Best Buy’s Revenue Drops
Best Buy might finally be going down! The electronics retailer has seen it's sales numbers dropping ever so slightly as consumers take their business elsewhere.
Perhaps the drop of 2% in sales won't be enough to close Best Buy's doors, but the internet has apparently been a huge contributor to the company's drop in profit. With product information so readily available, people can tell when companies like Best Buy have higher prices and lower quality products. This alone has forced them to drop many of their products prices down just to keep up.
According to a Washington Post article, Best Buy has reported that their online sales have increased 22% this quarter, compared to the 10.5% increase this time last year, but I still think customers will begin to move away from the company website too.
In the past, many people relied on retailers like Best Buy to be their guide in getting the right product for whatever price the stores gave them. Now, anyone can learn more about electronics than the employees selling the products! No need for salespeople pressuring you into getting products you don't need.
Would the world be a better place without retailer giants like Best Buy, or do they have other benefits that make paying a little extra worth it?