Reflections & analysis about innovation, technology, startups, investing, healthcare, and more .... with a focus on Minnesota, Land of 10,000 Lakes. Blogging continuously since 2005.

Tag: Best Buy (Page 1 of 2)

Waiting for a Better Price Before Purchasing at Best Buy? Now You Don’t Have to – There’s an App for That

(Note: This post first appeared earlier today at Minnov8.com.)

Ever been burned buying a consumer electronics product right before a price reduction and wished you’d have waited?  Or, how many times have you been burned and not even known it?  Now there’s a solution for both these problems: it’s called Gazaro ProtectGazaroLogo-PriceAdj-forBBY Gazaro is a company that’s been developing a cloud-based, realtime retail pricing platform for several years, using artificial intelligence technology, and is focused initially on consumer electronics. Today, it announced its new pricing protection service, including an iPhone app.  Gazaro-iPhoneGrouping

Maybe you’re thinking you missed out on the best prices on Black Friday or Cyber Monday? Well, get this: Gazaro’s research shows average pricing on featured products at Best Buy during the 2009 Holiday Season was actually lower in the week before December 25 than it was on Black Friday or Cyber Monday (see chart).  One in three products dropped in price during the holiday season, with an average price drop of about 15%.  Gazaro says its new service helps you take advantage of these price drops.  BBY-HolidayPriceIndex-700w

 

 

How does it work?  Using either Gazaro’s web site or its new iPhone app, Gazaro Protect lets consumer electronics shoppers lock in the lowest prices by letting them know when a price drops after they buy, so they can then go get money back. It’s a free web service and mobile app that automatically notifies you of these money-saving price adjustments after you buy. The net advantage, Gazaro says, is you get last-minute holiday prices without having to fight the crowds, or risk a product being sold out if you wait too long.

It’s common for retailers to have policies to refund money to shoppers when products they purchase subsequently drop in price.  However, here’s the key: most shoppers don’t collect their price adjustments because of the manual effort to track prices. Of the shoppers surveyed by Gazaro in October 2010, fully 68% did not claim a single price adjustment in the last 12 months. 

The patent-pending Gazaro Protect service saves shoppers money by automatically notifying them of eligible price adjustments on the products they purchase.  In an analysis of 2009 Holiday Season pricing on 120,000 consumer electronics products, including computers, 15% dropped in price by an average of $25.61.  And if you doubt just how many products have price drops, check out this following chart showing just how high the percentages are, at several retailers (Best Buy included). 

As the company points out, saving money is at the top of most shoppers’ minds in our uncertain economy. Check these stats Gazaro provides: 98% of shoppers surveyed stated they’re willing to claim a price adjustment if they’re notified of it, and 94% are willing to claim price adjustments of anything over $10 in value. Prob_PriceDrop_Retailers

Gazaro Protect is free for shoppers, and is available by email, website, and as an iPhone app.  It is initially featuring only Best Buy products, made available through the BBYOpen platform (an open API), with Gazaro promising “increased functionality for shoppers in the near future.”

Here are three sample use-case scenarios the company provided:

Mobile: Randy buys a digital camera, and scans the product’s bar code or enters the product’s UPC using the Protect iPhone app.  Gazaro registers the product, and automatically tracks the price drops against the store’s price match policy.  Randy returns to the store to get his price adjustment when Gazaro notifies him of a price drop. Notification can be by text message or email.

Email: David buys a printer at the store’s website, and forwards the receipt to protect@gazaro.com. Gazaro automatically parses the receipt information to register the product, and automatically tracks price drops against the store’s price match policy.  David calls the store to get his price adjustment when Gazaro notifies him of a price drop.

Web: Jane buys a flat-screen television in the store or online at the store’s website. She copies and pastes the URL or SKU of the product from the store’s website into the Gazaro Protect website. Gazaro registers the product, and automatically tracks price drops against the store’s price match policy.  Jane returns to the store to get her price adjustment when Gazaro notifies her of a price drop.

I spoke with Alexander Rink, Gazaro’s CEO, who said, “Gazaro Protect enables shoppers to buy with peace of mind, locking in low prices by getting money back if prices drop. And it helps retailers by removing shopper doubt at the point of sale, and by creating a positive experience that encourages customer loyalty.”  Rink sees his company’s technology as a natural evolution for retail. “It’s a clear win for shoppers — they will increasingly demand this type of service. They want to know they got a good deal. Traditionally, that’s meant looking for a good deal before they buy — which Gazaro also helps shoppers do at our web site — but Protect extends that to after they buy.”

