Best Buy to rent electronics

An electronics giant might is eyeing a program that could give it a leg up on online rival Amazon.



Best Buy is launching a rental service for gadgets ranging from cameras and audio equipment to fitness trackers. The try-before-you-buy program is a way for the retailer to develop a connection with customers earlier in the buying process, and encourage shoppers to make electronics purchases from Best Buy over Amazon, according to ReCode.



Here’s how the service works: A try-before-you-buy option will be available on Best Buy’s website. As shoppers click on the icon, they will be directed to Lumoid, a company that enables users to “try” electronics gear for a fraction of the cost of making a purchase.



When the rental is over, shoppers return the merchandise to Lumoid using a prepaid label. Users that participate in the program will earn Lumoid credits, which can then be applied to a purchase of the rented item, according to Lumoid.



Best Buy is providing the rental merchandise to Lumoid. Drones will not be part of the program, the report added.



The service could give Best Buy an advantage against online rival Amazon, since the online retailer does not offer a similar service. Other weapons Best Buy uses in the war against Amazon include a price-matching policy and buy-online-pickup-in-store service to shorten delivery windows.



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