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Just two years after its arch rival (Circuit City) was knocked out of the ring, Best Buy is itself on the ropes. Personally I am not a huge fan of Best Buy – I find that it is over priced on many things – I mean what does Best Buy offer that Amazon does not – except for an empty tank of gas in your car.
Did we not just see Borders crumple
from the growth of Amazon.com and sites like it.
I am optimistic on many things but when you look at the growth of Amazon – Amazon’s electronics and nonmedia revenue rose 66% to $18 billion last year – it is hard to think Best Buy has a chance. What do you think?
A key to that success is that Amazon beats bricks-and-mortar retailers across the board on average electronics prices. Best Buy, on the other hand, traditionally hasn’t tried to compete on price alone but has preferred to highlight its tech-savvy staff and wider selection. I have found the staff pretty pushing and trying to up-sell me ( which is a losing battle when you are dealing with a Budget Savvy Diva).
The times are changing thus the way we buy must change as well – is the closing of bricks and mortar stores simply growing pains??
I have seen first hand consumers comparing prices — ironically, using applications on the smartphones they can purchase in Best Buy. Shoppers can visit Best Buy stores to examine items before buying them elsewhere. I applaud the budget savvy style – but I feel a little bit of sadness – for every store that closes means more jobs loss.
Best Buy’s edge has been apparent when shoppers wanted new technologies like LED TVs, which it sold with more success than rivals. But high hopes for 3-D television have faded, and there is nothing promising on the immediate horizon. IN the end the this Budget Savvy Diva feels that unless a new technology takes hold, the worst of times are likely to come for Best Buy.