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As online shopping has become a vital part of the ongoing holiday season, players in the retail space are accelerating digital transformation to enrich purchasing experience and seamless deliveries. Retailers are optimizing their omni-channel capabilities and contactless services—including same-day delivery and curbside pickup— amid the coronavirus outbreak. One such company is Best Buy Co., Inc. BBY, which is leaving no stones unturned to provide top-notch services to customers.
Best Buy’s contactless curbside pickup, which is available at all stores, is gaining traction among customers. In a release, the company highlighted that millions of orders were executed smoothly and safely in its stores last week for curbside pickup. Incidentally, for the remaining few weeks of the holiday season, the company extended its curbside pickup hours to provide additional flexibility to customers. Consequently, orders can now be picked up before and after normal shopping hours by the customers.
Moreover, Best Buy expanded its same-day and next-day delivery options. In this regard, the company is providing free, next-day delivery on thousands of products. Also, it has teamed up with delivery companies such as Roadie and Shipt for same-day deliveries. Recently, Best Buy inked a partnership with Instacart for same day or next-day deliveries. Notably, customers can buy various Best Buy products on the Instacart app as well as their website to avail these options.
Apart from these, the company’s employee delivery program is worth mentioning. As a part of this plan, Best Buy’s employees deliver online order in their locality. This program is available in almost all stores. Also, it has enlisted nearly 340 stores as ship-from-store hubs to enable Best Buy to deliver increased orders in a timely manner.
Moving on, the company enhanced its alternate pickup options to reach 16,000 locations throughout the nation. Best Buy increased its reach via expanded partnerships with Advanced Auto Parts, CVS Pharmacy, Michaels and UPS stores.
Best Buy’s online sales are benefiting from shift in consumers’ shopping patterns amid the pandemic. This was seen in the third quarter of fiscal 2021, wherein the company’s Domestic comparable online sales soared 173.7% to $3.82 billion. As a percentage of overall Domestic revenues, online revenues rose nearly 35.2% from 15.6% in the last year.
We believe that Best Buy’s aforementioned plans are likely to keep driving online revenues. Shares of this Zacks Rank #3 (Hold) company have increased 17.1% so far this year compared with the industry’s growth of 5.8%.
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