Best Buy

  1. Channel: Specialty & Other

Best Buy lowers Totaltech membership price

Best Buy has lowered the price of its Totaltech membership program from $200 to $179.99 a year. The consumer electronics chain has also debuted tiers to the program, including a free option. “We’re excited about introducing a new tier of membership that we believe leverages the insights that we gained around member pricing being really […]
< 1 min read
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  1. Channel: Specialty & Other

What Retailers Can Learn From Bed Bath & Beyond’s Cautionary Tale

Bed Bath & Beyond was doing roughly 15 percent of its sales online in 2019 before the pandemic initiated an online shopping boom. As of last summer, 25 percent to 30 percent of the retailer’s revenue came from e-commerce. And yet, Bed Bath & Beyond just declared bankruptcy. As with many retail stories, the proverbial devil […]
3 min read
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  1. Media & Marketing

The Opportunity Of Disruptive Innovation

Bed Bath & Beyond didn’t respond well to e-commerce taking much of its business. The retailer shifted its assortment a bit, tried to hone its promotional pricing, and targeted its marketing. But it just couldn’t compete with the assortment found online, nor the convenience of e-commerce, nor with many of the low prices. It never […]
4 min read
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  1. Trends & External Forces

Retailers hedge their bets with layoffs

Some recent layoffs at chains including Best Buy and Walmart indicate that these businesses are no longer riding the wave that buoyed them through much of the pandemic. Shannon Seery, an economist with Wells Fargo, said there are “retailers that benefited from the work-from-home economy and the stay-at-home economy. I think we’ve seen a transition […]
< 1 min read
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  1. Channel: Specialty & Other

Best Buy lays off hundreds as business shifts online

Best Buy has laid off hundreds of employees as it seeks to cut costs and tailor its business to customer needs as a higher percentage of its sales shift online. “We’re evolving our stores and the experiences we offer to better reflect the changes in customer shopping behavior, as well as how we organize our […]
< 1 min read
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  1. Channel: Specialty & Other

Best Buy Launches Mail-In Recycling for Used Electronics

Best Buy is extending its gadget recycling program to include a new mail-in option. The retailer will now sell you a box for your used electronics that you can ship back for recycling, saving a trip to the store. Best Buy says it’s recycled 2.7 billion pounds of electronics and appliances through its existing programs, […]
2 min read
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  1. Retailer Media

2 Things Will Separate Retail Media Winners from the Losers — Data and Scale

Media networks are retailers’ hottest new accessory; in fact, the sheer number of retailers that have developed retail media networks (RMNs) in the last two years is impressive, almost to the point of being overwhelming. The list, which changes nearly every day, now includes everyone from platforms like Shopify; multi-category merchants like Macy’s, BJ’s Wholesale […]
5 min read
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  1. Channel: Restaurants

135 Global Companies Make “Most Ethical” List

Ethisphere, which modestly describes itself as “a global leader in defining and advancing the standards of ethical business practices,” is out with its 17th annual list of the world’s most ethical companies. The list, which includes 135 companies, celebrates businesses that “have demonstrated a commitment to ethical business practices through programs that positively impact employees, […]
< 1 min read
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  1. Technology & Innovation

As Retailers Brace for a Potential Recession, CX Investments Are More Important Than Ever

2023 will continue to come with challenges for the retail industry. One that remains front and center  is recruiting and retaining customer facing employees. While 223,000 jobs were added in the U.S. in December, the retail industry continues to struggle. In our most recent research report, The Future of Retail Customer Service, the #1 barrier […]
5 min read
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  1. Retailer Media

The Value of Retail Media Networks

What do Mall of America, Kroger, Sam’s Club, Walmart, CVS, and Best Buy have in common? They’ve all added the fastest-growing ad-supported retail media channel to their marketing toolkit. Retail media networks (RMNs) — retailer-owned digital platforms that sell ad space — are expected to double over the next four years. How fast is the RMN […]
4 min read
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  1. Retailer Media

