Best Buy

Best Buy

About Best Buy

Simplify's Rating
Why Best Buy is rated
D+
Rated D+ on Competitive Edge
Rated C on Growth Potential
Rated D+ on Rating Differentiation

Industries

Consumer Software

Consumer Goods

Company Size

N/A

Company Stage

IPO

Total Funding

$26.3M

Headquarters

Bloomington, Indiana

Founded

1966

Overview

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Simplify's Take

What believers are saying

  • The new marketplace could increase customer reach and product variety.
  • Cyber Trust Mark may boost sales of smart devices by enhancing consumer trust.
  • Relocation to The Levee District could increase foot traffic and sales.

What critics are saying

  • Walmart's redevelopment of Monroeville Mall may increase competition for Best Buy.
  • Maintaining product quality in the new marketplace could be challenging.
  • Cyber Trust Mark standards may increase operational costs for Best Buy.

What makes Best Buy unique

  • Best Buy is launching a third-party marketplace to expand product variety.
  • The company supports the Cyber Trust Mark, enhancing trust in smart devices.
  • Partnership with Nvidia offers exclusive high-performance gaming laptops.

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Funding

Total Funding

$26.3M

Above

Industry Average

Funded Over

0 Rounds

Company News

PR Newswire
Feb 18th, 2025
Asus Republic Of Gamers Announces 2025 Rog Flow Z13

Premium gaming tablet combines powerful performance with brilliant ROG Nebula display in a 13" ultra-compact sizeFREMONT, Calif., Feb. 18, 2025 /PRNewswire/ -- ASUS Republic of Gamers (ROG) announced that the 2025 ROG Flow Z13 is now available for pre-order. This versatile gaming 2-in-1 can feature up to AMD's newest AMD Ryzen™ AI Max+ 395 Processor with Radeon™ 8060S Graphics and a unified memory structure, allowing for incredible performance and power efficiency. A new stainless steel and copper vapor chamber, larger intake vents, and 2nd Gen Arc Flow Fans™ offer 70% more airflow for quiet and efficient cooling

PYMNTS
Feb 6th, 2025
Amazon And Walmart Focus On Revamping Malls

Walmart is expanding its real estate portfolio with a major acquisition. The retail giant has purchased Monroeville Mall near Pittsburgh for $34 million and plans to redevelop the site. The project will focus on retail and mixed-use development, with new dining options and possibly residential units. The Monroeville Mall spans 985,073 square feet and features 133 stores, such as Dick’s Sporting Goods, Macy’s, Best Buy, Barnes Noble, Forever 21, Victoria’s Secret, and JCPenney. The 185,517-square-foot Annex includes eight stores and the combined property attracted nearly 3.5 million visitors in 2023

PYMNTS
Feb 5th, 2025
Janie And Jack Partners With Mirakl To Launch Third-Party Marketplace

Janie and Jack, a design house offering apparel, footwear and accessories for kids, partnered with eCommerce software solution provider Mirakl to launch a third-party marketplace. The new marketplace platform will let third-party sellers integrate their products into the Janie and Jack website, according to a Wednesday (Feb. 5) press release. These sellers will offer home furnishings and decor, toys, health and wellness products, and kids and baby gear, according to the release

PYMNTS
Jan 17th, 2025
Best Buy To Launch Third-Party Marketplace Powered By Mirakl

Best Buy is preparing to launch a digital marketplace platform that will allow third-party sellers to integrate their products into the retailer’s website and app.The new Best Buy Marketplace will launch this summer, the company said in a Thursday (Jan. 16) announcement.“We’re incredibly excited to roll out Best Buy Marketplace later this year and provide our customers an expanded assortment of products, new categories and the ability to bring them emerging tech more quickly,” Frank Bedo, chief marketplace and eCommerce officer at Best Buy, said in the announcement.“Not only will we be able to introduce new brands, but these sellers will also have the opportunity to get in front of a much larger audience of shoppers alongside other reputable brands.”Best Buy’s new platform will be powered by enterprise marketplace technology company Mirakl, according to the announcement.Mirakl empowers traditional retailers like Macy’s and Nordstrom to expand their offerings by integrating third-party sellers, Alex Hase, general manager of the Americas at Mirakl, told PYMNTS in an interview posted Thursday.This model offers retailers a broader product assortment, including adjacent categories; provides sellers access to new channels and consumers; and delivers value to consumers by enhancing the shopping experience while maintaining a curated selection that aligns with the retailer’s brand promise, Hase said.“Mirakl sits in the middle of this ecosystem, enabling traditional eCommerce to evolve into a platform business model,” Hase said.Both Walmart and Amazon said their platforms saw growth from third-party sellers when reporting record-breaking sales around Black Friday and Cyber Monday.Walmart reported record sales for its third-party Marketplace during the early holiday shopping season, with the period from Nov. 25 to Dec. 2, including Cyber Monday, marking its highest-ever sales day and conversion rate.Amazon reported that independent sellers made up more than 60% of its sales during its Black Friday week and Cyber Monday event, which ran from Nov. 21 to Dec. 2.Target said in June that it was adding select Shopify sellers to its third-party digital marketplace, Target Plus

PYMNTS
Jan 16th, 2025
Block to Pay $80 Million to Settle AML Violation Allegations

Best Buy is preparing to launch a digital marketplace platform that will allow third-party sellers to integrate their products into the retailer's website and app.

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