Improving Best Buy
Improving Best Buy
Gregory C. Long
Athens State University
LSM 301: Introduction to Logistics & Supply Chain Management
October 26, 2014
Abstract
Best Buy is a business that can thrive with a few changes to the company. There are several improvements that the company could make to help with areas like sales and in becoming more competitive with the other retailers in the industry. Some of those areas include online sales, the size of retail locations, merchandise display, return policies, loyalty program, the Geek squad, and public relations. Improving in some of these areas will make the store more competitive, more attractive to customers, and improve the overall likeness of the company. In
…show more content…
Online sales for best Buy has drastically changed over the last few years with such online giants in retail like Amazon and eBay. The days where customers physically go to stores to check out merchandise and gain hands on experience about the product is almost over. Customers are now using online stores in order to make purchases. This change has negatively affected the sales of more traditional stores like Best Buy.
Increasing the growth of online sales should be a top priority for Best Buy in the near future. By updating it’s website to become more appealing to customer is the first change that needs to happen. According to UBS AG, “Best Buy has over 1 billion annual online visitors, but only 1 in every 100 visitors make a purchase on its website.” In order to increase its web traffic, Best Buy will ultimately have to increase its web conversion
…show more content…
This improvement will offer customers exclusive deals and improve their in store experience. By modifying the existing ninety day expiration window with the loyalty program, customers will be willing to stay associated with the store longer, in turn building a better relationship with its customers. To stay competitive with other stores, Best Buy should change this program so that the loyalty program will carry over even longer periods of time. Some stores have it where the program doesn’t end at all. That might be something that Best Buy wants to look into. If customers feel that they can get a better deal somewhere else, they tend to go with the better deal. According to techjournal.com, “the push for non-expiration-date reward began with American Express and IHG (a hotel chain) and later expanded to other industries such as airlines, grocers, and financial services.” Below is an example some loyalty programs that could be
Compare And Contrast Home Depot And Lowe's Annual Report
1050 Words | 5 PagesAcross the United States, Mexico, and Canada these two giants have industrialized characteristic strategic priorities, and brand images. Despite the strategic differences, Home Depot and Lowe’s both share one major objective. The fact of customer-based increasingly active online, both companies being committed to allowing their customers to move perfectly online and offline channels. For example, a customer may order online and have the item shipped to their nearest store, or may even identify the item in store and have it arranged so it could be shipped to their worksite. (Home Depot Vs.
Unit 4 P4 Essay
753 Words | 4 PagesFor example, if the organisation can deliver products to their customers within a short amount of time, then the customer would be satisfied with the business. Customers would recommend other to shop from the business as this may increase the number of customers. The reason it’s important to upgrade is that it allows the business to track down the products that are selling that best. The business could bring vouchers and coupons to make the customer feel good.
Ulta Beauty Essay
914 Words | 4 PagesThe loyalty programs play a vital role and it is an extremely valuable asset for both Sephora and Ulta. According to Ulta’s 2016 annual report, sales from Ultamate Rewards members represent more than 90% of its revenue. As for Sephora, according to Bridget Dolan, VP of Sephora’s Interactive Media, 80% of its transactions were made through the Beauty Insider program (Coresight Research). The comparison of the main features if the two programs are outlined in Figure 1. The similarities for both programs are free enrolment, customers can earn one point per dollar spent (basic plan) and receive a free birthday gift each
Eco 372 Week 9 Best Buy
159 Words | 1 PagesDeals, offers and discounts have heavily taken over the e-commerce market in United States giving customers a chance to purchase in bulk with minimum cash spent. The best part of this scenario is that all the e-commerce majors have accepted it and do not mind leveling up on their offers when it comes to discounts and cash backs. Taking a clue from this competitive scene Best Buy has set itself big in the market by offering almost any product at a cheaper price in comparison to any other e-commerce website. Best Buy mostly relies on their ‘Price Match Guarantee’ program where the company is committed to provide the best price in comparison to other retailers. This program allow customers to find a product which is available at a cheaper price
Onestop Essay
936 Words | 4 PagesIntroduction： The OneStop is a traditional retail chain with over 100 shops across Australia, as well as over 50 years of business history. The Company offers a wide range of products to meet the needs of a diverse customer base. OneStop's business model relies heavily on physical shops and in-person sales, with a focus on friendly service. However, the company now faces significant challenges due to Amazon's entry into the market in 2017 and the impact of the COVID-19 pandemic on in-store shopping. In order to help OneStop become more competitive in the market, this article will identify five key issues, propose possible solutions to these issues, address three main concepts of strategy, business model and customer experience, and support the
Target's Online Target: Company Overview
469 Words | 2 PagesOnline Target access is what is focused on Target has left others behind and is ranking amongst the best stores that ever got formed through aid of George Draper Dayton who laid the foundation of this store as one of the leading ones in the country US. Also Target has branches in Canada that get online needs and access that has been allowed of the company’s website to use as a means of earning good and efficiency in use as there might be expected results that turn out to at different times of the year. A measure that is taken to make discounts availed is with use of purchases and discount coupons to be used as you might insist on having a variety of discounted deals you will surely want to make online purchases you expectedly get used through
