Latest / Omni Talk Retail / Best Buy Goes Broader - Third-Party Marketplace Debut | Fast Five Shorts
Transcript
- 0:00Best
- 0:00Buy
- 0:01officially
- 0:01launched
- 0:02its
- 0:02third
- 0:03party
- 0:03marketplace,
- 0:04according
- 0:04to
- 0:04cnbc,
- 0:05again
- 0:05starting
- 0:06last
- 0:06Tuesday.
- 0:06Shoppers
- 0:07who
- 0:07go
- 0:07to
- 0:07Best
- 0:07Buy's
- 0:08website
- 0:08and
- 0:08app
- 0:08will
- 0:09see
- 0:09products
- 0:09and
- 0:09brands
- 0:10that
- 0:10weren't
- 0:11available
- 0:11there
- 0:11before,
- 0:12including
- 0:12more
- 0:13tech
- 0:13related
- 0:13accessories
- 0:14like
- 0:14custom
- 0:14video
- 0:15game
- 0:15controllers
- 0:16and
- 0:16some
- 0:16non
- 0:17tech
- 0:17items
- 0:17including
- 0:18seasonal
- 0:19decor
- 0:19and
- 0:19sports
- 0:20collectibles.
- 0:21At
- 0:21launch,
- 0:21Best
- 0:22Buy's
- 0:22marketplace
- 0:22will
- 0:23have
- 0:23about
- 0:23500
- 0:24sellers.
- 0:24The
- 0:25company
- 0:25reportedly
- 0:25vetted
- 0:26applicants
- 0:26and
- 0:27whittled
- 0:27them
- 0:27down
- 0:27to
- 0:27the
- 0:28ones
- 0:28who
- 0:28can
- 0:28provide
- 0:28a
- 0:29high
- 0:29quality
- 0:29customer
- 0:30experience.
- 0:30And
- 0:31the
- 0:31sellers
- 0:32much
- 0:32must
- 0:33match
- 0:33Best
- 0:33Buy's
- 0:34return
- 0:34policy.
- 0:36All
- 0:36right,
- 0:37question,
- 0:37Ben,
- 0:38we're
- 0:38going
- 0:38to
- 0:38go
- 0:38to
- 0:38you
- 0:38first.
- 0:39What
- 0:40does
- 0:40Best
- 0:41Buy
- 0:41have
- 0:41to
- 0:41do
- 0:42right,
- 0:43to
- 0:43make
- 0:43this
- 0:43marketplace
- 0:44successful?
- 0:45Oh,
- 0:46great,
- 0:46great
- 0:47question.
- 0:47It's.
- 0:48I
- 0:49think,
- 0:49I
- 0:49think
- 0:49I
- 0:49like
- 0:49this
- 0:50for
- 0:50two
- 0:51reasons.
- 0:52Why
- 0:52is
- 0:52advertising
- 0:53and
- 0:53I'll
- 0:53come
- 0:54back
- 0:54to.
- 0:55But
- 0:55the
- 0:55other
- 0:56is
- 0:56sort
- 0:56of
- 0:56stepping
- 0:56back
- 0:57and
- 0:57thinking
- 0:57about
- 0:57what
- 0:58Best
- 0:58Buy
- 0:59is
- 0:59doing
- 1:00or
- 1:00could
- 1:00do
- 1:01with
- 1:01its
- 1:01merchandising
- 1:02strategy.
- 1:03So
- 1:04back
- 1:04in
- 1:05April
- 1:05it
- 1:05launched
- 1:06its
- 1:06creator
- 1:07storefront
- 1:07program
- 1:08and
- 1:08that
- 1:09was
- 1:09working
- 1:09with
- 1:09influencers
- 1:10to
- 1:11curate
- 1:12products
- 1:12that
- 1:12they
- 1:13could
- 1:13drive
- 1:13commission
- 1:13of.
- 1:14So
- 1:14I
- 1:14went
- 1:14back
- 1:14and
- 1:15had
- 1:15a
- 1:15look
- 1:15and
- 1:15in
- 1:15the
- 1:15Q1
- 1:16results
- 1:16they
- 1:16talked
- 1:17about
- 1:17having
- 1:17already
- 1:18having
- 1:1860
- 1:19of
- 1:19those
- 1:19storefronts
- 1:20set
- 1:20up
- 1:20and
- 1:21working
- 1:21with
- 1:21over
- 1:21400
- 1:22influencers.