Rink said that smart retailers are increasingly thinking ahead about converting transactions into relationships, “where they take care of the customer before, during, and after the purchase, and make it easy for them to return for their next purchase. Gazaro is the leading the way in thinking of the whole ‘customer lifecycle’ in this way.”

The Gazaro Protect iPhone app is now available in the App Store, and the company plans an Android app “in the near future.”  GazaroProtectApp The Gazaro Protect web site is free to use for all online and offline shoppers, and online shoppers can also get protected by simply forwarding their store email receipts to protect@gazaro.com — as noted above, for purchases made on BestBuy.com.

“Gazaro stands for honest recommendations to help shoppers get the best value for their money,” said Sam Zaid, Founder and CTO in the company’s news announcement. “Gazaro Protect leverages Gazaro’s cloud-based, real-time Retail Pricing Platform to provide a compelling free service for shoppers, and a customer care differentiator for retailers.”

For more about Gazaro, hit the company’s media page and its blog.  The company says it “enables shoppers to buy with peace of mind by certifying great deals in real-time, and protecting them after the purchase.”  It says it analyzes hundreds of thousands of price points on thousands of computers and electronics products every day, identifying great deals. Its intent is to guide shoppers to smart purchase decisions, and provide retailers with real-time pricing data and analytics.

I requested an interview directly with a manager at BBYopen about Gazaro Protect, but got a curt reply back from the company’s PR department saying it did not want to comment at this time.

Here’s a code for the first 100 people reading this post to get 50% off the price of the “Pro” version of the Gazaro Protect iPhone app: gazaroTSB50. The normal price for an in-app upgrade to Pro is $1.99, so the 50% discount will take that to $0.99. The Pro version unlocks the barcode scanner and gives you unlimited “protects,” while the free version of the app only allows you to protect one product.

(UPDATE 12/3/10: I broke this story when I posted it on Minnov8 yesterday, then several other sites covered it, including CNet, GigaOM, and Lifehacker.  Gazaro now tells me they’ve decided to get more generous. They’re allowing our next 250 readers to upgrade to the Pro version of the Gazaro Protect iPhone app for FREE. Just first download the free version of the app, then upgrade in-app using this code: FREEMONEYTSM.)

Exclusive: Robert Stephens Talks About His New Role as CTO of Best Buy

Earlier this week, I sat down for coffee with Robert Stephens, founder of Geek Squad, to chat about a number of things, and we decided to do an impromptu audio interview.  I realized later it was almost three years to the day when I'd first met Robert, at an event where he was honored as Entrepreneur of the Year at the 2007 Minnesota Cup reception at the University of Minnesota — and I blogged about that, quoting from his great talk. RobertStephens-BestBuyCTO I'd also heard him speak before at other local events, where he's always a favorite. I have much admiration for the man, not just because he's the spiritual leader of 25,000 geeks and has a real passion for technology, but because he's a marketing genius. What's more, he's really funny and entertaining. GeekSquad-logo I also find it fascinating that he began college as an art student, then switched to computer science (coming to the U of M for that, from his native Chicago). I've since seen Robert at many of our local tech "barcamp" events, MInneBar and MinneDemo, for which he and his employer of the last eight years, Best Buy, have provided much support. Hats off to them for that. (As Robert likes to tell it, "Geek Squad acquired Best Buy in 2002.")  

But, this day, I thought it would be a great opportunity to let Robert tell us about the new role I knew he'd recently been promoted to — that of Chief Technology Officer, reporting the CEO of Best Buy.  I knew something was coming, because he hinted so in a meeting with me and my colleague Steve Borsch during the summer.  BestBuy-logo-onstore_300w There was no Best Buy press release announcing his appointment, which I guess is common for them, but I actually confirmed it a few weeks ago when I hit Robert's LinkedIn page. (He told me he didn't want any hoopla around being named to his new role, that he'll be happy to get recognition when he has some results to talk about.)

We recorded a 21-minute interview, where Robert touched on an array of topics.  He talked about technology trends, and how his job is translating those into actionable intelligence for Best Buy.  He spoke about his developing relationships and partnerships with companies like Google and Facebook, and how he really finds Best Buy a dynamic place to work, giving him a "palette, and a canvas." He also tells the inside story about how was first asked to be CTO, involving a trip to New York with CEO Brian Dunn on the company jet to meet with Eric Schmidt of Google. Robert also talks about what motivates him, how he thinks more like a startup guy, but has the unique advantage of such big resources at Best Buy — and the abilily to open doors anywhere. "I have the best job," he says. "I get to travel the world and visit all these companies." He said over the next five to ten years, "we'll be exploiting the four screens." In that regard, he talks in particular about how one of those, TV, is coming into an new exciting phase. "I like sitting on the main chess board," he said.

