Over the years, Amazon and other retail giants have significantly affected BestBuy’s sales, taking away a significant chunk of its revenue. Now, BestBuy has decided to counter this by permanently offering online price-matching policy, which would help highlight its Low Price Guarantee and attract more customers.
Over the years, BestBuy has suffered due to the practice of ‘showrooming.’ The practice essentially involves taking a trip to an actual retail store, say a BestBuy location, then taking a good long look at whatever you want to buy and eventually going online to make the actual purchase.
Formerly, BestBuy offered price-matching policy for actual retail stores but given the fact that e-retail is the rising tide in these days, Best Buy has announced a price-matching policy on its online purchases too. In other words, if you want to buy something online and are looking for the lowest prices, BestBuy is going to offer you the lowest price.
The price-matching will be done against ‘all local retail competitors and 19 major online competitors in all product categories and on nearly all in-stock products, whenever asked by a customers’, the PR from Best Buy confirms.
The PR goes on to claim, “BestBuy is the only retailer to offer a Low Price Guarantee in addition to having a full range of the latest and greatest devices and services, a sales force dedicated to providing impartial and knowledgeable advice and full support for the life of the product.” Let’s see if this significant policy change casts a positive affect on BestBuy’s sales.