- 1:23So
- 1:24that's
- 1:24moving
- 1:25and
- 1:25look
- 1:25forward
- 1:25to
- 1:26kind
- 1:26of
- 1:26more,
- 1:27more
- 1:27news
- 1:27on
- 1:27how
- 1:28that
- 1:28is
- 1:28scaling
- 1:29financially.
- 1:31But
- 1:31if
- 1:31you
- 1:31add
- 1:32the
- 1:32marketplace
- 1:32in,
- 1:33what
- 1:33you
- 1:33potentially
- 1:33got
- 1:33is
- 1:34kind
- 1:34of
- 1:34a
- 1:34model
- 1:34where
- 1:35you've
- 1:35got
- 1:36the
- 1:36influencer
- 1:37as
- 1:37the
- 1:38merchant,
- 1:39the
- 1:39Best
- 1:40Buy
- 1:40team
- 1:40as
- 1:41the
- 1:41merchant
- 1:41or
- 1:41the
- 1:42marketplace,
- 1:42which
- 1:42is
- 1:43you're
- 1:43in
- 1:43this
- 1:43aisle
- 1:44and
- 1:44you
- 1:44are
- 1:44the
- 1:44merchant
- 1:45and
- 1:45it's
- 1:45kind
- 1:45of
- 1:46almost
- 1:46like
- 1:46create
- 1:46your
- 1:46own
- 1:47adventure.
- 1:48And
- 1:48that,
- 1:48that
- 1:49could
- 1:49be
- 1:49a
- 1:49load
- 1:49of
- 1:50fun
- 1:50because
- 1:50if
- 1:51your
- 1:51Best
- 1:51Buy
- 1:51you
- 1:51could
- 1:52lean
- 1:52into
- 1:52who
- 1:53do
- 1:53you
- 1:53want
- 1:53to
- 1:53shop
- 1:53with?
- 1:55You
- 1:55can
- 1:55make
- 1:56more
- 1:56of
- 1:56their
- 1:56team,
- 1:57make
- 1:57more
- 1:57of
- 1:57their
- 1:57merchants.
- 1:59The
- 1:59Blue
- 1:59Jackets
- 1:59have
- 2:00already
- 2:00got
- 2:00this
- 2:00reputation
- 2:01for
- 2:01customer
- 2:01service.
- 2:02So
- 2:02you
- 2:03build
- 2:03that
- 2:04up
- 2:04and
- 2:04then
- 2:05you
- 2:05say,
- 2:05oh,
- 2:05actually
- 2:05we've
- 2:06got
- 2:06this
- 2:06incredible
- 2:06marketplace
- 2:07where
- 2:08you
- 2:08can
- 2:09go,
- 2:09people
- 2:10who
- 2:10love
- 2:10their
- 2:11technology,
- 2:11who
- 2:11love
- 2:12their
- 2:12gaming,
- 2:12who
- 2:13love
- 2:13their
- 2:13can
- 2:14go
- 2:14find
- 2:14a
- 2:15niche
- 2:15product
- 2:15or
- 2:15can
- 2:15go
- 2:16find
- 2:16the
- 2:16latest
- 2:16launches
- 2:17that
- 2:17they
- 2:17can
- 2:17bring
- 2:17to
- 2:18market
- 2:18quicker
- 2:19than
- 2:19trying
- 2:19to
- 2:19bring
- 2:20them
- 2:20into
- 2:20the
- 2:20full
- 2:21Best
- 2:21Buy
- 2:21infrastructure.
- 2:22So
- 2:22it
- 2:23gives
- 2:23them
- 2:23pace,
- 2:24it
- 2:24gives
- 2:24them
- 2:24speed.
- 2:25So
- 2:25what
- 2:26I
- 2:26love
- 2:26to
- 2:26see
- 2:27to
- 2:27make
- 2:27this
- 2:27successful
- 2:28is
- 2:28that
- 2:29love
- 2:29to
- 2:29see
- 2:30how
- 2:30they
- 2:30could
- 2:31bring
- 2:31this
- 2:32idea
- 2:32of
- 2:32these
- 2:32three
- 2:33different
- 2:33routes
- 2:33of
- 2:33merchandising
- 2:34and
- 2:34curation
- 2:35onto
- 2:35the
- 2:35website.