But let's get to it… 

Download or listen to my complete, unedited interview of Robert Stephens, CTO of Best Buy… (MP3)"

 

Details of Minnesota Startup SMB:LIVE’s Acquisition by ReachLocal

SMBlive My local followers here in Minnesota may have heard about the acquisition of local startup SMB:LIVE this past week. The company was known more in these parts by the name of its service, CloudProfile, which had gotten some local buzz due to a test program it had going with Best Buy.  In fact, the day the acquisition was announced, the brand-new March issue of Twin Cities Business magazine landed on my desk, with a glowing piece on the company, under the headline Found in the CloudsCloudProfile So much for the timeliness of monthlies: just the day before, the company had ceased being an independent Minnesota firm, becoming part of a high-flying Southern California firm, which has filed for an IPO.

ReachLocal

And I now have the details of what the acquirer — ReachLocal — paid for the firm. I simply asked my friends at socalTECH.com, a great site that covers the tech community out there, where ReachLocal is based. And, thanks to my prodding late yesterday 🙂 they took another look — proceeding to discover just the data I was looking for, which was in a filing they hadn't checked till they saw my email.

So, here's the deal: the purchase price was $2.8M in cash, plus up to $5.7M dependent on milestones — for a total of $8.8M, including assumptions of some liabilities. That's according to Ben Kuo, editor at socalTECH.com, who told me ReachLocal had buried the information in an S-1 addendum, and had not announced it in their earlier news release.

Not a bad payday for a firm that had barely released their site into the wild. Congrats to founder and CEO Alex Hawkinson. (Read more about him and his small team here.)  For more on the deal, see socalTECH's coverage that was updated last night.  And here's another site in SoCal with a page that groups socalTECH's previous stories on ReachLocal, including their filing for an IPO in late December.


Reblog this post [with Zemanta]

DEMOfall 08: 72 New Technologies to Launch Sept 8-9

I’ll be attending the DEMOfall 08 conference in San Diego, September 7-9, 2008. Demofall08 Close to 100 media and bloggers will be there, with total attendance expected to be the largest ever (I predict close to 1000).

Here are some excerpts from DEMO’s press release, which just hit the wire, including the complete list of presenting companies, A to Z, and their web addresses:

Leading Technology Conference Continues to Highlight
the Best in Entrepreneurship from Around the World

The DEMO conferences, known for launching some the world’s biggest technology products, will kick off this Sunday with 72 new products poised to launch onstage in just 72 hours.  Beginning its 19th year of supporting innovation, DEMOfall 08 will highlight products from more than 11 countries and 19 states. Known as the conference that launched products from Google, Apple, Palm, Intel, Yahoo!, and TiVo, the fall conference will host one of its largest attendances of journalists, investors, and business professionals in its history.  DEMOfall 08 is being held from September 7 – 9 at the Sheraton San Diego.  To learn more about the event and register to attend, visit www.demo.com.

"Every DEMO, we strive to identify the companies that will defy all the odds and have significant impact in the technology markets.  Ours is a year-long process that culminates in 72 hours of products that are more than disruptive; they change the rules of the game as we know it,” said Chris Shipley, product analyst and executive producer of the DEMO conferences.  "I am very excited to unveil the class of DEMOfall 08.  They are innovative, they are important, they are fun, and they represent the future products and solutions we all will be using soon.”

The DEMO conferences are held twice a year, requiring the DEMO team to hold in-depth interviews with more than 1,000 companies ready to launch new products at the event. This rigorous process ensures that DEMOfall 08 attendees will, for the first time, see new products from around the globe including Australia, Belgium, Canada, England, France, Germany, Italy, Japan, and Taiwan.

