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Best Buy, Inc. (NYSE: BBY) has been hurting like most retailers in the face of the U.S. and global economic crisis, but the only silver lining that it may have seen recently has been the collapse and liquidation of its largest competitor, Circuit City. Best Buy will now have one less competitor in the marketplace, but is also seeing increased focus by the large mass merchants on the consumer electronics side of merchandising.Facing that, the largest consumer electronics retailer in the U.S. will need to be more creative in attracting the right customer at the right time and converting as many shoppers to buyers as possible. As a result, Best Buy has joined up with consumer behavior marketer Omniture to help it understand the metrics that convert as many consumers in the consumer electronics market to Best Buy purchasers.
This is more than a consumer database analysis. Omniture's analytics are not only cutting-edge stuff, but are going to be required by any retailer who really wants to understand their existing customers as well as recruiting new ones -- and making sure those folks turn into repeat purchasers as often as possible. Those with the intelligence of their consumers on top will sway more dollars into their bottom lines at a time when millions of consumers are pinching every available penny. Understanding why consumers do buy some things and don't buy others -- and helping those customers make decisions as fast as possible -- should be the rule of the day in the retail landscape we have now (and one that's here to stay). Best Buy gets it. Who else does, though?
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