Best Buy Signs With FreeMarkets

In a move to bolster its online retailing operation, consumer electronics
retailer Best Buy Co. Inc. is signing on to use e-sourcing technology from
FreeMarkets Inc. .


Minneapolis-based Best Buy said it would leverage
Pittsburgh-based FreeMarkets’ FullSource solution to source a variety of
goods and services for its operations.


Financial terms were not disclosed. The agreement follows the completion of a
successful pilot, which FreeMarkets and Best Buy began in June 2001.


“Best Buy is aggressively adopting and implementing technologies that will
allow us to extend our leadership in the retail market to the Internet,” said
Jeff Johnson, director and B2B vice president of marketing for the company.


FreeMarkets said its
FullSource solution offers expert e-sourcing services in hundreds of spending
categories; industry-specific program management; around-the-clock global
market
operations services; and information and knowledge about specific commodities
and supply market dynamics.


Best Buy operates 1,800 retail stores and Web sites under the names
BestBuy.com, FutureShop.ca; MagnoliaHiFi.com, MediaPlay.com, OnCue.com,
SamGoody.com and Suncoast.com. The company already has sourced merchandising
items, engineering and construction services, as well as packaging and IT
equipment through FullSource.

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