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Best Buy (BBY) Expands Delivery Options for Holiday Season
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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 - Free Report) , which is leaving no stones unturned to provide top-notch services to customers.
Delving Deeper
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.
Wrapping Up
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%.
Target (TGT - Free Report) , which carries a Zacks Rank #2, has a long-term earnings growth rate of 8.5%.
Systemax Inc. , with a Zacks Rank #2, has a trailing four-quarter earnings surprise of 25.7%, on average.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Best Buy (BBY) Expands Delivery Options for Holiday Season
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 - Free Report) , which is leaving no stones unturned to provide top-notch services to customers.
Delving Deeper
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.
Wrapping Up
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%.
Don’t Miss These Retail Bets
The TJX Companies (TJX - Free Report) , which carries a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 10.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Target (TGT - Free Report) , which carries a Zacks Rank #2, has a long-term earnings growth rate of 8.5%.
Systemax Inc. , with a Zacks Rank #2, has a trailing four-quarter earnings surprise of 25.7%, on average.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>