Best Buy to Launch Third-Party Marketplace Powered by Mirakl

Best Buy is preparing to launch a digital marketplace platform that will allow third-party sellers to integrate their products into the retailer’s website and app.

The new Best Buy Marketplace will launch this summer, the company said in a Thursday (Jan. 16) announcement.

“We’re incredibly excited to roll out Best Buy Marketplace later this year and provide our customers an expanded assortment of products, new categories and the ability to bring them emerging tech more quickly,” Frank Bedo, chief marketplace and eCommerce officer at Best Buy, said in the announcement.

“Not only will we be able to introduce new brands, but these sellers will also have the opportunity to get in front of a much larger audience of shoppers alongside other reputable brands.”

Best Buy’s new platform will be powered by enterprise marketplace technology company Mirakl, according to the announcement.

Mirakl empowers traditional retailers like Macy’s and Nordstrom to expand their offerings by integrating third-party sellers, Alex Hase, general manager of the Americas at Mirakl, told PYMNTS in an interview posted Thursday.

This model offers retailers a broader product assortment, including adjacent categories; provides sellers access to new channels and consumers; and delivers value to consumers by enhancing the shopping experience while maintaining a curated selection that aligns with the retailer’s brand promise, Hase said.

“Mirakl sits in the middle of this ecosystem, enabling traditional eCommerce to evolve into a platform business model,” Hase said.

Both Walmart and Amazon said their platforms saw growth from third-party sellers when reporting record-breaking sales around Black Friday and Cyber Monday.

Walmart reported record sales for its third-party Marketplace during the early holiday shopping season, with the period from Nov. 25 to Dec. 2, including Cyber Monday, marking its highest-ever sales day and conversion rate.

Amazon reported that independent sellers made up more than 60% of its sales during its Black Friday week and Cyber Monday event, which ran from Nov. 21 to Dec. 2.

Target said in June that it was adding select Shopify sellers to its third-party digital marketplace, Target Plus. Shopify merchants in the United States can use Shopify’s Marketplace Connect app to apply to sell online at Target Plus and to sell and manage orders on that and other marketplaces.