MINNEAPOLIS - Best Buy Co., Inc. (NYSE: NYSE:BBY) has announced a partnership with Google (NASDAQ:GOOGL) Cloud and Accenture (NYSE:ACN) to enhance its customer support experience through the integration of generative artificial intelligence (gen AI) technologies. This initiative aims to improve customer self-service options and support Best Buy's customer service agents by providing more efficient and personalized interactions.
Starting in late summer 2024, Best Buy plans to introduce a gen AI-powered virtual assistant to assist U.S. customers with various support services. The virtual assistant will be accessible through BestBuy.com, the Best Buy mobile app, and the customer service line, offering help with troubleshooting, order management, and subscription services.
Furthermore, Best Buy will roll out gen AI-enabled tools for customer care agents in the coming months. These tools are designed to alleviate the mental workload of agents, allowing them to concentrate on personal customer connections. They will also analyze conversations, detect sentiment, and provide real-time recommendations to agents during customer interactions.
The company is also developing an AI-driven assistant for its front-line employees to support in-store customer service. This assistant will help employees access internal resources and product guides, enhancing the overall shopping experience.
Brian Tilzer, Chief Digital Analytics and Technology Officer at Best Buy, expressed enthusiasm for the new capabilities, which he believes will deliver better, more personalized experiences for customers and make employees' jobs easier.
Thomas Kurian, CEO of Google Cloud, and Julie Sweet, chair and CEO of Accenture, echoed the sentiment, highlighting the potential for gen AI to create seamless customer experiences and empower employees with sophisticated tools.
Best Buy will utilize Google Cloud products, including Gemini models, Vertex (NASDAQ:VRTX) AI, and Contact Center AI, to develop these AI capabilities. The collaboration builds on Best Buy's existing use of AI in customer care and is supported by Accenture, Google Cloud Consulting, and Best Buy's internal teams.
The information for this article is based on a press release statement.
InvestingPro Insights
As Best Buy Co., Inc. (NYSE: BBY) embarks on its transformative journey with Google Cloud and Accenture to enhance customer support through artificial intelligence, the company's financial health and market position remain crucial for investors monitoring the stock's potential. According to InvestingPro data, Best Buy currently boasts a market capitalization of $17.26 billion, reflecting its substantial presence in the retail sector. The company's P/E ratio stands at 14.11, which could be appealing to value-oriented investors looking for reasonable earnings multiples in the retail industry.
InvestingPro Tips indicate that Best Buy has been a prominent player in the Specialty Retail industry and has maintained dividend payments for 22 consecutive years, showcasing a strong commitment to returning value to shareholders. Additionally, the company has raised its dividend for 6 consecutive years, a testament to its financial stability and confidence in future profitability, as analysts predict the company will remain profitable this year. Investors interested in Best Buy's dividend policies and financial metrics may find more detailed analysis and additional tips on the company's performance by visiting InvestingPro at https://www.investing.com/pro/BBY. Currently, there are at least 9 additional InvestingPro Tips available, which could provide further insights into Best Buy's investment potential.
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