- 2:36At
- 2:36the
- 2:36moment,
- 2:37curators
- 2:37aren't
- 2:37even
- 2:38on.
- 2:38You
- 2:39have
- 2:39to
- 2:39find
- 2:39them
- 2:40through
- 2:40the
- 2:40curator.
- 2:41And
- 2:41it's
- 2:42quite
- 2:42hard
- 2:42just
- 2:42navigating
- 2:43the
- 2:43website
- 2:43to
- 2:43know
- 2:44what
- 2:44is
- 2:44marketplace
- 2:45versus
- 2:45what
- 2:45is
- 2:46their
- 2:46stock.
- 2:46So
- 2:46call
- 2:47it
- 2:47out,
- 2:47make
- 2:47a
- 2:48plus
- 2:48of
- 2:48it.
- 2:49And
- 2:49if
- 2:50you
- 2:50do
- 2:50that,
- 2:51okay,
- 2:51you've
- 2:51then
- 2:51got
- 2:51an
- 2:52opportunity
- 2:52to
- 2:52drive
- 2:52some
- 2:53ad
- 2:53revenue
- 2:53because
- 2:54you
- 2:54can
- 2:54build
- 2:54new
- 2:54brand
- 2:55partnerships.
- 2:55And
- 2:56if
- 2:56you
- 2:56think
- 2:56about
- 2:57core
- 2:58retail
- 2:58media
- 2:58is
- 2:58all
- 2:59about
- 3:00paying
- 3:00for
- 3:01sponsored
- 3:01search.
- 3:02But
- 3:02if
- 3:02you
- 3:03great
- 3:03job
- 3:03as
- 3:03a
- 3:03merchant
- 3:04and
- 3:04curated
- 3:04your
- 3:05product
- 3:05beautifully,
- 3:06you
- 3:06don't
- 3:06need
- 3:07brands
- 3:07to
- 3:07paint
- 3:08the
- 3:08search
- 3:08because
- 3:08the
- 3:08great
- 3:09stuff
- 3:09will
- 3:09come
- 3:09up.
- 3:10That's
- 3:10why
- 3:10you
- 3:10need
- 3:10a
- 3:10marketplace
- 3:11where
- 3:11you
- 3:11flood
- 3:12it
- 3:12with
- 3:12sellers
- 3:12who
- 3:13won't
- 3:13sell
- 3:13anything
- 3:13unless
- 3:14you
- 3:14actually
- 3:14pay.
- 3:15So
- 3:15they've
- 3:15created
- 3:16a
- 3:16model
- 3:17for
- 3:17exciting
- 3:18merchandising
- 3:19and
- 3:19a
- 3:20model
- 3:20to
- 3:20drive
- 3:21ad
- 3:21revenue
- 3:21as
- 3:21well.
- 3:22If
- 3:23they're
- 3:23brave
- 3:24enough
- 3:24to
- 3:24not
- 3:25just
- 3:26list
- 3:26everything
- 3:26on
- 3:26one
- 3:27website
- 3:27and
- 3:27say
- 3:27go
- 3:27for
- 3:28it.
- 3:28Right,
- 3:29right.
- 3:29Well,
- 3:29and
- 3:29Chris,
- 3:30you
- 3:30and
- 3:30I
- 3:30saw
- 3:30at
- 3:31the
- 3:31Walmart
- 3:31sellers
- 3:32conference
- 3:32this
- 3:32week
- 3:32just
- 3:32how
- 3:33important
- 3:33tools
- 3:34like
- 3:34helping
- 3:35the
- 3:35sellers
- 3:36with,
- 3:36you
- 3:37know,
- 3:37advertising
- 3:38and
- 3:38making
- 3:38sure
- 3:39that
- 3:39they
- 3:39can
- 3:39get
- 3:39to
- 3:40the
- 3:40right
- 3:40consumers
- 3:41and
- 3:41tools
- 3:42like
- 3:42support
- 3:44services
- 3:44and
- 3:45things
- 3:45like
- 3:45that
- 3:45to
- 3:45make
- 3:45sure
- 3:45that
- 3:46they
- 3:46can
- 3:46quickly
- 3:46onboard
- 3:47products
- 3:47like
- 3:47all
- 3:47of
- 3:48those,
- 3:48that
- 3:48toolkit
- 3:49that
- 3:49they're
- 3:49able
- 3:50to
- 3:50provide
- 3:51their
- 3:51sellers
- 3:51is
- 3:51what's
- 3:52helping
- 3:52them
- 3:52get
- 3:53as
- 3:53many
- 3:53sellers
- 3:53as
- 3:54they
- 3:54have.
