Best Buy is expanding its digital presence with a new online marketplace in the US, offering double the number of products on its website and app. The platform features hundreds of brands not previously available in stores, including Martha Stewart and World Wide Stereo, as well as tech products, musical instruments, and seasonal decor.
The goal is to provide more variety for customers. Frank Bedo, Best Buy’s Chief Marketplace and eCommerce Officer, stated that the marketplace allows for a complete shopping experience through technology.
This US expansion follows Best Buy’s third-party marketplace launch in Canada. The move is strategic, as it aims to regain momentum after mixed first-quarter results and lower full-year outlook due to tariffs.
Analysts have a Moderate Buy consensus rating on BBY stock, with nine Buys, 10 Holds, and one Sell assigned in the past three months. The average price target of $80.11 per share implies 8.3% upside potential.
Source: https://www.tipranks.com/news/best-buy-bby-launches-an-online-marketplace-in-the-u-s