Best Buy Co., Inc (NYSE:BBY)’s “Renew Blue” the way out of the blues
Since its previous CEO’s departure over a year ago, Best Buy Co., Inc. (NYSE:BBY) has improved greatly. Since then, its stock price has more than doubled. Hubert Joly, the new CEO, forges ahead with solid executions of “Renew Blue”. This is the blueprint that the company follows for self-transformation and change. It is helping the company regain its lost focus. BBY has been concentrating on e-commerce investment and cost-cutting initiatives. The aim of the project is solving the prominent issues of declining operating-margins.
The objective of these efforts is to transform the company into a destination and a preferred authority for services and products. “Renew Blue” operates on five main concepts- enhancing the customer-experience, attracting and inspiring employees, increasing ROI capital and maintaining the company’s leadership role. In addition to the Renew Blue effort, BBY has signed an agreement with Microsoft to open in-house stores for the latter, in the manner that Apple and Samsung have.
The e-commerce magic
The e-commerce revolution makes it possible for sellers and customers to sell and buy almost anything at your very doorstep. It has changed the manner in which shopping is perceived and marketing and advertising is positioned. You can choose the time you want to shop and cut out travel hassles. E-payments can also be actioned via e-commerce. Online businesses can be boosted, its cost-effective and promoting services and products has never been easier. Just as there is no restriction on shopping times, there is no time-barrier for selling either. E-mail-alerts are a great way of informing customers when new products are available on the sites.
Today, running a successful business is no longer just about brick and mortar. It’s about a virtual presence that is virtually impossible to avoid or ignore. Online stores can be launched, updated and maintained without any infrastructure costs and businesses as well as customers’ profit from the costs that are saved from various avenues. Being online is being in line with customer needs and in sync with the future. Seems like Best Buy Co., Inc. (NYSE:BBY) is finally on the right path. Just goes to show that a driving force at the helm can make all the difference.