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Best Buy has undergone several years of experience solving challenging problems and has learned to master their own craft. That is why their innovativeness is not about what they know but about exploration, pushing boundaries, and ventures into uncharted areas where there are no dedicated experts. Best Buy embraces technology in everything they do. They have developed all their expertise in full support of tech to deliver a richer customer experience. Since its inception, they think like agile innovators and tech experts because innovation is everything they do, not just technology. Besides, they are not afraid of new challenges, thanks to the culture instilled by their CEO Barry (Sozzi, 2020). Through this paper, I will assess the innovativeness of Best Buy and also provide relevant examples in each case.
Best Buy has launched a new concept in most of their stores. This concept is on integrating online and in-store shopping. It is also coupled with by flexibility focused features such as raised access flooring. These concepts are channeled towards the improvement of shopping experiences as part of their nation-wide strategy to realize the ways consumers purchase electronics and appliances. An example is in Montreal, where there has been complete renovation to provide a more immersive experience to consumers. This unique concept is based on feedback from customers, vendors, and employees. Shoppers can reserve products online and quickly pick up their purchases from any best buy store minutes later (Munarriz, 2020). Alternatively, Best Buy allows consumers to arrange their collection at a later date if the item is not in stock or have it shipped to them from another location. Therefore, this offers an excellent opportunity to build their distribution very close to where their customers are.
For the past five years, Best Buy has been on the verge of losing grounds to other electronic retails like Amazon as customers gravitated towards low prices and convenience e-commerce offered. However, years later, Best Buy is no longer surviving. Instead, it is thriving, with its domestic revenue growing to 21 percent in the last financial year. This was made possible by leveraging the power and convenience of its brick and motor locations. Best Buy has teamed up with Google Canada, a tech giant, to offer a unique new store shopping experience. Google Canada has set up small google stores in most of the best buy locations, which provides a place for consumers to view and demo Google's brilliant domestic tech products such as Chromecast Ultra and Pixel (Munarriz, 2020). Consumers can now participate in weekly workshops designed to train them and empowering them to get the most out of their new brand technology. They are also able to try out these products before making purchases.
Best Buy has achieved great success by providing more in-depth information to its customers and enhancing their communication to creating a symbiotic relationship between innovators. This has allowed them to offer fantastic in-store experiences with the very latest technology while empowering its creators to get their inventions into consumers' hands (Mottl, 2017). By assessing its innovativeness, one gets to understand why Best Buy develops teams, work directly with clients, and empower designs based on what they have learned. They also partner with favorite local merchants to provide the same convenient delivery on a great selection of prepared products and outstanding services. Their goal is to continue the innovational tactic of refining Best Buy and to bring their services to more cities over time.
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