Best Buy just announced that by 2025, it plans to spend $1.2 Billion on BIPOC suppliers and businesses. To create a fully diverse and inclusive environment and combat systemic-disadvantages in nearly every corner of the company, the retailer will increase the representation of Black, Indigenous, and people of color (BIPOC).
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It plans to support these businesses in sourcing, supply chain, and product development.
Though, over the past year, many companies have made promises, including Target and plenty of others, to support small businesses and minority groups – this is a big commitment from Best Buy:
- By 2022, it will host a media summit for BIPOC and diverse businesses
- By 2025, nearly 10% of its annual media spend will be to BIPOC media
- A minimum of 30% of its paid advertising will feature diverse abilities cast members, BIPOC, LGBT+, and unique family structures
“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,” said Best Buy CEO Corie Barry.
“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.”
Other initiatives making happier customers
- Juneteenth
This month, in a LinkedIn post, Best Buy recognized the significance of Juneteenth by making it a paid company holiday from now onwards:
When clicking on the post, Best Buy employees were given a chance to communicate what the day means to them – being a moment to look back, celebrating Black culture, giving back to the community, and more.
- Supporting Women
Also, on their LinkedIn page, Best Buy posted a link to an article where Parity.org names Best Buy one of Best Companies for Women to Advance. The 2021 list recognizes 34 companies with “benefits, policies, and programs that are particularly beneficial for women to advance in the workplace.”
Bottom line, though, some would ask – why would a brand invest so much in such initiatives? From our standpoint, the answer is clear: the modern consumer wants to feel like their favorite brands understand them. They want to be able to identify with the brand’s values – while also feeling seen and heard. That’s how a brand forms a genuine connection with customers. And such initiatives should be part of every company’s strategy of growth from now on. Customers repay those with loyalty.