Today, Best Buy announced that it will follow other large retailers and lower prices for the holidays in order to remain competitive. Sales and crowds at Best Buy seemed to be falling since they opened due to competition from local department stores and now even tougher competition from online retail giants.
Lower prices is good for me and you, right?
I’ll admit that my time at Best Buy has been limited over the years. When I need electronics, accessories, or appliances, I compare prices after deciding on a specific brand/model. Most of the time, Best Buy hasn’t come close to the competition.
What’s ironic is that I was just in Best Buy this morning – before I saw the news about their low-prices decision. My favorite bluetooth headset broke on my trip to my parents house for Thanksgiving. It’s one of those must-have accessories in my opinion. And without a headset for hands-free calls and wire-free podcasts, I felt like someone had tied my right arm behind my back.
While I was planning on spending more than the $40 that I could get the headset for online, I wasn’t prepared to shell out nearly $75 after tax at Best Buy. However, I noticed Best Buy’s “Low Price Guarantee” labeled on the headset on their website, where they’ll price match select products to other local retailers and a whole bunch of well-known low-priced internet retailers, including Amazon.com, Newegg.com, and TigerDirect.com
I walked into the Best Buy that’s 10 minutes away from me, picked up the headset, gave them the printout of Amazon‘s 40% lower price (yes – 40% lower!) and within minutes I was walking out with the gadget at Amazon‘s price!
Do you buy your electronics and gadgets locally or do you shop online for the best deal?
There are about 2 reasons why I would buy electronics locally:
- I need (or sometimes want) the item immediately – like when my power supply bit the dust on my last computer. I needed my PC to be back up and running the same day.
- Reviews are “sketchy” and there’s a relatively higher chance that the product will need to be returned. (I don’t know anyone that likes to return things to online retailers!)
And really, that’s about it.
If more B&M retailers are going to offer competitive prices this year, maybe I’ll do more shopping in town. Otherwise, Cyber Monday – here I come!