The chart below shows the ecommerce revenue of Best Buy from 2017 to 2023 in billions of US dollars. Its ecommerce revenue has declined over the previous two fiscals after having risen to above $18 billion in 2021. In 2022, the company generated $14.2 billion in ecommerce revenue compared to $16.43 billion in the prior year.
Best Buy Revenue from E-commerce Channels in the US 2017-2023
Amounts are in $millions.
| Year | Online Revenue ($mn) |
| 2023 | $14,212 |
| 2022 | $16,430 |
| 2021 | $18,674 |
| 2020 | $7,640 |
| 2019 | $ 6,528 |
| 2018 | $ 5,991 |
| 2017 | $ 4,843 |
Best Buy’s e-commerce revenue in 2021 increased sharply compared to the previous year. Ecommerce revenue accounted for around 43.1% of the company’s net revenues in 2021 as compared to 19% in 2020. The company generated $18,674 million in net sales from the US market in 2021 compared to $7,640 million in 2020.
In fiscal 2019, the domestic segment online revenue of Best Buy increased 10.5% on a comparable basis to $6.5 billion, mainly due to higher conversion rates and increased traffic. Last year, it was $6 billion. As a percentage of total Domestic revenue, Best Buy’s online revenue increased to 16.6% in 2019 versus 15.5% last year.
About Best Buy :
Best Buy is among the leading retail brands in the United States. The company was incorporated in the state of Minnesota in 1966. Its business is divided into two segments that include domestic and international. The domestic segment is the US segment of Best Buy’s business. The international segment included Canada and Mexico. However, the company exited its Mexico business in the third quarter of 2021. At the end of 2021, the company had 1,126 large store format and 33 small format stores including its domestic and international segment. The company offers merchandise and services in six main revenue categories (included above in the table).
The company’s net revenues in fiscal 2021 reached $47,262 million from $43,638 million in fiscal 2020. Its net earnings were $1,798 million in 2021 compared to $1,541 million in 2020. At the end of fiscal 2021, the company employed 102,000 people. (Fiscal year at Best Buy ends in the first month of the year like Walmart.)