While from a superficial look at its revenue streams, Best Buy seems the same company it was in 2012. In reality, in the last decade, Best Buy has undergone a massive business model transformation. Due to a shift in consumers behaviors driven by phenomena like “showrooming” (the practice of choosing a tech gadget in a physical store like Best Buy, only to finalize the purchase on an online store like Amazon), Best Buy had to respond by matching prices of online competitors. By redefining its offerings, like the vendor experiences or the “stores-within-stores” services. And broader support to customers throughout Best Buy stores and directly to the consumers’ homes.
In 2023, Best Buy generated $42.79 billion from domestic and $3.5 billion from international segments. Compared to $51.76 billion in revenue in 2022, where Best Buy generated $47,8 billion from the domestic segment and $3.93 billion from the international segment.
In 2023, Best Buy generated most of its revenue from computing and mobile phones ($19.76 billion), followed by consumer electronics ($14.09 billion), appliances ($6.73 billion), entertainment (3.05 billion), services ($2.33 billion).
Gennaro is the creator of FourWeekMBA, which reached about four million business people, comprising C-level executives, investors, analysts, product managers, and aspiring digital entrepreneurs in 2022 alone | He is also Director of Sales for a high-tech scaleup in the AI Industry | In 2012, Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy.
