Best Buy's billionaire (BBY - Get Report) founder Richard Schulze said his retailer was "late to the game" when it comes to online shopping.

"[Amazon (AMZN - Get Report) ] introduced the whole concept of online retail where consumer could buy a wide variety of products without experiencing an in-store form of connection," Schulze said in an interview with TheStreet. "We were late to the game, but we're catching up nicely."

Some 15% of Best Buy's business comes from online, according to Schulze.

Editor's Pick: This video was originally published on April 16.

Watch our entire interview with Richard Schulze on YouTube.