DEMOfall 08 Presenting Companies

Accordia Group, LLC; New Rochelle, NY; www.accordia-group.com
Adapx, Inc.; Seattle, WA; www.adapx.com
Alerts.com, Inc.; Bellvue, WA; www.alerts.com
Arsenal Interactive, Inc.; Mountain View, CA; www.heycosmo.com
Asyncast Corp; Campbell, CA; www.rocketron.com
Awind Inc.; Junghe, Taiwan; www.awindinc.com
beeTV; Milano, Italy; www.bee.tv
Best Buy; Minneapolis, MN; www.giftag.com
BizEquity Corp.; Spring House, PA; www.bizequity.com
Blue Lava Technologies, Inc.; Honolulu, HI; www.bluelavatech.com
Cerego; Tokyo, Japan; www.usa.iknow.co.jp
Cinergix, Pty Ltd.; Melbourne, Australia; www.creately.com
Clintworld; Boenningstedt, Germany; www.clintworld.de
CoreTrace Corp.; Austin, TX; www.coretrace.com
crowdSPRING, LLC; Chicago, IL; www.crowdspring.com
DesignIn, Inc.; Marblehead, MA; www.mydesignin.com
Dial Directions, Inc.; Alameda, CA; www.dialdirections.com
DOCCENTER; Omaha, NE; www.doccenterinc.com
Enterprise Informatics, Inc.; San Diego, CA; www.enterpriseinfomatics.com
Familybuilder; New York, NY; www.familybuilder.com
ffwd.com, Inc.; San Francisco, CA; www.ffwd.com
Fortressware, Inc.; Mountain View, CA; www.fortressw.com
Fusion-io; Salt Lake City, UT; www.fusionio.com
G.ho.st; Ramallah & Modin, Palestine and Israel; http://g.ho.st
Green Sherpa; Santa Barbara, CA; www.greensherpa.com
Infovell, Inc.; Menlo Park, CA; www.infovell.com
Intelius, Inc.; Bellevue, WA; www.zumende.com
Invision TV, LLC; Bethesda, MD; www.invision.tv
iWidgets, Inc.; San Francisco, CA; www.iwidgets.com
Kadoo Inc.; Washington, DC; www.kadoo.com
Koollage, Inc.; San Jose, CA; www.koollage.com
Mapflow, Ltd.; Cork, Ireland; www.eirlift.com
Maverick Mobile Solutions, Pvt. Ltd.; Maharashtra, India; www.maverickmobile.in
MeDeploy; Hamden, CT; www.medeploy.com
Message Sling; Worcester, MA; www.messagesling.com
MeWorks, Inc.; Taipei, Taiwan; www.meworks.net
Microstaq, Inc.; Austin, TX; www.microstaq.com
MixMatchMusic, Ltd.; Burlingame, CA; www.mixmatchmusic.com
Momindum; Paris, France; www.momindum.com
OpenACircle.com; Dallas, TX; www.openacircle.com
Paidinterviews, LLC; McLean, VA; www.paidinterviews.com
Paragent, LLC; Muncie, IN; www.paragent.com
Photrade, LLC; Cincinnati, OH; www.photrade.com
PlanDone, Inc.; Petaluma, CA; www.plandone.com
Plastic Logic, Ltd.; Mountain View, CA; www.plasticlogic.com
Qtask, Inc.; Burbank, CA; www.Qtask.com
Quantivo Corp.; San Mateo, CA; www.quantivo.com
Radiant Logic, Inc.; Novato, CA; www.radiantlogic.com
RealNetworks, Inc.; Seattle, WA; www.real.com
Rebus Technology, Inc.; Cupertino, CA; www.rebustechnology.net
RemoTV, Inc.; New Haven, CT; www.remotv.com
Rudder, Inc.; Houston, TX; www.rudder.com
Semanti Corp.; Alberta, Canada; www.semantifind.com
Sim Ops Studios, Inc.; San Francisco, CA; www.wildpockets.com
SitScape, Inc.; Vienna, VA; www.sitscape.com
SkyData Systems, Inc.; San Mateo, CA; www.skydata.com
SpinSpotter; Seattle, WA; www.spinspotter.com
Telnic, Ltd.; London, England; www.telnic.org
TetraBase, LLC; Boothwyn, PA; www.tetrabase.com
The Echo Nest Corp.; Somerville, MA; http://echonest.com
tikitag, an Alcatel-Lucent Venture; Antwerp, Belgium; www.tikitag.com
Toolgether; San Mateo, CA; www.toolgether.com
TravelMuse, Inc.; Los Altos, CA; www.travelmuse.com
Trinity Convergence, Inc.; Durham, NC; www.trinityconvergence.com
TurnTo Networks, Inc.; New York, NY; www.turnto.com
UbiEst S.p.A.; Treviso, Italy; www.ubiest.com
UGA Digital, Inc.; Taipei, Taiwan; www.ugadigital.com
Unity Solutions, LLC; Clearwater, FL; www.unitysolutions.com
Usable Security Systems, Inc.; San Francisco, CA; www.usable.com
WebDiet, Inc.; Henderson, NV; www.webdiet.com
Xumii, Inc.; San Mateo, CA; www.xumii.com
Zazengo, Inc.; Santa Cruz, CA; www.zazengo.com

« Older posts