Sales of key categories slow down! Best Buy enters multiple new areas to seize market share!

It is learned that Best Buy has expanded new sales categories in its more than 300 online and offline stores, adding electric bicycles, garden furniture and more than 100 kinds of skin care equipment including facial steamers. In addition, Best Buy is also entering categories such as fitness and furniture to occupy market share.

Best Buy's sales of more than $12 billion in the past decade mainly come from categories such as computers, TVs and appliances. After the outbreak, long-term home isolation has driven a sharp increase in sales of Best Buy's computer monitors, home theater equipment and kitchen appliances. As American consumers spend more on vacations and social activities, Best Buy's electronics sales are slowing down.

In 2021, sales of consumer electronics in the United States increased by 9% year-on-year to nearly $127 billion. Market research firm NPD Group predicts that sales of consumer electronics in the United States will fall by 5% in 2022, 4% in 2023, and 1% in 2024, but annual sales will still be higher than pre-epidemic levels.

It is learned that in recent years, Best Buy has been expanding its product sales range. For example, it has launched new fitness products, outdoor grills, electric bicycles, scooters and mopeds linked to sports brands, and later acquired Yardbird, a direct-to-consumer outdoor furniture company, but the acquisition amount was not disclosed. Best Buy has also acquired healthcare companies including GreatCall, which mainly sells elderly care equipment.

Editor ✎Estella/

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