Best Buy starts selling home fitness equipment
On Tuesday, Best Buy announced that it will start selling $ 2,000 airborne stationary bikes that offer virtual cycle hours; Hydrow rowing machines that give robbers a view of Miami and New York; and NordicTrack treadmills with interactive coaching.
"Consumers want the benefits of boutique training pillars in their homes," says Josh Will, who oversees Best Buys health assortment, told CNN Business in an interview. "They are looking for a shortcut. We call it" fitness hack "."
"Best Buy has worked aggressively and successfully to diversify the product mix," said Brian Nagel, CEO of Oppenheimer. "A move to fitness is a logical step."
Flywheel and Hydrow
Wearing equipment, including activity tracking and exercise watch, has been some of Best Buys fastest growing products in recent years, leading the company to explore other technological opportunities in the training market. [19659009] More consumer trends have gathered to draw Best Buy ( BBY ] in the industry First, more Americans will get in shape, and since 2008, training membership in the US has increased by 37%, according to International Health, Racquet & Sportscl ub Association. Gym chains such as Planet Fitness ( PLNT ) expand rapidly and move into available Sears and Toys & # 39; R & # 39; Our stores.
At the same time, recent technological innovations in fitness have begun to allow consumers to skip the gym and video stream classes from their homes or train externally with a virtual instructor.
"We" see a growing junction between technology and fitness, says Will. "The industry is starting to be built."
The industry may come up, but it also grows rapidly. An analyst, Brian Smith from Piper Jaffray, points to the $ 5 billion digital training market today – up from $ 2.1 billion three years ago.
Best Buy did not reveal the customer's demographic targeting with his latest efforts, but Nagel from Oppenheimer said he believes the company is looking for consumers in the middle to upper end and is willing to pay for engineering-driven workouts.
Best Buy launched the equipment at a handful of stores before deciding to start rolling it out to one-tenth of its nationwide country. To convince customers to buy bikes and treadmills, the dealer will offer free demos in stores and delivery and installation from their Geek Squad employees.
Can Best Buy sell existing bikes like Peloton one day? Will not rule it out.
"We are always looking to work with innovative companies on their technology," he said. "We have just started."