Best Buy (Finally) Revamps Website

by Karl Utermohlen | October 4, 2013 4:37 pm

Best Buy (Finally) Revamps Website

Best Buy (BBY[1]) 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[2] 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[3]) 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.

Endnotes:
  1. BBY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBY
  2. Bloomberg reports that the website’s online traffic: http://www.bloomberg.com/news/2013-10-02/best-buy-updates-decade-old-site-to-double-online-sales-r.html
  3. WSM: http://studio-5.financialcontent.com/investplace/quote?Symbol=WSM

Source URL: http://investorplace.com/2013/10/best-buy-finally-revamps-website/
Short URL: http://invstplc.com/1fwJjUp