Last June when Best Buy announced it was overhauling BestBuy.com and integrating it with its Rewards Zone loyalty program, one of RetailWire's BrainTrust referred to the move as "a no-brainer and long overdue."
Go on BestBuy.com today and you'll discover the company claim that it is reinventing Rewards Zone with "My Best Buy," a new program introduced last month that promises more rewards, exclusive deals and perks associated with using its mobile app.
The consumer electronics chain's increased emphasis on its digital business appears to be paying dividends. According to Internet Retailer, BestBuy.com sales increased 10.5 percent in its fiscal second quarter.
In a conference call in August to discuss the company's latest results, Huber Joly, CEO of Best Buy, said the company was focusing on several initiatives heading into the Christmas selling season. Among these were "optimization of site navigation, including the rapid narrowing of search results through drop-down editing"; an online display of in-store clearance items as well as open-box inventory; new product buying guides; the addition of new marketplace partners; and enhancement of Best Buy's buy online, pick up in store experience by making it easy to add service plans to the purchase before entering the store.
According to Bloomberg News, BestBuy.com gets roughly one billion visitors to its site every year. Only one in 100 actually make a purchase. By turning more visitors into buyers, Best Buy CEO Hubert Joly expects to grow the company's share of consumer electronics sold online from seven percent to 18 percent — the same percentage held by the chain in the brick & mortar market.
How optimistic are you that BestBuy.com will reach its goals for online market share of consumer electronics?