Best Buy On the Brink
Best Buy and Circuit City were the two major brick and mortar stores where consumers were able to purchase electronics. With the rising technology and E-commerce, Circuit City was not able to adapt to the changing environment and now Best Buy is on the same path as its former competitor. Best Buy had to close down fifty stores and fire over 400 employees due to its poor financial performance. Best Buy CEO Brian Dunn explained that there was no innovation by the company to adapt to the changing market on how consumers were purchasing electronics. Consumers are now price comparing with Best Buy’s products with online retailers. Online competitors of Best Buy ...view middle of the document...
The way to motivate employees is by offer commissions to the employee that are able to convince the customer to buy the product.
Lastly, Best Buy can reinvent its layout of the store and break away from the traditional cashier lines that are located towards the exit of the store. Best Buy can have all of its employees with the mobile credit card readers to be able to immediately help the customer purchase their items and be out of the store very quickly. This will eliminate the long lines that brick and mortar stores tend to encounter especially during the holiday sales.
The best strategy that Best Buy should implement will be the new credit card readers, if Best Buy can eliminate the long lines especially during holiday sales then customers will tend to shop at the store instead of online retail. Customers will always appreciate stores with a great customer appreciation attitude. Best Buy is struggling to take advantage of the new emerging technologies and by taking advantage of the credit card readers it can be a step towards...