Swot Analysis Of Cineplex
804 Words | 4 PagesThis loyalty program ensures that consumers will repeatedly return to Cineplex to use their SCENE card and receive the rewards. This concept allows consumers to have brand loyalty as they constantly only attend Cineplex to visit the theatre so they are able to use the points. Cineplex therefore implements brand loyalty by engaging their consumers through a loyalty program and providing them a reason to return back and to use the service one
Brew 4 US Marketing Budget
953 Words | 4 PagesCoupons and Loyal Cards o Coupons and loyalty cards are an efficient way of attracting and keeping customers loyal to a business. o Both coupons and loyalty cards effectiveness are directly related to cost which makes it easy for the action plan to be discontinued- this can be done by stopping the program altogether and honour those that have already been received. o This action can be monitored by staff on their POS system and the 365Cups statistics if loyalty cards or coupons have been scanned or used. o
Costco And Best Buy Supply Chain Analysis
193 Words | 1 PagesIt is important for a retailer to view itself as a larger marketing system, if they are interested in making money. The retailer must understand the whole concept of the supply chain, seeing it as one primary system made up of multiple variables. The retailer final price and cost of their product has a great deal to do with how well the supply chain was been carried out. J.C. Penney’s, Costco, and Best Buy would not be successful because there stores are made up of many brands. For example
Mid Town Office Products Executive Summary
233 Words | 1 PagesMid-Town Office Products is a reputable business which offers exceptional value products to businesses and customers alike. The company offers a widespread product line with over 11,000 catalog items, practical pricing with volume discounts, next-day delivery, usage history, and convenient internet ordering (Johnston & Marshall, 2009). Moreover, the pricing of the company is relatively competitive in comparison to the value perspective of the products offered to the customers (Johnston & Marshall, 2009). The company is a regional distributor that has a 12 year success rate which has enabled the company to expand. Mid-Town Office Products has expanded the traditional customer base from the eastern Los Angeles area to downtown Los Angeles
Couponing Research Paper
692 Words | 3 PagesCoupons can be a great money saving habit, but if you’re not careful it can also cost you. There is an article that discusses the different methods of how and where you can find coupons. It also explores how using coupons have changed over the years and why. The main point it makes is that coupons became popular again due to the recession in 2008. It is interesting that you see at the end of a recession, like in 1992 “when 7.9 billion” coupons were redeemed, but fast forward to 2006 when only “2.6 billion” were redeemed.
Taking A Look At Ross Stores
766 Words | 4 PagesDescription: The speaker Kevin told us that the position of retail support takes up 1 in every 4 American jobs as there are around 3793 retail entailments offering 42 million jobs with $2.6 trillion in total GOP. Ross Stores, INC. currently havs a revenues of 11.9 billion, ranking #269 in the year 2015, however, in year 2012 they was # 278 and in year 2011 they was at #299. Ross keeps growing and extending, some of their strategies of where and how to grow their business were learned from other companies’ experience such as Target. They delivery bargains so they offer everyday low pricing with wide assortment of style and fashion with constant flow of fresh merchandise as their products do not repeat after 90 days. Also they place their products following the shopping habit in order to attract and lead the customers to purchase more.
Target Expansion In Canada Case Study
655 Words | 3 PagesAdoption of e-commerce would also help market Target stores on the internet, an area in which the discount store has really
Summary Of Why Best Buy
416 Words | 2 PagesIn the article “Why Best Buy Co Inc Stock Shows Promise Again” states that Best Buy is making investments to upgrade the operations with special focus on developing and strengthening partnership with vendors. It is important that this company continues to strengthening their partnership, this will help increase their sales in the store and online. This article also states that “Renew Blue initiative also seems to be progressing well and achieved tremendous success in fiscal 2016”. The company intends to improve over the next three years by 400 million dollars. If the stocks continue at the rate they are, then they will reach what they plan on within the next couple years.
Marketing Segmentation Of Mercedes Benz
916 Words | 4 PagesThe market for Mercedes Benz will also be divided in terms of their loyalty status. Users of Mercedes Benz products will have a high loyalty status as it carries a brand image of an organization that offers it users the best products and services. Mercedes offers a Loyalty Program, for instance, “If you are a current U.S. Member of the MBCA and have been a Member for at least 12 consecutive months prior to purchasing or leasing a NEW Mercedes-Benz vehicle, you are considered a "Member in Good Standing" and automatically qualify for a $500 price discount.” (mbca,
More about Improving Best Buy
Compare And Contrast Home Depot And Lowe's Annual Report
1050 Words | 5 PagesUnit 4 P4 Essay
753 Words | 4 PagesUlta Beauty Essay
914 Words | 4 PagesEco 372 Week 9 Best Buy
159 Words | 1 PagesOnestop Essay
936 Words | 4 PagesTarget's Online Target: Company Overview
469 Words | 2 PagesSwot Analysis Of Cineplex
804 Words | 4 PagesBrew 4 US Marketing Budget
953 Words | 4 PagesCostco And Best Buy Supply Chain Analysis
193 Words | 1 PagesMid Town Office Products Executive Summary
233 Words | 1 PagesCouponing Research Paper
692 Words | 3 PagesTaking A Look At Ross Stores
766 Words | 4 PagesTarget Expansion In Canada Case Study
655 Words | 3 PagesSummary Of Why Best Buy
416 Words | 2 PagesMarketing Segmentation Of Mercedes Benz
916 Words | 4 Pages