By raise of hands, who goes to Best Buy to try something they intend to buy on Amazon or Newegg? Everyone? In what could be the retailer’s smartest move in years, Best Buy intends to match the prices of online retailers including Amazon this holiday season.
The word comes from the WSJ which reports Best Buy is attempting to increase store’s close rate by preventing showrooming. The retailer states that about 40% of store visitors leave without making a purchase. No doubt a good chunk of those consumers are using Best Buy as a showroom for an Internet retailer who sells a particular item at a lower cost.
Details about the new price matching policy are still light. Best Buy has yet to make this plan official or release the fine print — there is no doubt plenty of exclusions. Since this report just broke, the policy is likely not yet rolled out to the stores either.
But here’s a novel idea: Instead of driving customers to online retailers to find a better deal, Best Buy should lower its prices to make itself more competitive.