons: |
|---|---|
| In-store consultant | No so great management |
| Discount/price | A bit of gender discrimination |
Reviews and Ratings:
- Yelp: 2/5 stars from 1,253 reviews
- Trustpilot: 1.3 stars from 4,970 reviews
- BBB.org: 1.07/5 stars from 2,112 reviews
Now the top Best Buy competitors You Can’t Ignore
Walmart
Year Founded: 1963
Headquarters: Bentonville, Arkansas
CEO: Doug McMillion
Walmart is the most important store chain withinside the international and turned into the ranked nineteenth largest public agency in the Forbes Global 2000 list.
Both Walmart and Best Buy provide various client electronics and domestic appliances. Best Buy specializes in client electronics more than Walmart. But Walmart`s robust marketplace presence offers it an edge.
When it comes to providing a quality product at a reasonable price with good customer service, Best Buy remains behind Walmart, which offers all of this and provides a smooth experience.
? Fun facts:
↪ Walmart was founded by Sam Walton, who was almost fired from a J.C. Penney job.
↪ Walton once had to do a public hula dance because he lost a bet.
↪ The company reports that it employs 2.2 million associates around the world.
↪ Robots are joining Walmart’s ranks. ??
Have a look at the 15+ Biggest Walmart Competitors and Alternatives.
? Pricing info:
Walmart follows the EDLP(Everyday Low Price) strategy that has been proven to make good connections with the customers effectively and makes the customers return to the store.
Pros and Cons of Walmart
| ✅ Pros: | ❌ Cons: |
|---|---|
| -Time and money efficient | -Plastic Packaging and Containers are major Cons of Walmart |
| -Good quality products | -Anti-Employee Policy |
| -Excellent customer service | -Negative Impact on Small Businesses |
| -Environment-friendly products | -Gender-Based Discrimination |
Reviews and Ratings:
- Yelp: 1.0/5 stars from 20 reviews
- Trustpilot: 1.5/5 stars from 8,733 reviews
- BBB.org: 1.08/5 stars from 1,129 reviews
Amazon
Year Founded: 1994
Headquarters: Seattle, Washington
CEO: Andy Jassy
Amazon is a worldwide e-commerce behemoth. Amazon’s annualized revenue growth rate from 2015 to 2019 was 27%, far exceeding Best Buy’s 2.5% growth rate over the same period. Amazon’s key advantage is its eCommerce and fast-moving shipping network.
Best Buy’s extensive ship-from-store capabilities encouraged 41% of online buyers to embrace new fulfillment options like curbside in 2020, and the company’s digital sales grew by 242%.
Amazon is far more globally accessible than Best Buy, so it undergoes significantly optimized growth.
Not to mention Amazon has almost everything related to your possible needs, while Best Buy is best known for audio products and consumer electronics
? Fun facts:
↪ Amazon was almost named “Cadabra,” short for the magic term “abracadabra.”
↪ CEO Jeff Bezos started the company in 1995 by selling books.
↪ There are about 6,000 dogs that “work” at Amazon HQ in Seattle — they even have a dog park on-site.
↪ Amazon hasn’t paid federal taxes in two years.
Don’t forget to Visit these Top Amazon Competitors and Alternatives.
? Pricing info:
Amazon’s individual plan will cost you 0.99 dollars per unit sold, and its professional plan will cost 39.99 per month regardless of the units sold.
It also has a bunch of extra fees in certain situations.
Pros and Cons of Amazon
| ✅ Pros: | ❌ Cons: |
|---|---|
| -More sales | -High competition |
| -International expansion | -Selling fees |
| -Low marketing costs | -Order management |
| -No stock | -Complex data feed |
Reviews and Ratings:
- Yelp: 4.0/5 stars from 95 reviews
- Trustpilot: 1.7/5 stars from 24,365 reviews
- Sitejabber: 4.0/5 stars from 9,981 reviews
Target
Year Founded: 1902
Headquarters: Minneapolis, Minnesota
CEO: Brian Cornell
Target had $78 billion in sales in 2020, making it the third-largest discount retailer globally by revenue.
The firm offers products, including apparel, consumer electronics, and other items for sale through its 1,868 sites distributed around North America.
In the third quarter of 2020, Target’s revenue climbed by 21% year over year, mostly because of higher digital sales.
Although digital sales at Target increased by 155%, Best Buy saw a 242% gain.
Just like in the case of Walmart, when it comes to product quality with good prices and customer service, Best Buy remains behind, and Target gains an advantage, therefore, being a preferable Best Buy competitor.
? Fun Facts:
↪ Good Fellow Dry Goods was its initial business name.
↪ Target started with a church fire.
