Best Buy, Walmart giving Amazon a run for their money in online sales

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We all know Amazon is the undisputed champ of online retailing. But traditional brick-and-mortar retailers like Walmart and Best Buy are doing a pretty good job challenging Amazon on its own turf, according to a new report from Moody’s Investors Service.

Read more: Best credit card to use to rack up Amazon rewards

A ‘multichannel’ battle for your dollar

Moody’s Investors Service says Walmart’s acquisition of Jet gives the nation’s largest retailer a significant footprint in the digital space. Best Buy, meanwhile, is now getting nearly 20% of its sales online.

Online retailing today only accounts for about 9% of all retail sales. But Moody’s expects that to rise to 20% by 2023.

So there’s still a lot of battle left to fight. One strategic advantage for the brick and mortars: Buy online/pick up the same day in store. That business model fuels an estimated 40% to 50% of all online sales by the likes of a Best Buy or Walmart.

‘When properly deployed, physical locations are a definite asset in the multichannel world, as they represent touch-points for the consumer, as well as distribution points for the retailer,’  said Moody’s lead retail analyst Charlie O’Shea.

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Read more: Trade in your old electronics for cash

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