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Difference Between Amazon and Best Buy

Both amazon and Best Buy are famous public retail companies touted by various reviewers and magazines.  These large business names are both based in the USA and are also known globally. Specifically, Amazon is an e-commerce, cloud computing, and artificial intelligence industry while Best Buy is a retail industry. The following discussions further delve into such differences. 

 

What is Amazon?

Amazon.com, Inc. is the second largest employer in America, with around 613, 3000 employees, it was created by Jeff Bezos on July 5, 1994. Interestingly, Bezos almost called his company “Cadabra” from “abracadabra”. However, his lawyer misheard it as “cadaver” so he renamed it as “Amazon” to suggest that the company has a huge scale and that it would be one of the top lists via alphabetical search. This online marketplace started by selling books which later marketed video and audio downloads, furniture, clothes, toys, food, gadgets, and other products. Among its assets are Amazon Publishing, Amazon Studios, Amazon Prime, and Fire Tablets and TV. 

Amazon is a known as being one of technology’s “4 Horsemen” or one of the “Big 4” together with Facebook, Apple, and Google. It centers on online commerce, artificial intelligence, and cloud computing. This multinational company is based in Seattle, Washington with Bezos as the CEO. Amazon’s success is attributed to their brand equity, disruptive innovation, and trade subsidization. Regarding market capitalization and income, it is the largest online-commerce and cloud computing platform. As it is an e-commerce, its services are available worldwide. 

 

What is Best Buy? 

Best Buy Co., Inc. ranked as 72nd in Fortune 500’s 2018 list of America’s biggest corporations based on total revenue. This retail company was founded by Richard Schulze and James Wheeler on August 22, 1966. At first, it was just focusing on audio items and its shop was branded “Sound of Music”. It was then renamed in 1983 as Best Buy and its marketing placed more focus on consumer electronics.  Among of its properties are Redline Entertainment, Musicland Stores Corporation, Future Shop, and Five Star. 

Best Buy is ranked by Yahoo! Finance as the largest in specialty retailer industry.  Its headquarters is based in Richfield Minnesota with Hubert Joly as the Chairman and CEO. Best Buy markets cellphones, home theater system, and other electric products. It also offers carrier and movie-download, and other related services. It is operating in several countries outside United States such as Canada and Mexico. 

 

Difference between Amazon and Best Buy

  1. Industry Type

Amazon is an e-commerce, cloud computing, computer hardware, and artificial intelligence industry. On the other hand, Best Buy is less varied as it is mainly a retail industry. 

  1. Founder and CEO

The founder and CEO of Amazon is Jeff Bezos while the founder of Best Buy is Richard Schulze and James Wheeler, the CEO is Hubert Joly. 

  1. Year Started

Best Buy is an older company as it was founded in 1966 while Amazon came later in 1994. 

  1. Revenue 

The estimated revenue of Amazon is 177 billion while that of Best Buy is lower at around 42 billion. 

  1. Number of Employees

Amazon has around 613,300 employees while that of Best Buy is less at around 125, 000. 

  1. Headquarters

Amazon’s main office is in Seattle, Washington while the headquarters of Best Buy is in Richfield, Minnesota. 

  1. Accessibility

Amazon is more accessible as its digital platform can be accessed anywhere as long as there is internet. Best Buy is a physical store which operate in other countries like Mexico, Canada, and Puerto Rico. 

  1. Small Kitchen Appliances Sales

Compared to Best Buy, Amazon is selling more kitchen wares such as coffee makers, microwave ovens, and pans.

  1. Signature Products 

Amazon is perceived as significantly related with book products while Best Buy is linked with audio products and consumer electronics. 

  1. Optimism 

Though both companies are fairing well, the public’s opinion seems to be more optimistic for Amazon as it has a more digital platform which agrees with the current buying culture. 

  1. Some interesting fact: about Donald Trump’s Net Worth

According to Forbes, Amazon caused Donald Trump to lose $400 million in net worth due to the advantage of e-commerce strategy. On the other hand, Best Buy has not reportedly negatively affected Trump’s net worth. 

  1. Platform

Best Buy is a brick and mortar retail store while Amazon largely utilizes a digital platform. 

Amazon vs Best Buy: Comparison Chart

 

Summary of Amazon vs Best Buy

  • Both amazon and Best Buy are famous public retail companies touted by various reviewers and magazines
  • Amazon is a known as being one of technology’s “4 Horsemen” or one of the “Big 4” together with Facebook, Apple, and Google.
  • Best Buy Co., Inc. ranked as 72nd in Fortune 500’s 2018 list of America’s biggest corporations based on total revenue.
  • Best Buy is a retail industry while Amazon is more varied as it is an e-commerce, cloud computing, computer hardware, and artificial intelligence industry. 
  • The CEO of Amazon is Jeff Bezos while Best Buy’s is Hubert Joly. 
  • Amazon has more employees than Best Buy. 
  • Amazon started later than Best Buy. 
  • Best Buy has less revenue than Amazon. 
  • Amazon is based in Seattle, Washington while Best Buy’s headquarters is in Richfield, Minnesota. 
  • Amazon is more globally accessible than Best Buy. 
  • Amazon’s signature products are books while those of Best Buy are audio products and consumer electronics. 
  • Growth is more optimistic for Amazon than Best Buy. 
  • Amazon has been linked with Trump’s decline of net worth while Best Buy is not. 

 

gene balinggan

Gene Balinggan is a Registered Psychologist, licensed professional teacher, and a freelance academic and creative writer. She has been teaching social science courses both in the undergrad and graduate levels. Some of the major subjects which she is handling are Theories of Personality, Experimental Psychology, Historical Foundations of Psychology, and Abnormal Psychology.She co-authored a manual in General Psychology and a textbook, “Understanding the Self”. She is also currently the Psychology-Behavioral Science Society adviser in their university. Gene has also been a research adviser and panel member in a number of psychology and special education paper presentations. Her certifications include TESOL (Tampa, Florida), Psychiatric Ward Practicum Certification (Baguio General Hospital), Outcome-Based Education, and Marker of Diploma Courses (Community Training Australia). She finished her BS Psychology at Saint Louis University and her MAT Special Education and MA Psychology at the University of the Cordilleras.

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References :


[0]Image credit: https://upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Best_Buy_Logo.svg/500px-Best_Buy_Logo.svg.png

[1]Image credit: https://upload.wikimedia.org/wikipedia/commons/thumb/7/70/Amazon_logo_plain.svg/500px-Amazon_logo_plain.svg.png

[2]MacGregor, Jr. Jeff Bezos: The Force Behind the Brand. Edina, MN: CAC Publishing, 2018. Print. 

[3]Schulze, Richard. Becoming the Best: A Journey of Passion, Purpose, and Perseverance. Idea Platforms, 2011. Print. 

[4]Stone, Brad. The Everything Store: Jeff Bezos and The Age of Amazon. New York, NY: Little, Brown, and Company, 2014. Print. 

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