↪ Shoppers were evacuated from one Target store due to an X-rated emergency.
↪ Target once opened 11 stores in one city in one day.
? Pricing info:
Target sets the price of its products depending on its manufacturing cost and the desired profit that they want.
Pros and Cons of Target
| ✅ Pros: | ❌ Cons: |
|---|---|
| -A Wide Range of Products | -Poor Healthcare Coverage for Employees |
| -Low Costs, Affordable! | -Inadequate decision-making process |
| -A broader range of business models | -Tough scheduling |
| -Increased Business in Areas | -Ineffective management techniques |
Reviews and Ratings:
- Yelp: 2.5/5 stars from 66 reviews
- Trustpilot: 1.9 stars from 2,815 reviews
- Google Maps: 3.5/5 stars from 117 reviews
Alibaba
Year Founded: 1999
Headquarters: Zhejiang, China
CEO: Daniel Zhang
Using Alibaba.com, the Chinese e-commerce behemoth does business worldwide. The international business-to-business segment of Alibaba has quickly spread to more than 200 countries.
The US is the market where Alibaba.com is growing the fastest, with over 10 million businesses using the site to buy and sell goods.
Alibaba offers a huge assortment of consumer electronics that competes with Best Buy’s choices and challenges its hegemony in the market.
Alibaba has the best quality products, customer service, and good pricing. With Daniel Zhang at the helm of all of it, Alibaba also beats Best Buy regarding overall culture and diversity.
Therefore Alibaba is also one of the preferable Best Buy competitors.
? Fun facts:
↪ The Arabic tale “Ali Baba and the Forty Thieves” stands behind the company’s name.
↪ Initially, Alibaba raised $80,000 to get the business going.
↪ Alibaba’s China wholesale site is called 1688. com.
↪ Alibaba Group is on a mission to last 102 years.
Also, Have a look at these Top Alibaba Competitors and Alternatives.
? Pricing info:
Alibaba offers two selling plans, one being a free one and the other one is a premium one. You can list 50 products for sale without paying any commission in the free plan, while the premium doesn’t have this boundary.
Pros and Cons of Alibaba
| ✅ Pros: | ❌ Cons: |
|---|---|
| -Generally, overseas sourcing costs less than domestic sourcing. | -Smaller businesses often find overseas suppliers with lower minimum order thresholds than domestic sourcing options. |
| -Smaller businesses can often find overseas suppliers with lower minimum order thresholds than domestic sourcing options. | -There’s no convenient way to conduct an on-site visit before purchasing. |
| -Alibaba.com provides businesses with many options for overseas sourcing (there are millions of products and hundreds of thousands of sellers on the platform) and makes it easy to compare them against each other. | -Shipping takes longer. |
Reviews and Ratings:
- Ambitionbox: 4.2/5 stars from 44 reviews
- Trustpilot: 4.3 stars from 20,810 reviews
- Sitejabber: 4.58/5 stars from 13,392 reviews
Costco
Year Founded: 1983
Headquarters: Issaquah, WA
CEO: W. Craig Jelinek
Through its 803 warehouses and eCommerce platforms, Costco—a members-only wholesale retailer—offers a range of goods.
Costco’s yearly sales increased from $149.35 billion in 2019 to $163.22 billion in 2020, a 9.3% increase.
Like Best Buy, Costco follows a strong omnichannel approach, including a warehouse and online shopping.
Costco annihilates Best Buy regarding product quality and customer service in terms of CEO, culture, diversity, and employee net promoter ratings.
? Fun facts:
↪ Mondays are one of the busiest days at Costco
↪ In addition to medication for humans, Costco can get you a deal on medication for your pets.
↪ The warehouse retailer has made its way into several movies and television shows such as “The Sopranos,” “Baskets,” and the new movie “The Valet.”
↪ Costco sells caskets that can be delivered to funeral homes in most states.
Don’t forget to look at these Costco Competitors and Alternatives.
? Pricing info:
Costco has 2 membership plans, the Executive and Gold Star, which cost 120 and 60 dollars, respectively.
Pros and Cons of Costco
| ✅ Pros: | ❌ Cons: |
|---|---|
| -Discounted contact lenses | -Competing stores don’t require a membership |
| -Membership pays off for regular shoppers | -Not everything at Costco is a good deal |
| -You can save on gas with a Costco membership | -Customers tend to buy more than they need |
Reviews and Ratings:
- Yelp: 3.5/5 stars from 99 reviews
- Trustpilot: 1.7/5 stars from 2,060 reviews
- BBB.org: 1.17/5 stars from 355 reviews
Staples
Year Founded: 1986
Headquarters: Framingham, Massachusetts, U.S.
