On August 22, tech superstores chain Best Buy will be celebrating its 50th year in the market, offering discounts on 50 of its most popular products for 50 hours.
Customers can benefit from the sale either in person or by making online purchases, as there are also offers for free two-day shipping on most of the items that have been put up for sale. The sale starts at 11 p.m. Eastern Time on Thursday and ends 50 hours late, at 1 a.m. on Sunday.
Everything must go
Although Best Buy is celebrating its 50th birthday at large, many believe that the company is facing difficult times, as its stock market value has only dropped since it reached an all-time peak in 2013. Because now customers prefer to shop online, the company loses way too much revenue on their commercial branches. Online-only retailers can divert more resources into storage, shipping, and franchising because they have a more focused approach on their method of reaching and engaging customers.
Best Buy’s stock is trading approximately 25 percent lower than the 2014 peak, which is still a better position than other electronics retailers. Best Buy has made the right play by launching the 50-hour sale, as they need to get people excited and to spend as much as possible in the smallest time frame since the company’s future years are immersed in a cloud of uncertainty.
The offers include saving up to $200 on Apple Watch, $100 on iPad mini, and up to $50 on 32-inch and 40-inch 1080p high-definition TVs. The more expensive the item, the customer saves more money. Although this is a sales standard, most of the deals described on Best Buy’s website are indeed very attractive and the products would serve any household or tech-savvy client. Best Buy is also an advocate for matching competitors’ prices, so if the customer were to find the exact item offered in another store, Best Buy would match the price to encourage purchase at their store.
Best Buy is expected to issue their quarterly revenue on Tuesday, which will be surely become more appealing after 50 hours of increased purchases from customers. Best Buy reported $8.45 billion in revenue last May, which is still not good enough to say that the company is in a good position.
The issue lies in the fact that most media content is being sold without physical packaging. Movies and music can now be streamed directly to your phone or TV without having to purchase a Blu-Ray disc or an artist’s CD. Electronics retailers have a bleak future since the Internet is what’s dictating the next steps of entertainment. Anyone can watch high-quality movies on Netflix, stream music on Spotify, and buy a new iPhone without having to move from the couch. It is a matter of time until the Internet gets embedded into most of our home devices.
The 50-hour sale includes sound systems, HD-TV antennas, HDMI cables, TV wall mounts, Blu-Ray players, projectors, laptops, speakers, Beats Studio headphones, iPhone 6s and 6s Plus $1.00 offers, and much more.
Source: CNET