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Best Buy will match prices from Amazon for holiday shopping

Best Buy
Can Best Buy beat out Amazon and other online retailers?

In an effort to stay competitive with its online rivals, brick and mortar retailer Best Buy will match prices with Amazon and other online retailers this holiday shopping season.

Best Buy will also offer free home delivery on goods that go out of stock in the store.

The electronics store still hasn't given the public the full details on the campaign, so there are sure to be some excluded products and fine print as the plan comes to light.

Since the strategy isn't fully official yet, it will also be a few weeks until the price-matching hits stores.

But, the plan is sure to be fully realized by the time the shopping hordes storm Best Buys during the post-Thanksgiving shopathon Black Friday.

Price matching in time for Cyber Monday

The pricing-matching campaign is a smart move in a market where online retailers are gaining more power, especially when it comes time to hunt for holiday deals.

The one-day internet buying frenzy, Cyber Monday, is gaining as much prominence as its physical end-of-the-week counterpart.

Last year, the online shop fest raked in $1.25 billion for digital stores, according to comScore.

Welcome to the showroom

Best Buy's plan is also a response to the chain becoming a brick-and-mortar showroom, at least in part.

"Showrooming" describes a growing trend of shoppers coming in the store to get an in-person look at the products they are considering. They then leave the store to buy the same electronics for a cheaper price from online rivals.

Though Best Buy's new Chief Executive Hubert Joly said the phenomenon was blown out of proportion, the electronics chain does admit it could be closing more deals. It says about 40 percent of people who walk into Best Buy purchase something during their visit.

"We have a tremendous opportunity to increase that close rate," Matthew Furman, a spokesman for Best Buy, told the Wall Street Journal.

And with a can-do, optimistic attitude like that, Best Buy just might turn the tides of the holiday shopping extravaganza. We'll see when the full details of Best Buy's price-matching plans are revealed.

Via WSJ($)