Founded by Richard M. Schulze and Gary Smoliak as an audio specialty store in 1966, Best Buy has become one of the biggest consumer electronics retailers in the world. The multinational retailer sells both products and services through three primary channels: retail stores, online, and call centers. Best Buy generated global revenue of 47.3 billion U.S. dollars in the company's 2021 fiscal year, with over 90 percent of the company's revenue being generated in the United States. With recent withdrawals of its eponymous brand in both the UK and China, this electronics and appliance specialist retailer is left almost totally reliant on its domestic U.S. market. In total, Best Buy operated 1,159 stores worldwide in 2021. The number of stores has declined by more than 600 compared to 2014 when Best Buy operated 1,779 stores globally.
Computing and mobile phones is Best Buy's largest segment
Sales of computing equipment and mobile phones make up the majority of Best Buy's revenue,while consumer electronics account for about a third of the company's sales. The remaining revenue of around 20 percent is made up of the appliances, entertainment, and services segments. As one of the leading consumer electronics retailers in North America, Best Buy still generates the majority of its revenue from brick and mortar store sales, although the company also has a presence in the e-commerce market.
Strong competition in e-commerce space
The company's share of the e-commerce market is relatively low though at between one and two percent in the United States. The e-commerce market in the United States is dominated by Amazon, with the company occupying over 40 percent of the market. Other competitors such as Walmart, eBay, and Apple also have a larger share of the U.S. e-commerce market than Best Buy. Since Circuit City, the only direct competitor of Best Buy and the second-largest electronics retailer in the U.S., filed for bankruptcy, Best Buy is now competing primarily with retailers such as Walmart, Amazon, Target, and The Home Depot.
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In the following 5 chapters, you will quickly find the 29 most important statistics relating to "Best Buy".