When looking for the best deal on electronics consumers used to flock to a little chain called Best Buy, but over time Amazon – with the growing convenience of shopping from home, speedy deliveries and discounts – has crowded into the electronic store’s customer pool. Now, after years of playing catchup, it appears that Best Buy has closed the pricing gap with its online rival.
That’s according to a new report based on price checks at both stores conducted by SunTrust Robinson Humphrey, Barron’s reports.
The price checks of 50 accessories and larger ticket items found for the first time that both retailers were charging virtually the same prices.
“In the past, we’ve seen a gradual tightening of the spread between the two retailers,” David Magee, managing director for SunTrust Robinson Humphery, said. “This time, the basket totals were essentially at parity.”
Magee goes on to explain that the pricing parity is another important step in Best Buy’s turnaround efforts.
As Consumerist reported last month, the electronics retailer has turned a corner by getting back to what executives called the basics: offering advice, service and convenience at competitive prices.
The company has also benefited from its new mini-store concept and deals with tech companies such as Apple.
The retailer was the first non-Apple entity to sell the Apple Watch, and recently it announced it would expand the availability of the smart watch to all of its stores in the U.S.
Additionally, Best Buy announced last week that it has officially become an Apple authorized reseller. While the company has sold Apple products for years, they weren’t an official location for service for Apple products until recently.
Best Buy Achieves Price Parity With Amazon For First Time: SunTrust [Barron’s]
by Ashlee Kieler via Consumerist
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