Best Buy launches digital marketplace, doubling online product offerings

MINNEAPOLIS - Best Buy Co., Inc. (NYSE:BBY), a prominent player in the Specialty Retail industry with annual revenue of $41.45 billion, launched its digital marketplace on Tuesday, more than doubling the number of products available on BestBuy.com and through the Best Buy App, according to a company press release. According to InvestingPro analysis, the company currently trades below its Fair Value, suggesting potential upside for investors.

The marketplace, powered by Mirakl, represents the largest expansion of Best Buy’s product assortment in its history. The platform introduces entirely new categories including seasonal decor, automotive tech, office and home products, and movies and music, with licensed sports merchandise planned for future addition. This expansion comes as Best Buy maintains a solid financial health score of FAIR from InvestingPro, with strong cash flows that sufficiently cover interest payments.

The expanded tech offerings now include additional products from major brands such as Samsung, Microsoft, LG, Lenovo and HP. The gaming category has been enhanced with more options from brands like Razer, MSI and GT Player. Third-party sellers including Beach Camera, World Wide Stereo and Antonline have joined the marketplace.

Best Buy has also tripled its furniture assortment and significantly expanded its small appliance selection with brands such as Oster, Crock-Pot, Martha Stewart, Zulay Kitchen and Cuckoo.

The company will soon introduce licensed sports merchandise through a partnership with Fanatics, offering officially licensed sports products including phone cases and mini football helmets. Best Buy’s strategic expansions are supported by its robust dividend program, having maintained payments for 23 consecutive years with a current yield of 5.29%. For deeper insights into Best Buy’s financial health and growth potential, investors can access comprehensive analysis through InvestingPro’s detailed research reports, which include additional ProTips and valuable metrics.

"Our customers have always looked to us to bring excitement and inspiration in ways only technology can," said Frank Bedo, chief marketplace and eCommerce officer at Best Buy, in the press release.

Customers can return products purchased through marketplace sellers at local Best Buy stores or ship items back to sellers directly. The company stated that in-store staff will assist customers with discovering products across the expanded assortment both in-store and online.

The marketplace integrates the new products from third-party sellers across all of Best Buy’s digital shopping platforms.

In other recent news, Best Buy has announced a new retail partnership with IKEA, set to launch this fall. This collaboration will introduce IKEA products into select Best Buy locations in Florida and Texas, featuring 1,000-square-foot spaces that integrate Best Buy appliances with IKEA furnishings. Piper Sandler has downgraded Best Buy’s stock rating from Overweight to Neutral, citing a lack of significant catalysts for growth in the upcoming quarters. Additionally, Best Buy has reported the departure of Damien Harmon, their Senior Executive Vice President, effective July 18. The company does not plan to fill his position, opting instead to distribute his responsibilities among existing executive leadership.

In another executive change, Neal Sample has been appointed as Best Buy’s new chief digital and technology officer. Sample previously held a similar position at Walgreens Boots Alliance. Meanwhile, Best Buy’s former chief digital, analytics, and technology officer, Brian Tilzer, has also left the company. During his tenure, Tilzer contributed significantly to the development of digital tools and customer support enhancements.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.