MINNEAPOLIS — Best Buy has joined the likes of Amazon and eBay with the launch of its own third-party shopping destination. The move comes as Best Buy looks to grow its online business as it struggles to maintain leadership of a saturated consumer electronics market.
According to Best Buy, Best Buy Marketplace will increase the company's online product assortment by one third in time for holiday shopping.
Best Buy's Marketplace network already includes, among others, Buy.com, and Best Buy said it will continue to evaluate potential new sellers. According to a company press release, those looking to join the network must meet certain standards in overall customer satisfaction, order cancellation history and back order history.
"Best Buy Marketplace is a key development to our multi-channel platform," stated Brian Dunn, CEO of Best Buy. "As we continue to grow our online business, Best Buy Marketplace is an element that enables consumers to shop how they want and encourages additional reasons to visit and purchase at BestBuy.com."
Commenting on his company joining Best Buy Marketplace, Buy.com CEO and president, Neel Grover, said, "We're happy to be among the first to open up new sales opportunities through this partnership with Best Buy. Shoppers visiting BestBuy.com will now get access to even more products and they can purchase with confidence knowing that we're fulfilling the order."
Consumers on BestBuy.com should see little change to their shopping experience. According to the company, customers purchasing from BestBuy.com will still enjoy a seamless shopping experience, maintaining the same single shopping cart and simplified checkout process. Customers will also know when they are purchasing from a third-party seller. The Best Buy Marketplace seller handles shipment and returns, but Best Buy Marketplace also offers a Marketplace Guarantee to ensure customer satisfaction with every purchase experience.
Best Buy said partners in Best Buy Marketplace will offer only complementary products to Best Buy's existing online assortment at the best price available with adequate inventory, so consumers won't have to spend time sorting through redundant products or comparing prices from multiple websites. Items purchased from Marketplace sellers will also earn Best Buy Reward Zone points for buyers.
"We know that our customers shop with us today because they trust us to connect them with the perfect match for their technology needs," said Ray Stacey, senior director of Marketplace at Best Buy. "Now with Marketplace, we're adding an even deeper assortment of quality brands and a greater range of pricing options for our online customers."