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 a global revenue over 43.6 billion U.S. dollars in the company's 2020 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 US market. The company operates primarily throughout the Americas. In total, Best Buy operated 1,231 stores worldwide in 2020. The number of stores has declined by more than 500 compared to 2013, when Best Buy operated 1,779 stores worldwide.
Computing and mobile phones is Best Buy's largest segment
Sales of computing equipment and mobile phones makes up the majority of Best Buy's revenue. 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, but Best Buy 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 today, which has a share of almost 40 percent of the market. Other competitors such as Walmart, eBay, and Apple also currently 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 US, filed for bankruptcy, Best Buy is now competing primarily with retailers such as Walmart, Amazon, Target and Costco.
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In the following 6 chapters, you will quickly find the 40 most important statistics relating to "Best Buy".