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January 19, 2022

Best Buy’s Barry Identifies Five Key Retail Trends at NRF Show

In a presentation at NRF 2022: Retail’s Big Show, Best Buy CEO Corie Barry revealed the five retail trends she believes are critical to Best Buy and the market in which it competes.

The National Retail Federation reported in a blog post that, as part of a session hosted by NRF president and CEO Matthew Shay, Barrie’s first key trend is safety, which is something consumers today define for themselves but demand of retailers, which requires understanding and appropriate action.

Four through five are: 

  • Convenience. Again defined by the customer, Barry said, who pointed out that 40% of what Best Buy sells online is picked up by the customer from the store although most of it is eligible for free next-day delivery.
  • Digital comfort. People have become comfortable with technology but now have high expectations especially in terms of their experiences, which becomes even more important the deeper the relationships develop, in Best Buy’s case including sending consultants into customers’ homes.
  • The employee is more in control. Employees want to understand the career path they can expect, the benefits available and how their employer will invest in their development and will be hard to keep if they don’t feel informed.
  • Data is the new currency. With all the customer data available today, retailers need to apply what they’re collecting to enhance the customer experience.
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