- 3:54But,
- 3:55but
- 3:55Chris,
- 3:55what
- 3:56do
- 3:56you
- 3:56think
- 3:56they
- 3:56need
- 3:56to
- 3:56be
- 3:57successful?
- 3:58Yeah,
- 3:58I
- 3:58got
- 3:58a
- 3:58couple
- 3:59thoughts
- 3:59on
- 3:59this
- 3:59one.
- 3:59You
- 3:59know,
- 4:00and
- 4:00I
- 4:00think
- 4:00there's
- 4:00actually
- 4:01a
- 4:01constituency
- 4:02that,
- 4:02that,
- 4:03that
- 4:03Ben
- 4:04has
- 4:04an
- 4:04address
- 4:04here
- 4:04that
- 4:05could
- 4:05benefit
- 4:05from
- 4:05this
- 4:06in
- 4:06the
- 4:06Best
- 4:06Buy
- 4:06organization
- 4:07and
- 4:07that's
- 4:07Geek
- 4:07Squad.
- 4:08I
- 4:09think
- 4:09the
- 4:09marketplace
- 4:10creates
- 4:10an
- 4:11incredible
- 4:11upsell
- 4:12opportunity
- 4:13for
- 4:13the
- 4:13Geek
- 4:14Squad
- 4:14because
- 4:15you
- 4:15know,
- 4:15you
- 4:15can
- 4:15carry
- 4:16higher
- 4:16price
- 4:16things
- 4:17that
- 4:17you're
- 4:17going
- 4:17to
- 4:17want
- 4:18in
- 4:18a
- 4:18very
- 4:18highly
- 4:19consulted
- 4:19sale
- 4:20when
- 4:20you're
- 4:20in
- 4:21the,
- 4:21in
- 4:21someone's
- 4:22house.
- 4:22And
- 4:22I
- 4:23had
- 4:23the
- 4:23best
- 4:24geek
- 4:24Geek
- 4:25Squad
- 4:25experience
- 4:26of
- 4:26my
- 4:26life
- 4:26this
- 4:27weekend
- 4:27and
- 4:27I
- 4:27was
- 4:27talking
- 4:27about
- 4:28it
- 4:28on
- 4:28our
- 4:28trip
- 4:28like
- 4:29shout
- 4:29out
- 4:29to
- 4:29TJ
- 4:30Shea
- 4:30of
- 4:30Geek
- 4:31Squad
- 4:31because
- 4:31I
- 4:32hope
- 4:32the
- 4:32Best
- 4:32Buy
- 4:32executives
- 4:33are
- 4:33listening
- 4:33because
- 4:34this
- 4:34guy
- 4:34needs
- 4:34accommodation.
- 4:35He
- 4:35was
- 4:36so
- 4:36top
- 4:36notch.
- 4:37And
- 4:37I
- 4:37could
- 4:38immediately
- 4:38as
- 4:38he
- 4:39was
- 4:39doing
- 4:39things
- 4:39with
- 4:39the
- 4:40app,
- 4:40sending
- 4:40me,
- 4:40texting
- 4:41me
- 4:41things,
- 4:41different
- 4:41things
- 4:41I
- 4:42could
- 4:42purchase,
- 4:42I
- 4:42could
- 4:42immediately
- 4:43see
- 4:44where
- 4:44this
- 4:44goes
- 4:44with
- 4:45Marketplace.
- 4:45And
- 4:45so
- 4:46that
- 4:46was
- 4:46really,
- 4:46really
- 4:47powerful.
