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Where Best Buy Went Wrong

May 10, 2012

Long gone are the days when Best Buy ruled as the No. 1 retailer for all things electronic. The retail giant has not only lost its tight grasp on the market - in March, it reported a fiscal fourth-quarter net loss of $1.7 billion - but after reports of 50 store closings and the CEO's recent resignation it seems the company is hanging on by mere thread.

But what went wrong? Narrowing down Best Buy's biggest failure wasn't easy; it seems the company has not only missed the mark with its customer service

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Best Buy Confronts Omni-Channel Challenges
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Best Buy’s efforts to develop an omni-channel approach to the customer experience present a strong case study of how an industry giant is confronting one of the most important and difficult challenges CE retailers face today.

At Aberdeen Group’s recent retail and consumer markets summit, Retail on Broadway, David F. Cook, Best Buy’s director of IT systems strategy, spoke about the retailer’s successes and tribulations in creating an omni-channel, which is aboutoffering a seamless consumer experience across all of a retailer’s shopping channels, including mobile devices, computers, physical stores and smart TVs.

“We’re listening to the customer and the biggest thing they’re demanding is omni-channel solutions,” Cook said. “They don’t want to enter their data in 20 different places. And they want us to know who they are, where they are andwhat they want. They want to be served the best possible way.

“The omni-channel challenges we have are not unique to us, but they are massive,” he added. “If we don’t listen to the customer, we’re not going to be able to serve them.”
 

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