Christine Webster-Moore, the VP of Business Initiatives at Best Buy, recently outlined three goals for how Best Buy wants to increase their sales among Hispanics and Latin Americans at the Hispanic Retail 360 conference:
1) We need to be more fluid in how we invite Spanish-language users to our web site including US Hispanics, Mexicans and visitors in our border stores.
2) We need to provide more creative ways to have our customers buy. We need to experiment more with programs like Flexicompras, our store within a store that provides lease to own solutions for poor or no-credit consumers. In the markets where Best Buy offered this service, their market share increased by 3-5%.
3) We need to go deeper into mobile and social media.
Christine said that Best Buy is happy that they don’t dictate what should happen in the stores as many associates discover customer needs and then customize products accordingly. One good example of this includes Best Buy offering laptops pre-configured in Spanish or Portuguese. Many Mexicans and Brazilians shop in their Las Vegas store for laptops to bring back home as the prices are much better.
Ronee Wyatt, Best Buy’s SE Hispanic Field Support Manager, said in her portion of the presentation that “Latino customers have a 10% higher customer satisfaction index than their general market counterparts” because of initiatives like these. In addition, she highlighted a Best Buy program that enables Mexican nationals to fill out a form to have sales taxes that they paid returned to them.