- 4:47So
- 4:47I
- 4:47love
- 4:47that.
- 4:48But
- 4:48on
- 4:48the
- 4:49other
- 4:49hand,
- 4:50there's
- 4:50another
- 4:50thing
- 4:50I
- 4:51would
- 4:51say
- 4:51they
- 4:51need
- 4:51to
- 4:51be
- 4:51successful.
- 4:52And
- 4:52that
- 4:52is
- 4:53it's,
- 4:54it's,
- 4:55they
- 4:55can't
- 4:55go
- 4:55too
- 4:55slow.
- 4:56500
- 4:57vendors
- 4:58seems
- 4:58really,
- 4:59really
- 4:59slow
- 5:00to
- 5:00me
- 5:00and
- 5:01I
- 5:01don't
- 5:01want
- 5:01them
- 5:01to
- 5:01make
- 5:01the
- 5:02same
- 5:02mistakes
- 5:02targets
- 5:03made
- 5:03I
- 5:03talked
- 5:03about
- 5:03the
- 5:03top
- 5:044%
- 5:04growth
- 5:04not
- 5:05enough.
- 5:05And
- 5:05that's
- 5:05coming
- 5:06from
- 5:06the
- 5:06lack
- 5:06of
- 5:06growth
- 5:07in
- 5:07marketplace.
- 5:07And
- 5:08the
- 5:08big
- 5:08thing
- 5:08that
- 5:08I've
- 5:09learned
- 5:09over
- 5:09the
- 5:09years
- 5:09with
- 5:09marketplaces
- 5:10and
- 5:10you
- 5:10can't
- 5:10overthink
- 5:11it,
- 5:11you
- 5:11got
- 5:12to
- 5:12draft
- 5:12your
- 5:12criteria,
- 5:13you
- 5:13got
- 5:13to
- 5:13get
- 5:13moving.
- 5:14You
- 5:14got
- 5:14to
- 5:14refine
- 5:14it
- 5:15as
- 5:15you
- 5:15go
- 5:15and
- 5:15then
- 5:15you
- 5:16learn
- 5:16more.
- 5:16And
- 5:17when
- 5:17you
- 5:17think
- 5:17about
- 5:17it
- 5:17from
- 5:18the
- 5:18perspective
- 5:18of
- 5:18Walmart
- 5:19who
- 5:19we
- 5:19just
- 5:19spent
- 5:19a
- 5:20lot
- 5:20of
- 5:20time
- 5:20with
- 5:20a
- 5:21half
- 5:21a
- 5:21billion
- 5:21SKUs.
- 5:22So
- 5:23if
- 5:23you
- 5:23aren't
- 5:23at
- 5:23least
- 5:23at
- 5:24an
- 5:24exponential
- 5:25amount
- 5:25more
- 5:25than
- 5:26500
- 5:26by
- 5:27next
- 5:27year,
- 5:27like
- 5:285,000,
- 5:2810,000,
- 5:30my,
- 5:30my
- 5:31hunch
- 5:31is
- 5:31that
- 5:31you're
- 5:32probably
- 5:32going
- 5:32too
- 5:33slow.
- 5:33But,
- 5:33but
- 5:33who
- 5:34knows?
- 5:34Maybe
- 5:34I'm
- 5:34wrong.
- 5:35Best
- 5:35Buy
- 5:35executives
- 5:36come
- 5:36and
- 5:36tell
- 5:36me,
- 5:36but
- 5:37I
- 5:37think,
- 5:37I
- 5:37think
- 5:38I'm
- 5:38a
- 5:38little
- 5:38worried
- 5:38you're
- 5:38going
- 5:39too
- 5:39slow
- 5:39to
- 5:39start.
- 5:39You
- 5:40can
- 5:40go
- 5:40faster.
- 5:40You
- 5:41just
- 5:41got
- 5:41to
- 5:41keep
- 5:41the
- 5:41criteria
- 5:42tight
- 5:42in
- 5:42terms
- 5:42of
- 5:43what
- 5:43you're
- 5:43going
- 5:43to
- 5:43allow
- 5:43in
- 5:44and
- 5:44then
- 5:44evaluate
- 5:45your
- 5:45performance
- 5:45from
- 5:45there.