by Karl Utermohlen | October 4, 2013 4:37 pm
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.
Source URL: http://investorplace.com/2013/10/best-buy-finally-revamps-website/
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