Best Buy to Let You Rent Electronics Before You Buy

share on:
Best Buy logo

Best Buy will announce later this month, a new rental program that lets you try out products before you buy them, it told Recode.

Consumers will be able to try out audio equipment, cameras and fitness trackers.  They may try out an Apple watch for a week, or a Sonos speaker. Or they can rent 3 different types of headphones for comparison.  The products are expected to be mainly open box, returned goods.
The option will be offered on Best Buy’s web site, but once you click on it,  you are taken to Lumoid, a San Francisco startup that coordinates the rental.
Customers pay a fee that can be applied toward the purchase price.
The program would give Best Buy a new way to profit from open box goods and give it a competitive edge over Amazon.
Recode quoted Lumoid’s founder Aarthi Ramamurthy as saying that customers are no longer walking into brick and mortar stores for discovery of new products. “They already know what they want and they just go in to get it.”   Or, they go in to try it out, we would add.
Lumoid’s best results in converting renters to shoppers is in the wearable electronics category, where about 1 in 3 renters buy the product, said Recode.
For more information check out Lumoid and Recode.
Source: Recode

 


Tags:
share on:

6 Comments

  1. This reeks of week-end radar detector users. Come in and “buy” it Thurs/Fri use it for their trip to LA and waiting for the store to open on Monday bright and early to return it because it wasn’t what they thought it would be. We started charging a no-exception 15% re-stocking fee on returns. That stopped a lot but still there are always those “entitled” few that believe that the re-stocking fee didn’t apply to them.
    Good luck Best Buy, I’m sure the rented equipment will be sold at a discount and then the customer will within a short while most likely return wanting a new in the box item. Because that’s what Amazon does, or so I’m told.

  2. it will not work. i tried to lease pioneer product out model year to model year (one model year lease)
    i am still picking boogers off the screens of some of them. they drove them like they stole them.
    1500.00 each year you get a new pioneer nav.

    g

Comments are closed.