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Best Buy is laying off hundreds of employees across the United States, according to a report from the Wall Street Journal. The layoffs are reportedly part of an effort to cut costs and shift the company’s focus to e-commerce.
Best Buy issued a statement in which it stated that it is “evolving our stores and the experiences we offer to better reflect the changes in customer shopping behaviour, as well as how we organize our teams to ensure we continue to provide our expertise, products, and services in the best way possible.”
The firm presented the layoffs as a change in focus, stating that Best Buy aims to hire thousands of people who would interact with customers and invest in expanding industries like its Totaltech membership program and its health business.
Best Buy employed over 90,000 people in the United States and Canada as of the end of January. According to the company’s financial reports, that is a decrease from the almost 125,000 employees it had at the beginning of 2020.
According to a Wall Street Journal article, Best Buy is firing hundreds of workers nationwide. According to reports, the corporation is focusing more on e-commerce and cutting expenses as a result of the layoffs. According to The Journal, individuals who work in operations, advertising, and sales would be affected by the layoffs. According to reports, the corporation is giving impacted employees severance compensation.
Although Best Buy has not yet officially announced the layoffs, internet retailers like Amazon have been putting more and more pressure on the business. Best Buy has been making significant investments in its e-commerce sector recently in an effort to compete.
The layoffs show the difficulties conventional brick-and-mortar stores are having in the e-commerce era. Traditional merchants are being pressured to reduce costs and adapt to the evolving retail environment as more and more people purchase online.
Additional information regarding the layoffs is provided below:
- Numerous individuals around the country are anticipated to lose their jobs as a result of the layoffs.
- The company’s focus is being shifted to e-commerce in an effort to reduce expenses.
- Although Best Buy has not yet officially announced the layoffs, internet retailers like Amazon have been putting more and more pressure on the business.
- The layoffs show the difficulties conventional brick-and-mortar stores are having in the e-commerce era.
The early years of the epidemic were a time when many of Best Buy’s consumers sprung for new computers, kitchen appliances, and home entertainment systems. It mostly offers expensive things that customers seldom replace.
The company’s operation now includes more significant amounts of digital sales. At its fourth-quarter results conference, Best Buy’s CEO Corie Barry revealed that its online business accounted for around a third of the company’s U.S. sales in the fiscal year that concluded in late January, compared to 19% in the fiscal year that ended in late January 2020. She claimed that sales made over the phone, via chat, and online had all increased.
Barry stated that more than 40% of internet sales are still made in Best Buy’s approximately 900 shops around the United States.
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