If you have ever purchased any electronics from BestBuy, you probably know that they have a hefty 15% restocking fees on all returns. This is one of the major reasons why many consumers preferred good old CircuitCity over BestBuy since CircuitCity did not impose any restocking fees.
Well, starting 18th of December, BestBuy has decided to remove restocking fees on all items except special orders. That means you can shop with confidence and not worrying about your dad not liking that iPad. There is also a rumor going around that BestBuy will refund any restocking fees if you have returned an item within last 30 days but we could not confirm it. This elimination of restocking fees is also reflected on BestBuy.com’s updated return policy.
This is a great move that will allow BestBuy to boost its sales during the busiest time of the year. If you have been following BestBuy’s financial performance you would know that the results have been less than spectacular. The online sales of this retail giant dropped from 26% in Q1 to 16% in Q2 to a mere 7% in Q3. Apparently, its only for books that Amazon is the retailer of choice, the eCommerce giant has recently grabbed a big chunk of electronics market from BestBuy and even eBay. BestBuy desperately needs moves like these to sustain its market share and stay alive against giants like Amazon.