According to a June 4th report in the consumer electronics industry trade publication: TWICE (the acronym for This Week In Consumer Electronics), this year marked a dominating performance in home appliance sales for Minnesota based tech retailer Best Buy. In 2018, Best Buy jumped to #3 overall in the USA for appliance sales beating out the former king of appliances SEARS for the first time! Michael Lasser from Swiss investment banking group UBS pointed investors to watch the rise of Best Buy’s appliance sales in a recent report from CNBC. UBS estimates that Best Buy’s comp sales could rise 250 basis points, and earnings per share could jump by as much as 10 percent just from appliance sales if SEARS were to close completely.
Why are more Americans choosing to buy appliances from Best Buy? Here are three main reasons why:
Consumers View Technology As Home Improvement
Have you heard of the Family Hub Smart Fridge from Samsung? It’s a fridge equipped with a user-friendly two-foot touchscreen, voice controls from Samsung’s “Bixby”, and even cameras inside the fridge! The idea is that a smart fridge can help with everyday tasks like meal planning while connecting you to the rest of your home right from the kitchen. They say the kitchen is the HUB of the home and these new smart fridges allow you to control lights, thermostat, and even see who’s at your front door with integration from RING and other cutting-edge home technology. The more homeowners look to integrate their homes with “smart” gadgets and gizmos they will look to Best Buy’s technology expertise as they buy. As an innovative realtor in appliance technologies, Best Buy will continue to rise as a type of “Home Improvement” technology store.
Brick & Mortar Stores Sell Appliances
Unlike other tech gadgets (phones or tablets), the consumer doesn’t buy large appliances online. When picking out appliances, the vast majority of homeowners choose to shop in person at physical retail locations like Best Buy. For starters, bulky heavy appliances are nasty to ship and can get easily damaged in transit. Best Buy cuts out the shipping issues by partnering with MN Plumbing & Appliance Installation to deliver and install all their appliances. Appliances are not only a functional means of washing, cleaning, drying, or food storage and prep, but they are a stylistic feature of a home. Buyers want to look at appliances in person so they can see for themselves if they will add or detract from the overall aesthetic of a home. As consumers continue to flock to brick and mortar stores to choose appliances, Best Buy will attract more appliance shoppers.
Red Hot Housing Market (High Demand) & Professional Appliance Delivery / Installation.
As the US real estate market soars to record numbers, new home buyers and those selling homes are often in the market for new appliances. New appliances help a home sell, so when the housing market is hot, appliance sales at Best Buy are usually jumping as well. Unfortunately, this can backfire as noted by Mike Heintz, co-principal at University Electric Home Appliance Center in Santa Clara, Calif. Mike shares that “a blazing hot real estate market in the Bay Area bogged down deliveries as customers waited on backlogged contractors to remodel their kitchens.” Minnesota for one doesn’t seem to have that problem!
In part due to top of the line general contractors, but also because of professional appliance delivery and installation companies that Best Buy uses like MN Plumbing & Appliance. Best Buy contracts only the best appliance installation companies to deliver and install appliances for their customers. Prompt scheduling, great customer service, coordination with general contractors, and professionalism from MN Plumbing and Appliance Installation are factors that contribute to Best Buy’s growing appliance sales! As consumers continue to have positive experiences with Best Buy’s appliance delivery installers they will continue to buy appliances from the giant in tech retail.
MN Plumbing & Appliance Installation services over 800 MN homes each month. Not only is MN Plumbing the choice appliance installer for Best Buy, it is also one of the top plumbing, electrical, and home service companies in the state. Check out MN Plumbing And Appliance Installation’s phenomenal online reviews to see for yourself! Call (952) 469-8341 for a fast free bid on plumbing, electrical, or appliance installation and keep buying appliances from the MN-based tech giant Best Buy!