Best Buy commits to spending $1.2B with BIPOC and diverse businesses by 2025
Best Buy commits to spending $1.2B with BIPOC and diverse businesses by 2025Published 06/24/2021
Company to invest in supporting BIPOC businesses and communities and increasing diverse representation throughout the tech industry
MINNEAPOLIS (June 24, 2021) – Best Buy is committing to spending at least $1.2 billion with BIPOC and diverse businesses by 2025. This pledge includes plans to increase all forms of spending with Black, Indigenous and people of color (BIPOC) businesses from nearly every corner of the company — from how it brings goods and services to stores to its supply chain to where and how it advertises.
The goal is to create a stronger community of diverse suppliers and to help increase BIPOC representation in the tech industry, who for too long have faced systemic disadvantages such as a lack of access to funding or other resources.
In addition to the financial investments, Best Buy will support the growth of these businesses by providing access to its retail capabilities such as supply chain, sourcing and product development. We will also eliminate barriers and create a more seamless path for BIPOC businesses to do business with Best Buy.
“We better serve our customers, employees and communities when there are more diverse voices at the table, businesses we work with and stories being told. We’re committed to taking the necessary actions to support, grow and reduce the barriers faced by BIPOC entrepreneurs and businesses,” CEO Corie Barry said. “There is more work to do to make the kind of systemic permanent changes necessary to achieve racial and social equity in our company and our communities and we are just getting started.”
As part of today’s commitment, Best Buy is proud to share a new set of goals to achieve by 2025:
- Best Buy will seek out, engage and increase spending with both direct and indirect BIPOC and diverse suppliers, including everything from the companies with whom it contracts to the media it purchases for marketing. Specific to marketing:
- Best Buy will dedicate nearly 10% of its annual media spend to BIPOC media by 2025.
- The company will host a media summit for BIPOC and diverse businesses in partnership with Starcom, part of Publicis Media, by the spring of 2022.
- To make sure it’s telling the diverse stories of its customers, employees and communities, Best Buy pledges that a minimum of 30% of its paid advertising will feature BIPOC, LGBTQIA+ and diverse abilities cast members and family structures, as well as a commitment that 25% of production crew members will be women, BIPOC, LGBTQIA+ and of diverse abilities by 2023.
- Best Buy will help support the growth of BIPOC businesses by providing access to its retail capabilities such as supply chain, sourcing and product development. Some examples could include:
- Providing advice and product feedback to emerging BIPOC companies, similar to the advice and feedback we share with some of our largest strategic partners.
- Helping BIPOC businesses deal with sourcing questions, alternate supplies for key components and, in some cases, make connections with suppliers.
- Utilizing our distribution network to help fulfill products or house inventory for BIPOC businesses if, for example, that was what a company needed to help accelerate their sales.
- To help BIPOC businesses and entrepreneurs get access to funding, Best Buy will invest both financially and its expertise into partner organizations, such as venture capital firms, that share the vision of accelerating BIPOC representation in the technology industry. More information on these partnerships will be announced soon.
Additionally, to increase the number of diverse businesses and suppliers, specifically in the areas of technology innovation and product development, Best Buy will continue to create and build partnerships with historically Black colleges and universities and various community organizations. This includes our earlier commitment of providing $44 million to expand college prep and career opportunities for BIPOC students, which includes scholarships for HBCU students and increasing scholarship funding for Teen Tech Center youth. These innovative partnerships and mentoring opportunities will help create a pipeline of BIPOC professionals and entrepreneurs.
Last June, the company said it would do better and created a racial equity task force to drive enterprise-wide change. In December, Best Buy shared actions it is taking to better address underrepresentation, technology inequities and educational and career opportunities for those who need it most. Those commitments focused on hiring BIPOC and women employees, along with creating more opportunities and post-secondary support for youth and emerging talent.
Click here to learn more about Best Buy’s commitments to inclusion and diversity.
For the full article, please access the Best Buy Corporate site.