Essay Sample on Best Buy: An American Online Retail Giant Selling Thousands of Products

Best buy is an American entity, and it mostly deals with electronic goods that are sold to the American market and clients in other parts of the world, for it offers an online system of trade. For the case of the unique items, the firm can sell around 2,000 units and 10 thousand of the other items. The massive number of customers that visit the company is an indication that the firm is selling a huge chunk of the commodities that it offers. Though not all clients make purchases, a good number of them are willing to trade with the business raising the daily volume of sales.

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The wide range of commodities ensures that the organization manages to reach many clients that might be looking for different goods in the market. Additionally, the organization is in a position to sell the same commodities from different brands ensuring that customers have a wide range of brands to select. The number of each item sold by Best Buy is influenced by seasons and days of the week. During the weekend, the sale volumes are high in comparison to days like slow Tuesday. Additional, over the Christmas holiday, the entity experiences a surge in sales volume.

On the number of customers that visits the organization each week, it might be in the region of several thousand considering that each day, around 1,000 customers visit the entity. However, a critical issue to note is that not all of them are there to make a purchase, but the figure shows that the entity is making some favorable sales. Getting exposed to the market and clients is crucial for they lay the foundations for growth and future success. However, getting details on a specific number of clients visiting the store is sometimes tricky because the market is dynamic. There is a period in which the number of customers flowing to the store is high while, in other cases, there is a low number. To emphasis this point, it can be noted that the scheduling of workers is based on the way that a market is behaving at a particular moment. There are times that you will find that the firm will raise the number of staff members managing the business operations in the evenings when it is noted that there is a rise in traffic. In other cases, the number might be high in the mornings than in the evening, an issue that is influenced by the number of clients flow. However, the number of customers in most of the cases, on average, ranges in their thousands per day.

Best Buy has a wide range of goods mostly that are in the electronic sector, and they range from computers, televisions, appliances, video games, and phones. The inclusion of health and fitness products on the list of items that they sell is an indication that the company ventures into other sectors other than just dealing with the electronic items. The firm has a large number of stores in the United States, and it sells its commodities either online, retails stores, or call centers enabling it to sell a wide range of goods.

Various strategies are employed by Best Buys that include utilizing buffers. The system allows the management to maintain the minimum quantity of stock. When the current amount reaches this level, the firm is required to update the level and ensure that the inventory does not reach the red line. The maintenance of buffer ensures that a product is not oversold by removing it from the marketplace when it reaches a certain level.

Having a forecast and reliable reordering system is critical in ensuring that a firm manages to maintain sustainable levels of products all the time. The reorder point can be determined by looking at the sales history and the current order quantities. The optimal amount of inventory that should be sustained in a business is determined by factors, such as seasonal fluctuations in supply, demand forecasting, and the reliability of the supply partners in the market. Having cycle counts when keeping details about the business operations is another move that can help to ensure that the company is not running out of stock. The accuracy of inventory is realized by having organized strategies is a move that provides business does not suffer stock loss or get to run out of inventory. The cycle count process can be done evenly like every month or quarterly, and this can be made possible by having a warehouse management system. Following these procedures, the firm will manage to ensure that it does not run out of stock during the holiday season when demand is high. It is critical to make sure Best Buys is well stocked when customers want the commodities for the procedure will ensure that clients are getting the products they need from the company's store. The management has introduced a program that allows that customer get referred to a store that has the goods that they need when they place an online order. However, I believe that it is essential to ensure clients get the commodities they want in their preferred store.