JB Hi-Fi’s secret weapon in fight against Amazon
JB Hi-Fi says suppliers and consumers appreciate how the electronic retailer “brings products to life”, which is key to their fight against Amazon.
The retailer’s boss comments come as the company’s shares slump as predictions mount about Amazon’s arrival in Australia. Although not confirmed, it is believed the US e-commerce giant could launch by the end of the year.
However, JB Hi-Fi chief executive Richard Murray told the Fairfax Media that it was committed to its cheap prices and it had significant leeway with suppliers.
"Suppliers see us as the destination for 'new'," Mr Murray told Fairfax Media on Monday after handing down the company's full-year results.
"JB hasn't always been the largest account with a particular supplier, so what we focus on is what we bring to the table. How we bring their products to life, they absolute value us for that.
"We feel comfortable that if we remain relevant to our suppliers, that we'll be rewarded for that relevance."
Retailers such as JB Hi-Fi and Harvey Norman have the most to lose from Amazon, say analysts, although how big a slice it will take is still to be seen.