Latest / Omni Talk Retail / Fast Five Shorts | Pro Or Con: Best Buy’s New Marketplace
Transcript
- 0:00Best
- 0:00Buy
- 0:00plans
- 0:01to
- 0:01launch
- 0:01a
- 0:01new
- 0:02third
- 0:02party
- 0:02marketplace
- 0:03in
- 0:03the
- 0:03US
- 0:03in
- 0:04mid-2025,
- 0:05according
- 0:05to
- 0:05Modern
- 0:06Retail.
- 0:07CEO
- 0:07Corey
- 0:07Berry
- 0:08told
- 0:08investors
- 0:08about
- 0:08the
- 0:09new
- 0:09marketplace
- 0:09on
- 0:09an
- 0:10earnings
- 0:10call
- 0:10in
- 0:10November,
- 0:11saying
- 0:11it
- 0:11would
- 0:11give
- 0:11its
- 0:12customers
- 0:12access
- 0:12to
- 0:13a
- 0:13larger
- 0:13assortment
- 0:14and
- 0:14new
- 0:15categories.
- 0:15It
- 0:16will
- 0:16also
- 0:16give
- 0:16sellers
- 0:17and
- 0:17advertisers
- 0:18a
- 0:18new
- 0:18avenue
- 0:18on
- 0:19which
- 0:19to
- 0:19increase
- 0:19their
- 0:20reach
- 0:20and
- 0:20build
- 0:21their
- 0:21brands.
- 0:21She
- 0:21said
- 0:22the
- 0:23new
- 0:23platform
- 0:23is
- 0:23a
- 0:23partnership
- 0:24with
- 0:24Miracle,
- 0:25a
- 0:25software
- 0:25company
- 0:26that
- 0:26also
- 0:26powers
- 0:27third
- 0:27party
- 0:27marketplaces
- 0:28for
- 0:28Macy's,
- 0:28Nordstrom
- 0:29and
- 0:29Kroger,
- 0:30which.
- 0:30Which
- 0:30you've
- 0:30definitely
- 0:31heard
- 0:31me
- 0:31say
- 0:31before
- 0:32because
- 0:32Miracle
- 0:33is
- 0:33also
- 0:33a
- 0:33sponsor
- 0:34of
- 0:34this
- 0:34podcast.
- 0:35Yes.
- 0:35Full
- 0:36disclosure.
- 0:36Yes.
- 0:37And
- 0:38it
- 0:38that
- 0:39complement
- 0:39this
- 0:40traditional
- 0:40e
- 0:40commerce
- 0:41sites
- 0:41with
- 0:42a
- 0:42larger
- 0:42selection
- 0:43from
- 0:43third
- 0:43party
- 0:44sellers.
- 0:44The
- 0:45move
- 0:45follows
- 0:45a
- 0:45previous
- 0:46attempt
- 0:46from
- 0:4620,
- 0:47from
- 0:472011
- 0:48to
- 0:492016,
- 0:50when
- 0:50Best
- 0:50Buy
- 0:50launched
- 0:50a
- 0:50marketplace
- 0:51to
- 0:51compete
- 0:51with
- 0:51Amazon
- 0:52but
- 0:52shut
- 0:53it
- 0:53down,
- 0:53it
- 0:54only
- 0:54brought
- 0:54in
- 0:551%
- 0:55of
- 0:56Best
- 0:56Buy's
- 0:56revenue
- 0:56and
- 0:57created
- 0:57confusion
- 0:57among
- 0:58buyers
- 0:58who
- 0:58thought
- 0:58they
- 0:58could
- 0:59return
- 0:59the
- 0:59inventory
- 1:00to
- 1:00Best
- 1:00Buy
- 1:00stores.
- 1:01A
- 1:01Best
- 1:01Buy
- 1:01store
- 1:01spokesperson
- 1:02told
- 1:02E
- 1:03commerce
- 1:03bites
- 1:03in
- 1:042016.
- 1:04Chris,
- 1:05this
- 1:05is
- 1:05also
- 1:05our
- 1:06A
- 1:06and
- 1:06M
- 1:06put
- 1:06you
- 1:07on
- 1:07the
- 1:07spot
- 1:07question.
- 1:08Wow,
- 1:09I'm
- 1:09on
- 1:09a
- 1:09roll
- 1:09with
- 1:10these
- 1:10questions.
- 1:10Yes.
- 1:11All
- 1:11right,
- 1:11let's
- 1:11do
- 1:11it.
- 1:12Yeah.