CEO: John A. Lederer
The well-known office supply retailer Staples sells supplies for the office, including printers, laptops, and coffee machines.
In the US, the corporation runs 1,079 shops as well as 40 fulfillment facilities and warehouses.
Staples makes certain items available through delivery services targeted at business-to-business transactions.
Staples and Best Buy offer slightly different products.
Best Buy focuses on electronics, games, music, etc.
While Staples’s major focus is office supplies and office-related products, Staples does have the edge over Best Buy in terms of operating at different locations.
? Fun facts:
↪ The company opened its first store in Brighton, Massachusetts, on May 1, 1986.
↪ Leo Kahn and Thomas G. Stemberg, former rivals in the New England retail supermarket industry, and Myra Hart founded Staples.
? Pricing info:
Staples offers its products in every price range. This way, no customer returns home because the item he was looking for was expensive.
Pros and Cons of Staples
| ✅ Pros: | ❌ Cons: |
|---|---|
| -Plenty of growth and opportunity | -Downsizing of Company |
| -Health care | -Short breaks, don’t always get lunch. |
| -Paid time off | -The long daily commute. |
Reviews and Ratings:
- Yelp: 2/5 stars from 10 reviews
- Trustpilot: 1.7/5 stars from 546 reviews
- Sitejabber: 3.38/5 stars from 1,516 reviews
Office Depot
Year Founded: 1986
Headquarters: Boca Raton, Florida
CEO: Gerry P. Smith
The leading supplier of technology and office supply products is Office Depot. It offers a comprehensive range of home office technology.
The comprehensive omnichannel infrastructure of Office Depot comprises 1,400 physical locations, eCommerce, and specialized sales staff and technicians.
Office Depot’s yearly revenue rose to almost $11 billion in 2013 when it purchased OfficeMax.
Office Depot was offered for $2.1 billion by Staples in January 2021.
Comparing Office Depot with Best Buy, apart from product quality and low price Office Depot is better than Best Buy in terms of issue resolution, reachability, cancellation, and friendliness.
If that is all you are looking for, then Office Depot is a considerable Best Buy competitor.
? Fun fact:
↪ Office Depot, Inc. ranks as the second largest operator of office supplies superstores in the United States
↪ The company operates about 870 retail stores in 44 states and the District of Columbia
↪ Nearly one-quarter of the company’s revenues are generated outside the United States.
? Pricing info:
Office Depot costs 0.11 dollars (starting price). For photo prints (4×6 photo), it costs 0.34 dollars, and for posters (16×20 poster), it costs 12.99 dollars.
Pros and Cons of Office Depot
| ✅ Pros: | ❌ Cons: |
|---|---|
| -Fast printing | -Doesn’t match the original format |
| -Good deal | -Amount of time to size properly |
| -Quality | -Difficult interface |
Reviews and Ratings:
- Yelp: 2/5 stars from 1,253 reviews
- Trustpilot: 1.6/5 stars from 581reviews
- BBB.org: 1.09/5 stars from 123 reviews
eBay
Year Founded: 1995
Headquarters: California
CEO: Jamie Iannone
While eBay is best recognized as an auction site for secondhand clothing and antiquities, it sells anything from new technology like Smart TVs to gently used tools and gadgets.
Like Amazon, many eBay vendors utilize the site to market and sell their goods.
Customers who can’t afford the outrageous price tags for goods like the new iPhone 11 may purchase reconditioned iPhones on eBay for a much lower cost.
While Best Buy is limited in types of products, eBay is a shopping, e-commerce, and online marketplace with almost no boundaries to the types of products available.
? Fun fact:
↪ The first item sold was a broken laser pointer.
↪ NASA utilized eBay.
↪ Its original name was AuctionWeb.
↪ A California town was once auctioned on the site.
Have a look at these Top eBay competitors and Alternatives.
? Pricing info:
Selling an item on eBay non-professionally is free, but it also offers three subscription plans: basic, premium, and anchor, which costs 20€, 50€, and 265€ per month, respectively.
Pros and Cons of eBay
| ✅ Pros: | ❌ Cons: |
|---|---|
| -Easy to use | -Sellers need to pay commission fees. |
| -Popularity and trust | -As is the case with any other marketplace, you share the platform with your competitors. |
Reviews and Ratings:
- Sitejabber: 3.1/5 stars from 4,682 reviews
- Trustpilot: 1.2 stars from 10,441 reviews
- BBB.org: 1.07/5 stars from 1,020 reviews
Home Depot
Year Founded: 1978
Headquarters: Atlanta, Georgia
CEO: Edward Decker
Home Depot, a company specializing in home remodeling, has 2,269 locations, predominantly in North America.
