Best Buy, one of the leading online retail platforms for tech products, continues to be a lucrative marketplace for sellers. To successfully tap into this vast consumer base, it’s essential to understand the target market and follow updated guidelines. In this guide, we’ll explore the Best Buy marketplace’s popular product categories and provide a step-by-step overview of how to sell on the Best Buy Marketplace in 2023.
Table of Contents
Understanding Best Buy Marketplace Target Market
- Before diving into selling on Best Buy, it’s crucial to comprehend the platform’s target market:
- Demographics: Best Buy primarily targets Millennials, specifically those aged between 21 and 40. This age group is tech-savvy and seeks various tech-related products.
- Gender: Men make up a significant percentage of Best Buy’s customer base. However, the company also focuses on attracting female customers.
- Shopping Seasons: Best Buy experiences peak shopping seasons during Black Friday and Christmas, making these times ideal for sellers to maximize sales.
- Global Presence: As of 2023, Best Buy operates over 1.5K+ stores worldwide, with the majority of its revenue generated in the U.S.
Source: Statista, Best Buy
Popular Product Categories on Best Buy Marketplace
Best Buy offers a wide range of product categories that sellers can explore. Some popular categories include:
- TV & Home Theater
- Cameras, Camcorders & Drones
- Home Appliances
- Computers & Tablets
- Home & Office Furniture
- Musical Instruments
- Video Games
- Health, Fitness & Personal Care
- Wearable Technology
- Car Electronics & GPS
- Cell Phones
- Toys, Games & Collectibles, and more
How to sell on Best Buy Marketplace?
- Get the Best Buy Marketplace approval
- Start by submitting an approval request through Best Buy’s official website.
- Expect your request to be processed by Best Buy Support, typically within a few days.
- Once approved, you will receive vital seller account information, granting you access to the marketplace.
- In addition to the Marketplace interface, Best Buy offers API-based integration. It provides details on how to integrate stores with Best Buy via API.
Here are a few tips to get the Best Buy Marketplace Approval
1.Follow the Code of Conduct
- Comply with e-waste laws, also known as Extender Producer Laws (EPR laws), which mandate responsible recycling practices.
- Manufacturers must take responsibility for recycling electronic items related to their products.
2. Store setup:
After receiving approval, proceed with store setup by updating critical details such as shipping methods and payment preferences.
3.Start listing your products and make your page retail-ready
- Start with adding images.
On their product pages alone, You can add up to eight or more photos along with videos as well. Utilize all the slots of images by showcasing all your features of the products since users rely on images to make purchase decisions.
- Optimize Title
It is the first thing a customer sees on your product page. So, it should concisely explain what your product is and not what it does (keep that for product overview). Don’t just stuff keywords – too long, confusing, and poorly formatted titles can jeopardize the sale. Bad titles don’t just turn off the shoppers but might also reduce the relevance of the product.
- Optimize Title
Here are a few tips for retail readiness on Best Buy Marketplace:
- The first few characters of the title are very important (for mobile shoppers).
- Include a unique product feature in the first 80 characters.
- Capitalize the first letter of every word except conjunctions
- Write packaging or any other important information right after the root keyword
- Do not use ALL CAPS
- Spell the measurements (e.g., inches and not “)
- Keep your product overview and features concise
Product overviews are essential for highlighting your brand story and ethics. This is your chance to describe the customer’s problem and how your product is their ideal solution. Include a bit of storytelling and craft a compelling description that will connect with the buyer’s feelings. It is recommended to optimize the description with SEO-friendly and relevant keywords but ensure its tone is free-flowing and not robotic.
- Informative Brand Comparison Charts to Shorten the Path to Purchase
The comparison charts focus on descriptive, informative content that simplifies technical information and helps consumers better understand features, benefits, and terminology across similar products. In addition to reducing the path to purchase, it provides value to the customer, increases sales, and reduces returns.
4. Upload Your Offers
BestBuy stores require you to upload inventory and prices collectively referred to as ‘offers.’ While this process can be done manually, automating it by integrating your data directly into the Best Buy Marketplace is highly recommended.
5. Start promoting your products.
The two best ways to promote your products are to be part of top deals and deal of the day. These are proven methods to boost your sales. As per Best Buy, sellers saw 10X visibility and 4X revenue growth after being featured on the Deal of the Day page.
