Many large box stores have had a tough time maintaining market shares with the influx of online eCommerce competitors. Circuit City started the trend in 2009 when they closed shop, and Radio Shack followed suit last year. Unlike those companies, Best Buy was able to thrive. Their web sales climbed 17 percent in 2015, fueling almost all of their growth. As they continue to focus on growing their online presence, suppliers like you need to take advantage of the opportunity and get your products listed on BestBuy.com.
If you want to sell your home decor products on BestBuy.com, there is a strict qualification process. Before you can qualify as a supplier your business must meet these basic requirements:
The vendor insurance requirements for BestBuy.com can be much more stringent than state and federal law requires. The exact requirements will differ depending on the types of products you supply and your shipping methods.
There are also several merchandising requirements that Best Buy will demand you have in place in order to verify your eligibility:
- Have a reliable EDI system. If you already have an Electronic Data Interchange (EDI) system in place, you must link it directly to Best Buy. They use Global eXchange Services (GXS) to check your process for invoicing, purchase orders, purchase order changes, and advance ship notice. If your system is not compatible with their requirements, Best Buy provides a web-based EDI system that you will need to join.
- Enroll in their EFT program. Best Buy offers an ePayment Solutions Program that all vendors, regardless of size, must enroll in for electronic funds transfers (EFT).
- Use the GDS System. The Global Data Synchronization (GDS) system manages supply chain transactions and Best Buy insists you take advantage of the system in order to keep costs low and operations reliable.
Basic Supplier Standards
As you can see from their merchandising requirements, Best Buy likes to have as much control over their suppliers as possible in order to ensure performance and quality standards are reached.
The same goes for their supplier standards:
- Vendors must meet United States government standards for environmental compliance.
- You also have to meet or exceed minimum financial reporting requirements and disclosures.
- Your marketing approach and brand need to match the company’s mission statement and identity, all the way down to your logo.
The Best Buy supplier qualification process is extremely competitive, but it is an opportunity you can’t afford to miss. As the company continues to focus on growing their eCommerce business, sell your home decor products on BestBuy.com and your business will grow alongside them.
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