Best Buy (BBY) is taking several measures to improve its sales as competition intensifies in the retail space. It’s focusing on categories such as Connected Home and appliances, where it sees strong growth opportunities.
Best Buy is focused on its smart-home product sales. According to the company, it sold more than 55.0 million connected devices last year. It also provided in-home, in-store, and online technology services about 16.0 million times last year. In May 2017, it announced its partnership with Vivint Smart Home to launch a new service called Best Buy Smart Home powered by Vivint. With this service, customers can consult smart-home experts to choose leading smart-home products from Vivint and other partners. These products include smart locks, lights, cameras, and thermostats.
In addition to professional installation services, customers can opt for around-the-clock professional monitoring services, app-based system controls, 30-day video storage, online and phone support, and equipment protection. In Part 1 of this series, we saw how Amazon (AMZN) is now competing with Best Buy to provide services for smart-home products.
Best Buy is taking steps to boost its smartphone sales. These initiatives include revamping the mobile departments in several of its stores, installing new vendor displays, improving the phone activation process, and bringing in more specially trained mobile associates.
Let’s look next at analysts’ recommendations for Best Buy stock.