In an attempt to provide a service that can’t possibly be matched by Amazon, Best Buy will be trying something completely different in the coming months. The brick and mortar retailer is going to be testing out a new try-before-you-buy rental option for cameras, audio equipment and fitness trackers. This will be done in partnership with Lumoid, a tech startup, who will be handling the rentals, while Best Buy will be the ones who will advertise the program.
Best Buy will feature the try-before-you-buy option on BestBuy.com and then send the interested customers to Lumoid’s website to make the final rental.
So, you might be asking yourself if there really is a difference between buying a product first and then returning it or renting it first before deciding to buy it. The difference here is that buying a product the customer intends to keep it. However, renting through Best Buy’s new program, the company is trying to not let open-box items go to waste, which are basically just products that have been bought and returned. Both Best Buy and Lumoid seem to recognize that some customers will continue to use their own “rental method” of buying an item knowing there is a good chance they will end up returning it. Both companies, however feel this program will be both beneficial to the consumer and for them as well.
Typically, retailers such as Best Buy can’t resell the open-box items at full price, so by providing them to Lumoid to rent out to customers, Best Buy will be able to regain some of those losses. Customers who rent the items can earn about 20% of the rental price in Lumoid credits, which can then be used towards the final price if they decide to buy it outright.
Best Buy is hoping to develop a connection with customers earlier in the buying process and with that trying to increase the odds that they will turn to Best Buy over a competitor like Amazon when they are ready to buy.
The items that will be part of this rental program will (at first) only include cameras, audio equipment, and fitness trackers (sorry, no drones as of yet). So if you’re in the market for any of these items, but not sure what to buy, this may be the program for you. In the meantime, if you’re looking for the best of what Best Buy has to offer, check out our roundup of deals all from the major retailer.