Best Buy is the next big retailer who starts a market place. Here is what we know

Another online marketplace will come shortly, this time from a large electronics dealer.

Best Buy (Bby) competes Amazon.com (AMZN), Walmart (WMT) and other retailers and joins a room that is estimated to be hundreds of billions in sales. The introduction of a US market management by third-party providers will open this summer. CEO Corry Barry about Best Buy's latest income conference announced further details about the plan and said she believes that it can put on buyers and increase profits.

This is the company's second attempt on an American market. A first attempt was made almost a decade ago because media reporting problems with product rags and minimal income. A Canadian market that was introduced in 2016 was considered more successful.

“We believe that as a trustworthy guide in [consumer electronics] We have the option of using our positioning and assets to build a differentiated platform for digital market plans and thus give our customers access to a much more expansive range and new categories, ”said Barry, according to a protocol provided by alphasense.

Barry said the new marketplace would enable Best Buy to give customers more options without growing their own inventory. The sellers will go through a review process, the company said.

Discussed with Best Buy:

• The US marketplace offers a number of new products, while the current Canadian market focuses more on renovated articles. The company said that, according to Barry in Canada, it is asked for deeper product places that the US version can offer. “Customers are looking for our website and are looking for a broader selection or search for a wider number of products, and we just don't have them for you.”
• US customers can return market items to shops, managers said.
• According to managers, the company could offer the sellers of marketplaces fulfillment. “It is still in the process early and we look forward to the strong interest of the sellers and believe that it points to a promising start,” said Barry.
• Best Buy is a partnership with the Enterprise Marketplace company Mirakl to its marketplace, which runs its Canadian market.

Best Buy has not shared a start date in public. The company did not react Investopedia Request for the comment on time for publication.

Best Buy's shares have fallen by 10% this week and have been around 17% this year.