The store is valued at around $28.798 billion and has risen over the past few years.
Home Depot transformed several shops into fulfillment centers to handle the increase in online purchases in 2020.
In contrast to Best Buy’s fulfillment approach, it introduced the One Home Depot concept in 2020, which is more efficient and comprehensive.
As mentioned earlier, Best Buy mainly consists of electronics, games, and music, but Home Depot consists of everything you would need in your home.
It provides great quality building supplies and also does a great job at providing home appliances.
? Fun facts:
↪ The First Home Depot Stores Were Filled With Empty Boxes.
↪ The Orange Color Scheme Came From Circus Tents.
↪ There’s A Home Depot That Is Only Open To Movie Studios.
↪ Home Depot Owns Their Own Font.
Also, look at these 12+ Top Home Depot Competitors and alternatives.
? Pricing info:
Home Depot has a volume pricing program, meaning you will save money for bulk shopping.
Home Depot also claims that if you find a product at a lower price at some other store, you can show the picture, and Home Depot will match the price.
Pros and Cons of Home Depot
| ✅ Pros: | ❌ Cons: |
|---|---|
| -Associate discount | -Demanding |
| -Constant learning | -Dissatisfied customers |
| -Excellent health and wellness | -Lack of job security |
| -Family benefits | -Monotonous tasks |
Reviews and Ratings:
- Yelp: 1.5/5 stars from 12 reviews
- Trustpilot: 1.5/5 stars from 5,202 reviews
- BBB.org: 1.11/5 stars from 2,763 reviews
Newegg
Year Founded: 2002
Headquarters: California, US
CEO: Anthony Chow
It is aggressively attempting to displace Amazon as the go-to source for tech equipment for remote workers.
Like Amazon, Newegg is a storefront for several merchants and provides a wider selection of consumer electronics.
Established shops, like Best Buy, are losing market share to the internet retailer as it gains consumers swiftly.
Newegg and Best Buy both service a bit different areas of the market.
Best Buy provides a good in-person shopping experience, while Newegg provides a wonderful online shopping experience.
In this new generation, most of us like to sit in our beds and shop online; therefore, Newegg has the edge over Best Buy and is a preferable Best Buy competitor.
? Fun facts:
↪ Newegg lets bots do the heavy lifting.
↪ Newegg offers fulfillment services.
↪ Newegg has a B2B marketplace for bulk purchases.
↪ Newegg offers lower commission fees than any major marketplace.
? Pricing info:
Newegg is a fantastic store with a fantastic policy of matching lower prices if the same product with the same model number is found at a lower price at a different store of a major retailer. It does a good job of providing products at a reasonable price.
Pros and Cons of Newegg
| ✅ Pros: | ❌ Cons: |
|---|---|
| -Wide Variety Of Available Products | -Third-Party Seller Problems |
| -Best Deals | -Return And Refund Issues |
| -Multiple Creative Services | -Customer Service And Shipping Problems |
| -Officially Accepting Dogecoin | -Low-Quality App |
Reviews and Ratings:
- Sitejabber: 3.29/5 stars from 1,290 reviews
- Trustpilot: 1.6/5 stars from 2,006 reviews
- BBB.org: 1.07/5 stars from 264 reviews
Frequently Asked Questions:
What options do I have for shopping at Best Buy this Festive period?
You may shop in person, online, or over the phone. Anything you want to buy, we can help you do it. If you’d rather have a digital experience, go to BestBuy.com or download the Best Buy app. You can go shopping.
What are Best Buy’s official holiday replacement and refund policies?
This festive season, shop confidently, knowing that Best Buy offers simple returns on presents and other merchandise. Excluding items purchased with a third-party contract.
Is it wise to put off buying holiday presents until Black Friday?
No. Best Buy’s holiday sales will commence on October 24, 2022. Goods from the Black Friday Ad are single-order items with no rain checks. Once they are gone, they might not come back until Black Friday.
What security measures does Best Buy put in place for vacations?
The security of our clients and staff is paramount to us. Do you feel like shopping? We have improved our security mechanisms.
Programs on Member Monday are just what?
The Best Buy Totaltech™ and My Best Buy® members receive exceptional discounts on the newest technology during a series of special events called Member Mondays. Member Monday holiday discounts will be available a few Mondays throughout the festive period.
Conclusion :
From the article mentioned above, we can undoubtedly conclude that there are a lot of places to shop from, and we also have the choice to stay at home and shop or move from our beds and shop in person from the store. There are a lot of stores and services, and each one has flaws. Therefore, you must decide where to shop based on the pros and cons.
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