How Best Buy Develops Private Label Lines

IBM’s recent Summit for Consumer Electronics Emerging Technologies proved product innovation is the main driver of sales growth and profitability. To hammer home the point, George Bailey, IBM’s general manager of Global Electronics Industry, reminded the audience of CE executives that, perhaps more than any other industry, consumer electronics relies on continuous innovation, and to be successful CE companies must focus on delivering integrated solutions, not just innovative products.

The strategy is not lost on Best Buy.

Fernando Silva, Best Buy’s director of Private Label Product Lines, delivered a keynote address that left no doubt that we live in a consumer-centric world, in which collaboration from all areas of the supply chain should drive innovation. At Best Buy, customer centricity means “treating each customer as a unique individual, meeting their needs with end-to-end solutions, and engaging and energizing our employees to serve them,” he said. “It is our primary strategy for providing a differentiated experience for customers.”