- 1:12Chris,
- 1:13Marketplaces
- 1:13continue
- 1:14to
- 1:14thrive
- 1:14and
- 1:14multiply.
- 1:15Call
- 1:15them
- 1:16the
- 1:16new
- 1:16retail
- 1:17media
- 1:17network.
- 1:18To
- 1:18that
- 1:18end,
- 1:18will
- 1:19marketplaces
- 1:19like
- 1:20Best
- 1:20Buy
- 1:20stand
- 1:21on
- 1:21their
- 1:21own
- 1:21long
- 1:22term,
- 1:22or
- 1:22will
- 1:22this
- 1:23proliferation
- 1:23of
- 1:24independent
- 1:24retailer
- 1:24marketplaces
- 1:25end
- 1:26up
- 1:26significantly
- 1:27consolidating?
- 1:29Interesting.
- 1:29Interesting.
- 1:30I
- 1:30don't
- 1:30know.
- 1:30I
- 1:30don't
- 1:30know
- 1:31if
- 1:31I
- 1:31agree
- 1:31that
- 1:31they're
- 1:31the
- 1:32new
- 1:32retail
- 1:32media
- 1:33of
- 1:332025.
- 1:34Yeah,
- 1:34I
- 1:34think,
- 1:34I
- 1:35think
- 1:35they're
- 1:35a
- 1:35little
- 1:35bit
- 1:35different
- 1:36here.
- 1:36And,
- 1:36and
- 1:37to
- 1:37answer
- 1:37that
- 1:37question,
- 1:37I
- 1:38don't
- 1:38really
- 1:38see
- 1:38any,
- 1:39I
- 1:39don't
- 1:39really
- 1:39see
- 1:40any
- 1:40consolidation.
- 1:41I
- 1:41think,
- 1:42you
- 1:42know,
- 1:42some
- 1:42marketplace
- 1:43efforts
- 1:43will
- 1:43be
- 1:43more
- 1:44successful
- 1:44than
- 1:45others
- 1:45and
- 1:45some
- 1:45will
- 1:45get
- 1:46the
- 1:46traffic,
- 1:46therefore,
- 1:47and
- 1:47others
- 1:47won't.
- 1:48But
- 1:48at
- 1:48the
- 1:49end
- 1:49of
- 1:49the
- 1:49day,
- 1:49running
- 1:49them
- 1:49has
- 1:50gotten
- 1:50so
- 1:50much
- 1:50more
- 1:51efficient
- 1:51because
- 1:51of
- 1:52the
- 1:52platforms
- 1:52that
- 1:52are
- 1:52out
- 1:52there
- 1:53that
- 1:53I
- 1:53think
- 1:53it
- 1:53makes
- 1:53it
- 1:54easier
- 1:54for
- 1:54people
- 1:54to
- 1:55try
- 1:55to
- 1:55do
- 1:55this
- 1:55and
- 1:56see
- 1:56to
- 1:56what
- 1:56degree
- 1:57a
- 1:57marketplace
- 1:58works
- 1:58for
- 1:58them.
- 1:58But
- 1:58yeah,
- 1:59I
- 1:59don't
- 1:59see
- 1:59consolidation
- 2:00of
- 2:00marketplace
- 2:01efforts
- 2:01happening.
- 2:02Which
- 2:03is
- 2:03why
- 2:03honestly,
- 2:04if
- 2:04I
- 2:04come
- 2:04back
- 2:04to
- 2:05the
- 2:05headline,
- 2:05I
- 2:06am
- 2:06decidedly
- 2:07pro
- 2:07on
- 2:07this
- 2:07move
- 2:08because,
- 2:08you
- 2:09know,
- 2:09the
- 2:10thing
- 2:10I'd
- 2:10call
- 2:10it,
- 2:10it's
- 2:10not
- 2:112016
- 2:12anymore.
- 2:12You
- 2:12know,
- 2:12it's
- 2:13not,
- 2:13it's
- 2:14two,
- 2:14it's
- 2:142025
- 2:15and
- 2:16you
- 2:16know,
- 2:16just
- 2:16to
- 2:17call
- 2:17it
- 2:17out,
- 2:17you
- 2:17know.
- 2:18Yeah,
- 2:18and,
- 2:18and
- 2:19retail
- 2:19and
- 2:20Best
- 2:20Buy
- 2:21have
- 2:21both
- 2:21changed
- 2:22a
- 2:22lot.
