B2B Payments

Best Buy Drops Into The B2B E-Retail Sector

Best Buy may be ramping up its B2B presence through the creation of a new online shop in Canada, reports said Sunday (May 17).

The technology retailer is said to be planning the launch of a “Marketplace,” an online store that gears itself toward third-party sellers that want to set up their own online shop. According to experts, the site may bring new opportunities to smaller retailers in the nation that can use the Best Buy name to their advantage and gain greater visibility through the platform.

Marketplace will reportedly hit the market in time for the 2015 holiday shopping season.

According to reports, Best Buy is remaining quiet on which companies it is partnering with for Marketplace, though experts said that B2B firms will likely be thrown into the mix. “If Best Buy’s Marketplace wins customer attention, B2B companies now have another arm to reach their market segment,” concluded a report from B2BNN on the new platform.

Marketplace will likely give B2B brands a boost thanks to Best Buy’s seller directory as well as being linked to a trusted brand like Best Buy. Small businesses, reports said, have not yet gained significant traction in the online retail market, but Marketplace could support SMEs’ online initiatives. It is unclear, however, whether SMEs that sell similar products as Best Buy will see a benefit by joining Best Buy’s online marketplace.

Earlier this month, Best Buy Canada revealed that it would be partnering with SaaS provider Mirakl to power its online ventures, which includes Best Buy Canada, also slated for release later this year. Reports said that Mirakl will also be supporting Marketplace.

Mirakl reportedly supports an unlimited product catalogue for third-party sellers and provides inventory management solutions. The tool works on a commission-based model, though Best Buy has not revealed what the fees will be for third-party sellers that join Marketplace.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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