Best Buy (NYSE:BBY) may be the Television of the Future
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Best Buy (NYSE:BBY)’s CFO, Sharon McCollam reported to Goldman Sachs at the Annual Global Retailing Conference that 4K Ultra High Definition Televisions may be ‘decisive product’ for Best Buy (NYSE:BBY). With these televisions, the business will increase.
The advantage of this product is that it is bound to attract customers in the increased detail of the high definition picture quality of this TV. The retailer’s website states that the picture quality of the TV is detailed about four times more than the standard high.
It includes easy internet access for movies, music and television screening.
The company is working together with its manufacturers Samsung (KRX: 005930) and Sony (NYSE:SNE) in order to provide all of the features of the TV in its stores as McCollam stated. Best Buy (NYSE:BBY) has tried its best to locate the TV in a prominent feature at its outlets.
The TV has a range of costs from $4,000 to about $10,000. McCollam stated that they are high in demand in order to affect the sales of the business. The prices may even decline in the next few years.
Consumers have been running around praising the TV for its picture quality, however, it did not have much of an impact on sales. Best Buy (NYSE:BBY) hasn’t been in the game for quite some time. Its rivals are busy trying to gain customer loyalty by increasing internal security.
The televisions have had positive reviews by the public on Amazon. The picture quality of the television had the most amount of appreciation by fans.
One person wrote that the sight of the 4K picture on TVs at Best Buy (NYSE:BBY) shocked him.
The retailer has been experiencing a fall in its store traffic. This may be due to tough competition from other retailers with better prices. Its report stated that the sales were below 2.7% in the last earnings quarter. Online traffic has been increasing though which may be why store traffic is dropping. The retailer is facing more website views than ever before. However, online traffic isn’t enough to patch up the business.
The Best Buy (NYSE:BBY) stores incorporate Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Samsung (KRX: 005930)and more. Sony (NYSE:SNE) has been into retail with Best Buy (NYSE:BBY) after announcing its plan of closing more than half of its stores in the U.S. They will start small with 350 locations and move their way up.
By the middle of the month, the company will have increased its store closings.Thus moving together with Best Buy (NYSE:BBY) to make in-store experience for its customers like never before. It’s a win-win situation. Best Buy (NYSE:BBY) will be giving retail experience that others don’t have while Sony (NYSE:SNE) and Samsung (KRX: 005930) will be gaining advantage from paying lesser costs.
Best Buy (NYSE:BBY) is not only working close to close with Sony but also with Samsung (KRX: 005930) on in-store placements. Samsung (KRX:005930) focuses on mobile devices but it is recently moving towards manufacturing TVs along with home theater technology with its curved UHD televisions.