- 2:22In
- 2:22the
- 2:22last
- 2:2210
- 2:23years,
- 2:23like,
- 2:23I
- 2:23think
- 2:24this
- 2:2410
- 2:24years
- 2:24has
- 2:24seen
- 2:25the
- 2:25most
- 2:25change
- 2:25in
- 2:25retail
- 2:26that
- 2:26I
- 2:26can
- 2:27ever
- 2:27remember.
- 2:28Yes.
- 2:29And
- 2:29so
- 2:29a
- 2:29number
- 2:29of
- 2:29things
- 2:30I
- 2:30call
- 2:30out
- 2:30that
- 2:30are
- 2:30different
- 2:31than,
- 2:31you
- 2:31know,
- 2:31back
- 2:31in
- 2:312016.
- 2:32One,
- 2:33platforms
- 2:33like
- 2:33Miracle
- 2:34just
- 2:34make
- 2:34it
- 2:34easier.
- 2:34Like
- 2:35I
- 2:35said
- 2:35already,
- 2:35like,
- 2:36they
- 2:36make
- 2:36it
- 2:36easier
- 2:37and
- 2:37you
- 2:37know,
- 2:37there's
- 2:37a
- 2:37lot
- 2:38of
- 2:38platforms
- 2:38you
- 2:38can
- 2:38do
- 2:38this
- 2:38with.
- 2:39But,
- 2:39but
- 2:39you
- 2:39know,
- 2:39they're
- 2:40using
- 2:40Miracle,
- 2:40they're
- 2:41a
- 2:41sponsor,
- 2:41and
- 2:41it
- 2:41just
- 2:41makes
- 2:42it
- 2:42easier
- 2:42to
- 2:42do.
- 2:43Second,
- 2:44the
- 2:44omnichannel
- 2:45sophistication
- 2:46with
- 2:46which
- 2:46retailers
- 2:47are
- 2:47operating
- 2:47is
- 2:48far
- 2:48greater
- 2:48than
- 2:48it
- 2:49ever
- 2:49was.
- 2:50So
- 2:50the
- 2:50idea
- 2:50of
- 2:51returns
- 2:52being
- 2:52the
- 2:52hamstringing
- 2:53factor
- 2:53here
- 2:54isn't
- 2:54as
- 2:54large
- 2:55of
- 2:55a
- 2:55concern
- 2:55as
- 2:55it
- 2:55probably
- 2:56was
- 2:56before.
- 2:56I
- 2:57think
- 2:57people
- 2:57have
- 2:57started
- 2:58to
- 2:58figure
- 2:58out
- 2:58how
- 2:58to
- 2:59do
- 2:59things
- 2:59around
- 3:00that.
- 3:01Different
- 3:01business
- 3:01models,
- 3:02different
- 3:02technology
- 3:02solutions
- 3:03have
- 3:03come
- 3:03up
- 3:04around
- 3:04solving
- 3:04that
- 3:05problem
- 3:05and
- 3:05it
- 3:05will
- 3:06continue
- 3:06to
- 3:06get
- 3:06better
- 3:06and
- 3:06better.
- 3:07And
- 3:07then
- 3:07here's
- 3:07the
- 3:08last
- 3:08point
- 3:08I'd
- 3:08add
- 3:09too,
- 3:09or
- 3:10no,
- 3:10second
- 3:10to
- 3:10last
- 3:10point.
- 3:11Actually,
- 3:11I
- 3:11got
- 3:11another
- 3:11point
- 3:12after
- 3:12this.
- 3:12Third,
- 3:13I
- 3:13think
- 3:14subscriptions
- 3:14are
- 3:15a
- 3:15bigger
- 3:15part
- 3:15of
- 3:15the
- 3:15game
- 3:16here.
- 3:16Yeah.
- 3:17So,
- 3:17and
- 3:17loyalty.
- 3:18And
- 3:18we
- 3:18learned
- 3:18from
- 3:18Christian
- 3:18Ravo
- 3:19yesterday
- 3:19at
- 3:19the
- 3:19Reva
- 3:20Group
- 3:20that
- 3:20loyalty
- 3:20is
- 3:21a
- 3:21key
- 3:21piece
- 3:21of
- 3:21my
- 3:21fourth
- 3:22point,
- 3:22which
- 3:22is
- 3:22going
- 3:22to
- 3:22be
- 3:22retail
- 3:23media.
- 3:23So
- 3:23teas.
- 3:24But
- 3:25Best
- 3:25Buy
- 3:25has
- 3:25a
- 3:25pretty
- 3:26robust
- 3:26loyalty
- 3:27program
- 3:28with
- 3:28lots
- 3:28of
- 3:28great
- 3:29benefits.
