Best Buy Canada Marketplace: A How-To Guide for Retailers
This guide provides growing SMBs with a road map to the Canadian Best Buy Marketplace in Canada. Although this channel targets the Canadian omni-channel consumer, it is being quickly adopted by international businesses. This guide also presents a comprehensive picture of Best Buy at a high level, including Best Buy’s history, the launch of the Best Buy Marketplace, strategic advantages for sellers, best practices and more. By the end of this guide, you will have an understanding of what your next steps are in incorporating BestBuy.ca into your existing omni-channel mix.
This guide provides growing SMBs with a road map to the Canadian Best Buy Marketplace in Canada. Although this channel targets the Canadian omni-channel consumer, it is being quickly adopted by international businesses. This guide also presents a comprehensive picture of Best Buy at a high level, including Best Buy’s history, the launch of the Best Buy Marketplace, strategic advantages for sellers, best practices and more. By the end of this guide, you will have an understanding of what your next steps are in incorporating BestBuy.ca into your existing omni-channel mix.
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A Brief History of <strong>Best</strong> <strong>Buy</strong><br />
<strong>Best</strong> <strong>Buy</strong> is best known as a consumer electronics retail<br />
powerhouse, but <strong>Best</strong> <strong>Buy</strong>’s origin is actually firmly rooted in the audio<br />
industry. Founded in 1966 by Richard M. Schulze under the name The<br />
Sound of Music, the <strong>Best</strong> <strong>Buy</strong> of today started as a specialty retail store<br />
that mainly sold stereos. The Sound of Music quickly secured a foothold<br />
in the broader electronics retail market by the late 1970s. By<br />
the early 1980s it was making a profit of $5 million or more year over<br />
year.<br />
The name '<strong>Best</strong> <strong>Buy</strong>' came about when disaster struck one<br />
of their flagship locations. In 1981, a key retail location <strong>for</strong> the<br />
budding chain was destroyed by a tornado. Looking to sell the<br />
remaining products from the store, Schulze organized a flash sale<br />
promising “best buys” on all remaining merchandise. The resulting<br />
success led the company to a total rebrand under the name of <strong>Best</strong><br />
<strong>Buy</strong> in 1983. Centered on providing consumers with high quality<br />
electronics at low prices, <strong>Best</strong> <strong>Buy</strong> continued on an arc of rapid<br />
expansion and growth through a series of acquisitions, expanded<br />
inventory offerings, and exclusive brand offerings like Rocketfish<br />
1, 2, 3<br />
and Insignia.<br />
<strong>To</strong>day, <strong>Best</strong> <strong>Buy</strong>’s corporate strategy continues to draw<br />
from their rich history by continuing to increase their depth of<br />
product listings through their online sales chanel, <strong>Best</strong> <strong>Buy</strong><br />
<strong>Marketplace</strong>. Launched in <strong>Canada</strong> in the Fall of 2015, this cuttingedge<br />
digital sales channel has quickly become a significant driver of<br />
<strong>Best</strong> <strong>Buy</strong>’s product selection. Available to retailers looking to expand<br />
their national reach under the established and well-known banner of<br />
<strong>Best</strong> <strong>Buy</strong>, it has quickly taken hold in the online consumer retail<br />
world.<br />
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