Best Buy Rethinks Its Business Model
This doesn’t come as a surprise at all, but it’s certainly another great example of how consumers and their 24/7 access to online product information, reviews and competitive pricing are impacting traditional retailers. And I’m guilty. Here’s my little story. You’ve probably had the same experience.
I was looking for a basic sound bar speaker system to add to an existing TV. That’s the kind of product you want to experience (hear!) in person. So I made a few stops one afternoon and listened to a really cool LG sound bar at Best Buy. I was ready to buy on the spot. But, with trusty iPhone in hand, I thought I would pull up some quick reviews, check Consumer Reports and so on. What I didn’t really expect to find was a price on Amazon, for the exact same product, for $150 less…on an item already well below $500. And, of course I could get free shipping from Amazon. So, as much as I would like to have supported the store and walked right out of there and hooked up a cool new speaker, an easy $150 savings made that impossible.
It will be interesting to see what transpires with Best Buy and other big box retailers where the online experience can easily compete, if not surpass, the in-store experience.