- 3:29So
- 3:29I
- 3:29could
- 3:29see
- 3:30customers
- 3:30going
- 3:31on
- 3:31their
- 3:31sites,
- 3:32on
- 3:32their
- 3:32site,
- 3:32wanting
- 3:33to
- 3:33purchase
- 3:33other
- 3:34items
- 3:34from
- 3:34Best
- 3:35Buy,
- 3:35given
- 3:35their
- 3:36loyalty
- 3:36and
- 3:36the
- 3:37fringe
- 3:37benefits
- 3:37that
- 3:38come
- 3:38with
- 3:38being
- 3:39a
- 3:39member.
- 3:39And
- 3:39fourth,
- 3:40of
- 3:40course,
- 3:40the
- 3:41retail
- 3:41media
- 3:41landscape
- 3:42is
- 3:43way
- 3:43different.
- 3:44We've
- 3:44talked
- 3:44about
- 3:45this
- 3:45a
- 3:45lot
- 3:45on
- 3:45our
- 3:45show.
- 3:46But
- 3:46retail
- 3:47media,
- 3:47the
- 3:47marketplaces
- 3:48extend
- 3:48the
- 3:49reach
- 3:49of
- 3:49retail
- 3:49media.
- 3:50And
- 3:50Best
- 3:51Buy
- 3:51is
- 3:51one
- 3:51of
- 3:51those
- 3:52retailers
- 3:52that
- 3:53has
- 3:53a
- 3:53national
- 3:55retail
- 3:55media
- 3:56reach.
- 3:56So
- 3:56for
- 3:57all
- 3:57those
- 3:57reasons,
- 3:57those
- 3:58four
- 3:58reasons,
- 3:58I
- 3:58think,
- 3:59I
- 3:59think
- 3:59this
- 3:59is
- 4:00a
- 4:00great
- 4:00move
- 4:00by
- 4:00Best
- 4:00Buy
- 4:01Salute
- 4:01Corey
- 4:01Barry
- 4:02and
- 4:02hope
- 4:02we
- 4:02can
- 4:02get
- 4:02them
- 4:02on
- 4:02the
- 4:02show
- 4:03to
- 4:03talk
- 4:03about
- 4:03it
- 4:03more.
- 4:04Yeah,
- 4:04I
- 4:04agree.
- 4:05I
- 4:05mean,
- 4:05you
- 4:06kind
- 4:06of
- 4:06hit
- 4:06on
- 4:06all
- 4:06the
- 4:07points,
- 4:07Chris,
- 4:07that
- 4:07I,
- 4:08I,
- 4:08I
- 4:09agree
- 4:09with.
- 4:10I
- 4:10think,
- 4:10you
- 4:10know,
- 4:10it's
- 4:11a
- 4:11search
- 4:11game.
- 4:12If
- 4:12you,
- 4:12if
- 4:12you
- 4:13can
- 4:13show
- 4:13up
- 4:13to
- 4:13more
- 4:14people,
- 4:14you
- 4:14have
- 4:15more
- 4:15access.
- 4:15And
- 4:16like
- 4:16you
- 4:16said,
- 4:17you
- 4:17know,
- 4:17Best
- 4:17Buy
- 4:17has
- 4:18a
- 4:18great
- 4:18loyalty
- 4:19program.
- 4:19They
- 4:20also,
- 4:20I
- 4:20think,
- 4:21have
- 4:21things
- 4:21like
- 4:22that
- 4:22they
- 4:22can
- 4:22tie
- 4:22in
- 4:23down
- 4:23the
- 4:23road.
- 4:23That
- 4:23makes
- 4:24sense,
- 4:24like
- 4:24Geek
- 4:25Squad
- 4:25support
- 4:25for
- 4:26those
- 4:26items.
- 4:27I
- 4:27do
- 4:27also
- 4:28think
- 4:28that
- 4:28the
- 4:28returns
- 4:29issue
- 4:29can
- 4:30be
- 4:30solved.
- 4:30I
- 4:30mean,
- 4:31you
- 4:31take
- 4:31a
- 4:31look
- 4:31at
- 4:31what
- 4:31Walmart's
- 4:32doing
- 4:32with
- 4:33their,
- 4:33Walmart,
- 4:33you
- 4:34know,
- 4:34with
- 4:34Walmart
- 4:34plus
- 4:35and
- 4:35what
- 4:35they're
- 4:35doing
- 4:35with
- 4:35their
- 4:36marketplace,
- 4:36like,
- 4:37they've
- 4:37got
- 4:37it
- 4:38figured
- 4:38out.
