In recent years, new competition has emerged and changed the market for Best Buy. Delivery services such as Amazon and other e-commerce stores have necessitated new ideas and innovations from the big box electronics store.
In a new attempt to offer more services, Best Buy recently announced they will be looking into offering products unique to older demographics. Electronics and technology are typically associated with younger generations, but Best Buy sees an opportunity to offer a service to seniors.
Some products Best Buy already offered to seniors are specifically designed phones for elderly people and medical alert systems. But now, Best Buy is looking to expand into assisted home living services, and they are currently testing a service called Assured Living.
As the population grows, senior care faces a multitude of problems including lowering workforce participation and strain on social medicine programs. For these reasons and others, more seniors are opting to live at home for as long as possible, and programs to assist them in day-to-day tasks can alleviate stress on stay-at-home seniors and the nursing and assisted living industry.
Assured Living will offer technology services to make staying at home easier, including helping with meal preparation, security and health. Executives did not say when the service will be available on the market, but it is part on a concerted effort from Best Buy to attract new customers.
Best Buy was disappointed by online sales, so by opening up their services they are hoping to expand their brand recognition into other arenas. For those in senior health, both healthcare practitioner and patient, it is a development worth keeping an eye on to see if Best Buy can offer quality care or if it is simply a marketing gimmick.
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