Best Buy Launches Third-Party Marketplace
Best Buy is expanding its inventory list by launching a third-party marketplace to compete in the e-commerce space, multiple news outlets reported Wednesday. The company launched its digital marketplace Tuesday, saying it more than doubled the number of products available, including entirely new categories and brands. The marketplace is run on the Mirakl platform, which allows third-party sellers to integrate their products directly into BestBuy.com and the Best Buy app, according to a press release from Mirakl.
In addition to new brands like Beach Camera, World Wide Stereo, and Antonline, Best Buy will soon add licensed sports merchandise from Fanatics to its inventory. It's also adding a wider selection of small appliance and kitchen items and expanding its furniture assortment.
"We’re always looking for new ways to serve our customers better," Frank Bedo, Best Buy's chief marketplace and e-commerce officer, said in a Q&A published to Best Buy's website. "Launching Marketplace is a big part of that. By opening our platform to third-party sellers, we can offer a much wider range of products, from hard-to-find accessories to niche electronics and lifestyle brands."
Total Retail's Take: Best Buy’s decision to launch a third-party marketplace is a clear acknowledgment that assortment breadth has become the norm to compete in e-commerce. While the consumer electronics retailer has long leaned on expert service, tech credibility, and physical stores to differentiate itself in a crowded space, this expansion signals a desire to join the ranks of Amazon.com, Walmart, and Target and grow its customer base by offering more variability and convenience by moving toward being a one-stop shop. The launch comes at a precarious time for Best Buy. CNBC reported that Best Buy's sales have declined over the past three years and that the company cut its sales outlook in May