- 4:38The
- 4:38solution
- 4:39is
- 4:39out
- 4:39there.
- 4:39Best
- 4:40Buy
- 4:40is
- 4:40an
- 4:40intelligent
- 4:41retailer.
- 4:41They
- 4:41can
- 4:42definitely
- 4:42figure
- 4:42that
- 4:42out.
- 4:43And
- 4:43that's
- 4:43a
- 4:43great
- 4:44value
- 4:44to
- 4:45Best
- 4:45Buy's
- 4:45customers.
- 4:46The
- 4:46other
- 4:47thing
- 4:47too,
- 4:47that
- 4:47I'm
- 4:48also
- 4:48curious
- 4:48to
- 4:48see
- 4:49if
- 4:49Best
- 4:49Buy
- 4:49starts
- 4:50to
- 4:50bring
- 4:50into
- 4:50this.
- 4:50You
- 4:51know,
- 4:51they
- 4:51built
- 4:51that
- 4:52platform,
- 4:52platform
- 4:52where
- 4:53you
- 4:53can
- 4:53go
- 4:53on
- 4:53bestbuy.com
- 4:54and
- 4:55you
- 4:55can
- 4:55click
- 4:55the
- 4:55button
- 4:55and
- 4:56do
- 4:56a
- 4:56live
- 4:56demo
- 4:57with
- 4:57a
- 4:57blue
- 4:57shirt
- 4:58right
- 4:58then
- 4:58and
- 4:58there.
- 4:59I
- 4:59mean,
- 4:59if
- 4:59they
- 4:59can
- 5:00expand
- 5:00that
- 5:01capability
- 5:01to
- 5:02offer
- 5:02that
- 5:03to
- 5:03their
- 5:03marketplace
- 5:04vendors
- 5:04too,
- 5:05where
- 5:05like,
- 5:05hey,
- 5:06you
- 5:06want
- 5:06to
- 5:06use
- 5:06our
- 5:07technology
- 5:07in
- 5:07order
- 5:08to
- 5:08like
- 5:08have
- 5:08a
- 5:09conversation
- 5:09with
- 5:09this
- 5:10person
- 5:10about
- 5:10the
- 5:11patio
- 5:11set
- 5:11that
- 5:11they're
- 5:12about
- 5:12to
- 5:12buy
- 5:12from
- 5:13Best
- 5:13Buy
- 5:13like
- 5:13this,
- 5:14this
- 5:14is
- 5:14a
- 5:14great
- 5:15opportunity.
- 5:15And
- 5:15I
- 5:16think
- 5:16you're
- 5:16100%
- 5:17right
- 5:17in
- 5:17that
- 5:17this
- 5:18isn't
- 5:18a
- 5:18one
- 5:18and
- 5:18done
- 5:19thing.
- 5:19But
- 5:19Best
- 5:20Buy
- 5:20is
- 5:20coming
- 5:20back
- 5:21to
- 5:21this
- 5:21with
- 5:22new
- 5:22strategic
- 5:23measures
- 5:23in
- 5:24place
- 5:24to
- 5:24make
- 5:24sure
- 5:24that
- 5:25this
- 5:25is
- 5:25successful.
- 5:26So
- 5:26I,
- 5:26I
- 5:26salute
- 5:27the
- 5:27move
- 5:27as
- 5:27well.
- 5:27I
- 5:27think
- 5:28it's
- 5:28a
- 5:28great,
- 5:29great,
- 5:30great
- 5:30revisiting
- 5:31of
- 5:31the
- 5:31marketplace
- 5:32and
- 5:32definitely
- 5:33picking
- 5:33the
- 5:33right
- 5:33partner
- 5:34in
- 5:34Miracle.
- 5:34We've,
- 5:35we've
- 5:35worked
- 5:35with
- 5:35them
- 5:35quite
- 5:36a
- 5:36bit
- 5:36and
- 5:36I
- 5:36think
- 5:37they,
- 5:37they've
- 5:37seen
- 5:37a
- 5:38lot
- 5:38of
- 5:38the
- 5:38retailers
- 5:38they're
- 5:38working
- 5:38with
- 5:39are
- 5:39seeing
- 5:39a
- 5:39lot
- 5:39of
- 5:39success
- 5:40from
- 5:40that.
- 5:40So.