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BBY Stock Crashes - Here's Why Best Buy is Toast
July 25 2017, 08:46 | Alexander Lowe
Amazon.com, Inc. (NASDAQ:AMZN) CEO Sells $699527.50 in Stock
For customers wanting in-person help setting up their complicated new technology, Best Buy's Geek Squad was one of the most well-known options.
According to a new report from Recode, Amazon has been working steadily over the past few months to build an army of gadget experts that can offer consultations as well as product installations in consumers' homes.
According to Amazon's website, the company's "Smart Home Consultation" allows customers the chance to pick specific in-home appointment times with an Amazon expert. Candidates must have "a curious mind and a desire to learn new technology, as the role will support a variety of products". In fact, it'll even come and set them up for you.
Smart home products have a particularly high return rate due to their complexity, according to Recode, though they are one of the fastest growing categories of tech products.
Amazon has already rolled out this new offering in seven markets across the United States without making too big of a fuss about it.
Amazon declined to comment on Recode's story, but job listings for "field technicians" in Hoboken, Miami, Houston and Las Vegas show that a major expansion of the service is in the works.
What's odd about this entire project is that Amazon already has a marketplace for handyman services like mounting TVs, cleaning carpets, and assembling furniture.
The new in-home smart house services are now available in seven cities: Seattle, Portland, San Francisco, San Diego, Los Angeles, San Jose, and Orange County.
It makes sense when you consider the long-term prospect of the Amazon Echo - the company's voice-controlled smart speaker - and how it's being positioned as a hub for smart home products.
IBD'S TAKE: For all of Amazon's heft, Best Buy remains the consumer-electronics market leader by revenue. First, Amazon wants to solidify its place as the go-to choice for all our purchases and owning the smart home space is a part of that. We have a feeling this isn't the last we'll be hearing about Amazon workers showing up at your doorstep.