242% Spike in Best Buy Online Sales of Products for People to Work, Learn, Connect and Cook at Home
Business Insider | August 25, 2020
Best Buy saw its domestic comparable online sales spike by 242% in the second quarter, as the electronics retailer's omnichannel strength successfully canceled out headwinds from the coronavirus pandemic.
CEO Corie Barry told analysts that the strong online gains "highlight our ability to harness our digital first mindset." By comparison, the tech-focused retailer's total comparable sales increased 5.8% year-over-year.
"Products that help people work, learn, connect and cook at home, like computing, appliances and tablets, were the largest drivers of our sales growth for the quarter," Barry said in a statement. "Trends across most categories and services improved materially throughout Q2 as we opened our stores more broadly for shopping, especially categories like large appliances and home theater that benefit from more experiential shopping."
Barry told analysts that categories like digital health and fitness and outdoor activities also saw strong ecommerce demand.
Although facing major setbacks early in the quarter, the chain began opening stores on an appointment system. By June 15 the retailer dropped the appointment system and now most stores are open and operating.
"Customer shopping behavior has changed permanently," Barry said. "The customer is in charge, so this isn't about being seamless across channels, it's about being seamless for the customer."