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Best Buy (BBY) Unites With Google Cloud for AI-Powered Service

In a notable advancement for retail customer service, Best Buy Company Inc. BBY has partnered with Google Cloud and Accenture to incorporate generative AI (gen AI) technologies into its customer support framework. This collaboration is set to redefine how customers interact with support services, prioritizing efficiency and personalization through the innovative use of Google Cloud's gen AI.

The cornerstone of this initiative is the introduction of a gen AI-powered virtual assistant, slated for launch in late summer 2024. This assistant aims to empower Best Buy customers by offering a self-service option for a variety of needs, including troubleshooting product issues, managing deliveries, and handling subscriptions and memberships. Accessible through BestBuy.com, the Best Buy mobile app or the customer service line, this virtual assistant represents a leap toward more autonomous and flexible customer support.

Beyond customer self-service, Best Buy is focusing on enhancing the tools available to its customer care agents. By developing the latest gen AI-enabled capabilities, the initiative aims to alleviate the cognitive load on agents, enabling them to focus more on meaningful interactions with customers. These advanced tools will analyze and summarize conversations in real time, assess sentiment and provide actionable, human-focused recommendations to agents, thus streamlining the problem-resolution process and improving the overall customer experience.

 

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

 

What’s More?

Another significant aspect of this collaboration is the development of an AI-driven assistant for Best Buy’s front-line employees. This tool is designed to assist store employees by providing quick access to internal resources and product guides, thereby enhancing the service provided to customers in-store. This move not only aims to improve customer satisfaction but also supports employees by making their jobs easier and more efficient.

This partnership leverages a variety of Google Cloud products, including Gemini models and Vertex AI, to create these AI capabilities. Additionally, the use of Contact Center AI will help develop conversational agents that further drive the state of customer service technology. The initiative reflects an ongoing relationship between Best Buy and Google, which encompasses various areas, such as advertising and hardware, and underscores a shared commitment to harnessing technology for service improvement.

Wrapping up

By joining forces with Google Cloud and Accenture, Best Buy is making a significant investment in the future of retail customer service. This venture into the gen AI technology not only aims to enhance the customer experience by making it more personalized and efficient but also seeks to empower employees with tools that make their work impactful. Through this collaboration, Best Buy demonstrates a forward-looking approach to retail, emphasizing the importance of innovation and technology in driving customer satisfaction and business growth.

Best Buy, which currently carries a Zacks Rank #3 (Hold), has risen 10.6% in the past three months as compared with the industry’s growth of 1.7%.

Stocks to Consider

A few better-ranked stocks are Pinterest PINS, StoneCo Ltd.  STNE and Meta Platforms META.

Pinterest generates revenues by delivering ads on its website and mobile application. The company currently sports a Zacks Rank #1 (Strongly Buy). PINS has a trailing four-quarter average earnings surprise of 37.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Pinterest’s current financial-year earnings and sales indicates growth of 22.9% and 17.3% from the year-ago period’s reported figures.

StoneCo provides financial technology solutions. The company flaunts a Zacks Rank #1 at present.

The Zacks Consensus Estimate for StoneCo’s current financial-year earnings indicates growth of 30.9% from the year-ago period’s reported figure. STNE has a trailing four-quarter average earnings surprise of 12.3%.

Meta Platforms is the world’s largest social media platform. The company carries a Zacks Rank #2 (Buy) at present.

The Zacks Consensus Estimate for Meta Platforms’ current financial-year earnings and sales indicates growth of 34.6% and 17.7% from the year-ago period’s reported figures. META has a trailing four-quarter average earnings surprise of 19.7%.

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Meta Platforms, Inc. (META) : Free Stock Analysis Report

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