Best Buy, United States (US) (Electricals) Shoppers Profile, Market Share and Competitive Positioning
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Profile of retailer’s shopper base, key performance indicators, sales and market shares
Best Buy’s shopper base is fairly evenly distributed, with females accounting for 53.6% of the overall shopper base, and it exhibits wide appeal across age groups, with those aged over 65 accounting for a 24.8% share, followed by an 18% share for each of 25-34, 35-44, and 45-54 age groups. Best Buy’s share of the US electricals market had been declining since 2017 as it has come under increasing competition from Amazon in particular, but in 2021 it registered a slight increase in share of 0.1ppt to 11.8%. Best Buy is upskilling its workforce for digital roles as it places more emphasis on its online channel, reinforced by COVID-19 lockdowns, as its online penetration rose from 20.2% in 2019 to 44.5% in 2020, and only fell to 41.5% in 2021.
Scope
Best Buy’s broad store network and focus on customer service contributes to its wide customer base
Best Buy’s proposition will protect its share in 2023 as consumer spend on big-ticket items is threatened
The retailer has a highly recognizable brand image in the US which can be used to enhance omnichannel operations
Reasons to Buy
Gain a comprehensive knowledge on Best Buy's business and develop a competitive advantage
Investigate current trends in the electricals market to identify the best opportunities to exploit
Analysis of key players in the electricals segment in US
Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the key consumer and technology trends influencing the electricals markets
Analyze the recommended actions to align your marketing strategies with the crucial trends influencing consumer behavior
Analysis of key international players operating in US electricals market — including store counts and revenues that give you a competitive edge and identify opportunities to improve your market share
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