Best Buy Invites Competitors To Its Online Marketplace
Best Buy launches its online marketplace, allowing e-retailers to list and sell items that aren't available on its current site.
Best Buy is allowing other e-retailers to list and sell items on its site after launching the online marketplace. However, sellers are not allowed to list any products that Best Buy online is currently stocking. In return, Best Buy will receive a cut of sales processed and charge a flat monthly listing fee. This might still be worth it for small to medium sized e-retailers to gain exposure to a larger audience. According to reports, Best Buy is the No. 11 Internet Retailer and receives nearly 15 million unique visitors a year to its site.
Since the launch of marketplace, there are already e-retailers listing similar consumer electronics goods to what Best Buy offers online. Orders placed in the marketplace will be handled directly by the seller, including returns and customer service. A Best Buy representative will only step in if the seller isn’t resolving an issue to the customer’s satisfaction.
John Thompson, Senior Vice President of Best Buy, says:
The increased assortment of products, brands and price points is exactly what people have told us they want. We listened, and developed marketplace to meet those unmet needs.
Best Buy hopes that the marketplace will increase products available for sale online by up to 33%, just in time for the holiday shopping season.