Net sales slump for BestBuy’s main URL

After 144% growth in 2020, BestBuy records a drop in net sales of -12% YoY in 2021 on its .com store


BestBuy is one of North America’s leading electronics chains – not only in the brick-and-mortar world, but also online. And as electronics is the second biggest eCommerce segment in the U.S. with a total 2021 revenue of US$137.6 billion according to the Statista Digital Market Outlook, BestBuy also ranks among the top 10 of the biggest online stores in the U.S. across all product categories. The situation in Canada is comparable. In the electronics & media segment, BestBuy stands out from its competitors in two ways: In 2020, it registered an enormous corona-related net sales surge, outperforming most of its direct competitors many times over in terms of growth. But – in 2021, bestbuy.com experienced a drop in sales, securing it a special role in the opposite way:

bestbuy.com looks back on a long net sales growth story. Since 2015, net sales had constantly risen each year, mostly in the double-digit range. Corona year 2020 then brought along an unprecedented surge in online demand for BestBuy products in the U.S. Net sales for bestbuy.com rose by an overwhelming 144% compared to the previous year to a record net sales total of US$18.7 billion. Net sales in 2021 then dropped by -12%, but were still on a very high level compared to pre-pandemic years. Other online retailers of course profited from a corona effect as well, but many to a way smaller extent. walmart.com, for example, increased its net sales by “only” 86% from 2019 to 2020. But walmart.com continued on the growth track through 2021, now moving closer towards bestbuy.com in the U.S. electronics & media net sales ranking:

Despite being the only online store among the top 5 U.S. online stores in the electronics & media segment with negative growth, bestbuy.com remains in rank 3 in 2021 with total net sales of US$ 14.7 billion. amazon.com and apple.com are still far off in ranks 1 and 2, but fourth-placed walmart.com has moved closer, following its 12% year-on-year net sales increase to a 2021 total of US$11.6 billion. And so has target.com, currently in rank 5. It registered an even higher corona-boosted 2020 net sales growth than bestbuy.com, and continued through 2021 with another solid net sales plus of 22%. Whether or not bestbuy.com is likely to lose its 3rd rank in the next years is still open – ecommerceDB analysts expect 2022 and 2023 to see positive growth rates again.

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August 2022

 

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