To Grandmother’s House We GoIssue 10-09-17 |
By 2020, 45 million Americans will be caring for 117 million seniors. Best Buy Co. offers a $29 monthly monitoring service using internet-connected gear. Best Buy is one of a number of consumer and tech companies jockeying for position in a race for a likely $50 billion market to remotely look after grandma. Research by the AARP and consultants Parks Associates found that caregivers will spend an average of $509 annually for each person they tend to by 2021, a 69 percent increase from 2016.
The Bay Area startup, Lively, a senior home-monitoring service, run by veterans of Apple Inc. and EBay Inc., erred by ramping up too quickly and selling directly to consumers rather than through established industry partners. To put older consumers at ease, Best Buy is using a specially-trained sales team to advise seniors and their caregivers on what to purchase, while installation is handled by its Geek Squad tech-support crew.