Through the last few years, Best Buy’s sales have been hit hard due to online shopping; that’s no secret. The biggest hit, the company believes is cause by what is referred to as ‘showrooming’ or when customers check out products in their Best Buy retail stores and opt for purchasing items cheaper, online.
Online stores such as Amazon or Ebay can keep prices low and provide a perfect option for consumers looking for the bottom dollar electronics deal — it’s also not a secret that many items that are found in Best Buy stores are found cheaper in other places, especially via web stores.
As written in the company’s release, starting March 3, they will roll out the Best Buy Low Price Guarantee, which will apply to their online and retail stores, “signaling the end of showrooming.” This means that Best Buy will permanently price match local retail competitors and 19 major online competitors in all product categories, “on nearly all in-stock products, whenever asked by a customer.”
Covering all their outlets, Best Buy is offering their Low Price Guarantee through BestBuy.com, at more than 1,000 Best Buy big box stores, more than 400 Best Buy Mobile stand-alone stores and via telephone transactions.
For additional terms of this policy, including a full list of applicable competitors, Best Buy directs their customers to their ‘Low Price Guarantee’ link on their website.
I can see a discussion in all of this — what do you say? Will this work for the national electronics mega-stores? Surely, it may not completely prevent showrooming but will it reverse poor sales and bring some life back to the company (as their expecting?)