Why Retail Media and CTV Are Set to Have a Very Happy 2023

For an advertiser looking for real-time conversions on its ads, retail media is nothing short of magic. Retail media ads connect impressions directly to purchases. You can see exactly how many people saw your ad and then completed a transaction. No other ad medium comes close. With retail media, brands can reach tens of millions […]
3 min read
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  1. Trends & External Forces

Best Buy and Atrium Health Partner to Provide Enhanced At-Home Hospital Care

Best Buy Health will work with Atrium Health to develop new hospital-at-home offerings, helping enable providers to deliver high-quality care while reducing emotional and financial burdens on patients and caregivers. Atrium Health already has a strong position in telemedicine and a well-established hospital-at-home program, combined with a patient population of nearly 3 million people. Atrium […]
2 min read
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  1. Trends & External Forces

Best Buy Partners With Atrium Health to Support In-Home Hospital Care

Best Buy announced Tuesday it has struck a three-year deal with Atrium Health, an integrated, nonprofit health system part of Advocate Health, to help enable a hospital-at-home program, reports CNBC. Atrium Health is part of Advocate Health, one of the country’s largest healthcare nonprofits. The consumer electronics retailer will sell devices and its Geek Squad will handle […]
2 min read
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  1. Technology & Innovation

Best Buy Shutters Up to 30 Larger Stores as it Shifts Omnichannel Operating Model

Best Buy is planning to evolve its operating model with a greater emphasis on smaller stores as the retailer plans to close 20 to 30 large-format stores, implement eight experiential store remodels and open approximately 10 additional outlet stores over the coming year. The retailer plans to invest $200 million in capital expenditures for both […]
2 min read
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  1. Channel: Ecommerce & Digital

Specialty Retailers Make Progress In Customer Satisfaction Scores

The American Customer Satisfaction Index’s (ACSI) Retail and Consumer Shipping Study 2022-2023 is out, reporting that “while overall customer satisfaction with the Retail Trade sector slips 0.5% to a score of 74.7 (out of 100),” significant ground has been gained by a number of retailers, especially those with a specialty focus. Some excerpts: •  “Customer […]
2 min read
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  1. Shopper & Customer

How Retailers Can Capitalize on the 5 Types of Shoppers

No two customers are the same, yet they share many of the same goals and behaviors. An insightful, 18-month-long study of critical purchasing patterns discovered that shoppers fall into five categories: the investigative consumer, the frivolous spender, the experience-driven buyer, the fluctuant shopper, and the conscious consumer. 1. Investigative Consumers Often referred to as the […]
3 min read
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  1. Channel: Ecommerce & Digital

Best Buy cuts rewards program, prices are still on the rise and more

More companies are cutting back on rewards programs Whether you rely on stars for your Starbucks fix or you counted on Best Buy’s rewards programs for your gadget, you might have been noticing that many programs designed to reward consumers are feeling less, well, rewarding. According to CNN, more and more businesses are cutting back […]
2 min read
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  1. Retailer Media
  2. Channel: Mass
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  10. Trends & External Forces

Kroger Delivers its First-Party Data to the Yahoo DSP

Yahoo Advertising and Kroger Precision Marketing (KPM) — the retail media business of Kroger, powered by 84.51° — are teaming up to bring Kroger’s first-party, purchase-based audiences to the Yahoo Demand-Side Platform (DSP). Yahoo DSP advertisers can now activate KPM’s audiences to reach targeted consumers with their advertising and measure campaign results. While off-site advertising […]
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  3. Department: Nonfood
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Amazon tops expectations for revenue, earnings

SEATTLE – Amazon posted better-than-expected revenue and earnings in the quarter ended March 31. Net sales increased 13% from a year earlier to $143.3 billion. The company reported first-quarter net income of $10.4 billion, or 98 cents a diluted share, compared to $3.2 billion a year earlier. Amazon’s operating income surged to $15.3 billion, up […]
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  10. Stores & Formats

Walmart to close all 51 health centers

BENTONVILLE, Ark. — Walmart today said it has made the “difficult decision” to close its Walmart Health and Walmart Virtual Care clinics, citing a lack of profitability. “The decision to close all 51 health centers across five states and shut down the virtual care offering was not easy. We understand this change affects lives – […]
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