How BestBuy.com is increasing their online presence & improve relationships with vendors

shutterstock_153395183

In the past few years, Best Buy has grown their online presence immensely. As a result, they have spent time and resources to improve their relationship with vendors of all sizes and specialties.

Best Buy’s Extending the Reach Program

When the retail giant decided to focus on internet sales, they launched a program called Extending the Reach, which was designed to “improve collaboration between vendors, carriers, and internal Best Buy business groups… (through) a consistent means of accessing and exchanging information.”

The program has been extremely successful at empowering both large and small vendors to leverage the BestBuy.com customer base in order to boost sales and increase revenue.

Interest in getting your products listed on BestBuy.com?  Here are some tips and information on the base requirements that Best Buy asks of all their vendors.

Get listed on BestBuy.com

Best Buy values honesty and strong business morals from their partners foremost; and require every vendor to meet their standards in both performance and ethics.  Once that is established through the application process, Best Buy will then assess your ability to perform and interact with their system in a few key measurements:

  • Electronic Data Interchange (EDI) – During the review process, Best Buy representatives will test your EDI system. If you do not have an EDI system setup, you will need to register with Global eXchange Services (GXS), their preferred partner for web-enabled EDI.
  • Electronic Funds Transfer (EFT) – Best buy has an in-house ePayment Solutions Program that all vendors must join in order to conduct business with them. Their representatives will assist you in this step once you get to this point of the application.
  • Item Induction – Global Data Synchronization (GDS) is the system they use for managing supply chain data around the world. You must join a certified data pool, complete the Best Buy Trading Partner Form, and request access to the vendor portal through the Vendor Security Request form.

Assuming you meet all these initial requirements you will then be asked to prove that you meet Best Buy’s strict insurance requirements.  In most cases, state-mandated minimum levels of coverage are insufficient, as the retailer wants to know that you have adequate insurance in order to cover nearly all potential liabilities. The exact level of coverage you will need will be determined by the size and scope of your relationship with Best Buy.

Best Buy also has extremely high performance standards. Since Best Buy insists that you register on the global data and tracking systems mentioned above, it is easy for them to track exactly how well your business is performing and whether you are meeting their expectations.

If you would like more information on how to sell your products one of our team members can walk you through the process.