Best Buy puts smart home as the cornerstone of a renewed retail strategy-- Best Buy 2020, a 3-year plan based on 3 tiers, specifically smart home, assisted living and in-home tech support.
“Our Renew Blue transformation was about improving the customer experience and fixing what was broken,” CEO Hubert Joly says. “Building on what we have accomplished, we are excited by the opportunities we have in this next chapter to grow the company by helping customers pursue their passions and enrich their lives with the help of technology, which is a much bigger idea and one that is rich with opportunities.”
As part of Best Buy 2020, the American retailer plans to enhance the smart home areas in all stores, roll out the Best Buy Smart Home Powered by Vivint automation and security offering to 450 stores, and add 1500 dedicated smart home employees. Another related expansion involves an in-Home Advisor program with 300 specially-trained advisors providing customers free in-home consultations related to home automation.
On the assisted living side, Best Buy is piloting an Assured Living service helping adult children monitor on the health and safety of aging parents. Available in 2 markets, it promises to "create peace of mind for the children while allowing the parents to live and thrive independently."
The final tier is Total Tech Support, a Geek Squad offering providing ongoing support to customers no matter where or when they bought a a product.
Go Best Buy Investor Day Details "Best Buy 2020: Building the New Blue" Growth Strategy