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Best Buy has big plans to keep up with Amazon (AMZN+1.63%) and Walmart — which include tapping into the lucrative creator economy.
The electronics giant is stepping into the influencer space this spring, CEO Corie Barry said during the company’s March 4 earnings call.
“Influencers and creators will be able to build their own branded digital storefronts on Best Buy’s (BBY-4.50%) website, which we expect to drive increased traffic, engagement, and sales,” Barry said. She added that Best Buy also plans to expand video content to improve the shopping experience for customers.
The influencer economy is big business. A recent report from software platform HubSpot (HUBS+1.24%) predicts the industry will exceed $32 billion in value by the end of 2025, underscoring the importance of this growing market for retailers.
Both Amazon and Walmart have already established influencer programs, but there are key differences. Walmart’s (WMT-0.23%) creator page allows individuals to apply regardless of follower count or social media platform preference. As long applicants are U.S.-based, they can participate. Amazon’s influencer program opens the door to anyone with a meaningful social media following, though no follower count is specified. Eligible influencers are expected to promote products across YouTube (GOOGL-0.62%), Instagram (META+1.71%), TikTok, and Facebook.
Best Buy’s decision to jump on the bandwagon comes as the company faces fierce competition, particularly from online retailers. In the age of convenience, Amazon and Walmart have set the bar high for online shopping, putting pressure on traditional retailers like Best Buy to adapt and innovate. Although Amazon may face challenges in physical retail, its delivery infrastructure remains unparalleled. In 2024, the company delivered more than 9 billion items on the same day or next.
That has prompted Best Buy to follow Walmart’s lead while yanking a page from Amazon’s playbook. Barry told investors during the same earnings call that Best Buy plans to launch a new U.S.-based marketplace later this year. It’s unclear whether the influencer platform will coincide with the new marketplace. The platform will allow external sellers to list products, expanding Best Buy’s selection without the need to own the inventory. Barry explained that this move would help Best Buy expand its “profitability stream opportunities.”
The new marketplace will offer a wider range of products with a focus on new items, whereas the current marketplace features more used and refurbished products.
As President Donald Trump’s looming tariffs force retailers to adjust on the fly and influencers continue to shape consumer behavior, Best Buy’s foray into the influencer game could help the electronics retailer remain a competitive player in an increasingly digital-first market.
Barry cautioned that these tariffs would likely force the company to raise prices. While Best Buy only directly imports 2% to 3% of its products, she noted that vendors would likely pass on the increased costs to retailers, “making price hikes for American consumers highly likely.”