Best Buy (Finally) Revamps Website

Retailer hired new CFO to help boost online sales

   

Best Buy (Finally) Revamps Website

Best Buy (BBY) has updated its website with the hopes that the retailer will become a major player in the e-commerce market.

Bloomberg reports that the website’s online traffic has already risen by 9.9% since August compared to a year ago, according to data compiled by Compete.com. Best Buy is now looking to convert its 1 billion annual visitors into shoppers as only about 1% of visitors make a purchase — roughly half as much as other online retailers.

CEO Hubert Joly hired Sharon McCollam as Best Buy’s new CFO in an attempt to increase online sales. McCollam is a former Williams-Sonoma (WSM) employee where she helped boost the company’s internet sales by 40%. Best Buy is following the lead of other online retailers and adding user-friendly features such as product reviews, buying guide and recommendations based on its customers’ purchases.


Article printed from InvestorPlace Media, http://investorplace.com/2013/10/best-buy-finally-revamps-website/.

©2014 InvestorPlace Media, LLC

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