6. Grow on Best Buy Marketplace
Once you are on the platform and you start seeing some traction, you are getting some sales, and the algorithm knows you, the algorithm has categorized you that you are good at selling so they can recommend your products to potential buyers. There is a constellation of specific activities that you need to undertake if you want to grow, listed below:
- Keep on optimizing for the Best Buy search
- Provide stellar customer service
- Offer exceptional deals and loyalty discounts
Get yourself audited for your brands’ retail readiness check with Paxcom’s content scorecard feature- Click here to know more.
7. Participate In The Vendor Direct Fulfillment (VDF) Program
Participating in the VDF program will benefit from the additional skills in current categories as well as your categories outside the traditional consumer electronics products not previously sold by Best Buy. So, the exposure provided and the benefit of outsourcing everything are enormous. Now, a cost oscillates between $40 to $400 to be set up as presented on the platform, but that’s manageable; you can quickly amortize it.
8. Utilize the New Best Buy Ads
With Best Buy Marketplace’s launch of its in-house media company in 2022, the electronics retailer formalizes its advertising offerings amid an increase in retail media advertising, which eMarketer estimates will reach $41.37 billion by 2022.
As consumers adapt to increasingly tech-driven lives, the company says it has 3 billion interactions with customers each year, giving it access to a wealth of consumer data.
Listed below are types of Best Buy Marketplace Ads to promote your products for extensive reach.
Best Buy Search Ads: Search Ads help reach highly engaged and motivated shoppers. Take your brand to the front of the line with personalized ads using paid search, or use sponsored products on BestBuy.com to turn interest into sales.
Best Buy Display Ads: You can tell your brand’s story through eye-catching visuals. Promote your products using an onsite display on BestBuy.com to stay top-of-mind. You can continue the conversation and reach the right customer with an offsite display.
Best Buy Video Ads: Build memorable and informative brand experiences. Your brand can leverage our onsite video to engage customers and help them learn, discover, and shop more effectively. Connect your brand to customers who are spending more time watching videos offsite and engage them in your brand.
Best Buy Social Ads: Advertising on social media reaches consumers on platforms where they discover, share, and get inspired. Utilize Facebook and Instagram campaigns to reach engaged communities.
Best Buy Store Ads: Using branded, audio, visuals, displays, and location-based mobile messages, you can put on a show and influence purchase behavior while customers shop in your store.
Content Ads: Create custom experiences across the entire sales funnel. This unique offering from our team can help promote the discovery of new products, drive conversion, reduce returns, and build brand loyalty. There are two effective ways to utilize content ads:
- Custom Video Content for placements on YouTube, BestBuy.com, and more
- Content Amplification for offsite, onsite, and YouTube search channels
9.Utilize Enhanced Content Features
Explore Best Buy’s enhanced content features to provide consumers with more detailed information about your products. This can include interactive product tours, 360-degree images, and immersive videos.
10. Optimize Pricing Strategies
Regularly evaluate and adjust your pricing strategies to remain competitive while maintaining profitability.
Read more about pricing strategies to find the right fit for your brand here.
11. Monitor and Analyze Performance
Utilize analytics tools to track the performance of your products on Best Buy. Analyze data on sales, customer reviews, and page views to make informed decisions.
Notre – In the first phase, they have also introduced My Ads: a new self-service advertising platform that gives advertising partners increased flexibility, greater visibility of campaign mechanics, and more turn-key solutions to make informed decisions in real-time.
12. Expand Your Product Range
Consider expanding your product offerings on Best Buy to cater to a wider audience and increase your chances of cross-selling and upselling.
13. Stay Informed About Platform Updates:
Best Buy may introduce new features and policies. Stay updated by regularly checking their seller resources and attending webinars or training sessions.
Selling on Best Buy Marketplace presents a significant opportunity to reach tech-savvy consumers and expand your business. You can establish and sustain a successful presence by following the outlined steps, adhering to requirements and guidelines, and staying informed about the latest trends and features on the platform.
As the online retail landscape continues to evolve, adaptability and a commitment to delivering quality products and exceptional customer service will be key to your continued success. Embrace innovation, explore new advertising opportunities, and continuously optimize your strategies to thrive on Best Buy Marketplace in 2023 and beyond.