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Best Buy Lays Off 5,000 Workers As Demand For Its Online Retail Booms [Video]

(Photo by FREDERIC J. BROWN/AFP via Getty Images)

Best Buy laid off about 5,000 employees earlier this month as the electronics retailer focuses more on online sales. 

COVID-19 forced many of the company’s big box stores to temporarily close in 2020. However, demand for Best Buy’s online sales channels has been booming. 

During this past fourth quarter, the company’s online sales grew almost 90 percent year-over-year. The e-commerce buys also accounted for 43 percent of the Best Buy’s total domestic sales during the period. 

“In Q4, first time launches of the (Best Buy) app were up almost 80%,” added company CEO Corrie Barry in an earning’s call

Despite the online sales boom, the company still sees its big box stores as an asset. The retail locations were actually key to fulfilling many of its e-commerce orders through curbside pick-up, and same-day deliveries.

“The percent of online sales picked up by customers at our stores was 48%,” Barry said. “For additional context, …

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Ecommerce

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Ecommerce

Adafruit Industries, Unique & fun DIY electronics and kits : - Tools Gift Certificates Arduino Cables Sensors LEDs Books Breakout Boards Power EL Wire/Tape/Panel Components & Parts LCDs & Displays Wearables Prototyping Raspberry Pi Wireless Young Engineers 3D printing NeoPixels Kits & Projects Robotics & CNC Accessories Cosplay/Costuming Halloween Reseller and School Packs Internet of Things - IoT Development Boards Batteries Gift Ideas Feather CircuitPython Circuit Playground Crickit - Creative Robotics Particle STEMMA Machine Learning micro:bit Add-ons & Accessories Bluetooth PPE Microchip ecommerce, open source, shop, online shopping