Best Buy is launching a third-party marketplace to expand its product variety and boost sales. The marketplace will feature tech accessories, seasonal decor, sports collectibles, and more. The company will take a commission from third-party sellers. Best Buy’s annual sales have declined, and the marketplace aims to fill gaps in the product assortment. The marketplace will provide opportunities for smaller vendors with innovative products. Best Buy will share its most recent earnings results and sales forecast on Aug. 28. The marketplace launch comes at a challenging time for Best Buy due to tariffs and declining device replacements. Other retailers like Lowe’s, Nordstrom, Ulta Beauty, and Target have also launched or expanded third-party marketplaces. Best Buy’s CEO described the marketplace as a strategic priority for the company. The marketplace will support the company’s growing advertising business. Marketplaces drive higher profits for retailers, but also come with risks such as lower quality standards and overwhelming customers with choices. Best Buy’s marketplace will have about 500 sellers initially, matching the company’s return policy. Customers can return purchases to the seller or Best Buy stores.

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