Consumer electronics retailer Best Buy (NYSE:BBY) is embracing AI to drive better experiences for its customers.
A Promising Collaboration
The retailer is teaming up with Google Cloud (NASDAQ:GOOG) (NASDAQ:GOOGL) and Accenture (NYSE:ACN) for its customer care initiatives. The collaboration will tap into Google Cloud’s generative AI solutions to introduce a host of new options and tools. This includes a self-service option that will help customers find solutions more independently. It will also make interactions between customer service agents and customers more efficient and personalized.
It is anticipated that BBY’s customers will be able to connect with an AI-powered virtual assistant for self-service support in late summer 2024. The assistant will be able to help in a range of scenarios. These include rescheduling or combining deliveries, managing software and subscriptions, and troubleshooting product issues. The retailer also plans to introduce new gen-AI-powered capabilities for its customer care agents.
Best Buy Is Adding More to their AI Suite
Furthermore, Best Buy is collaborating with Google Cloud and Accenture to create an AI-powered assistant for its front-line employees. This assistant will enhance employees’ ability to provide efficient solutions to the company’s customers. Notably, the collaboration will harness Google’s cutting-edge technologies, including its Gemini models and Vertex AI, to develop these solutions.
Is Best Buy a Buy, Sell, or a Hold?
Best Buy’s share price has steadily ticked up by nearly 17% over the past six months. Overall, the Street has a Moderate Buy consensus rating on the stock, alongside an average price target of $85.43.
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