Amazon (AMZN - Free Report) is leaving no stone unturned to bolster presence in the smart and security products space.
In fact, the company’s latest product launches at CES 2019 are testament to its efforts to boost footprint in space. These recent introductions offer smarter ways to fight theft and improve security at home and surroundings.
This move will aid Amazon’s program, Key, to gain momentum.
Products to Aid Growth in Smart Home Space
The new products include a smart lock for Amazon Key called Schlage Encode Smart Wi-Fi Deadbolt which helps in monitoring the entry of any person into the house without a physical key. Users just need to have the Key application installed and access to WiFi.
Further, Amazon introduced Key-enabled smart locks that are compatible with Ring products. Now, users of Ring Video Doorbell will be able to lock and unlock the door by utilizing these locks. It can be opened by simply using the Ring app after verifying the visitor from the live camera feed.
These products are likely to aid the company in rapidly penetrating the smart home market in today’s world where occurrence of a theft or any other crime is increasing at an alarming rate.
Per a report from Mordor Intelligence, this particular market is expected to witness a CAGR of 25.3% between 2018 and 2023. Further, it is projected to hit $159.68 billion by 2023.
Advancement in Delivery System
Apart from the above-mentioned products, the e-commerce giant also rolled out two new delivery options in a bid to ensure delivery with safety.
Similar to Key for Home service, Amazon unveiled Key for Garage which enables the customers to monitor their garage door in case of a delivery.
To avail this, the customers will require an external hardware called Chamberlain myQ Smart Garage Hub. This will help in opening the garage door for the delivery person using the Key app.
Additionally, the customers need to subscribe to Prime to get the package delivered inside the garage.
Further, the company introduced Key for Business that will offer smart key fobs to Amazon delivery drivers. This will enable them to deliver the package at residential area instead of leaving them at some unsafe location.
Further, the new service will aid the building owners and staff to monitor drivers’ entry into the building and remove the need of manually giving access each time a delivery is made.
Notably, both the new services will help Amazon customers to receive their ordered items securely even when they are not present at the delivery address. This is likely to aid the company in enhancing customer services which in turn is likely to strengthen its vast online retail business further.
Zacks Rank and Stocks to Consider
Amazon currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the retail-wholesale sector are TripAdvisor (TRIP - Free Report) , Expedia Group (EXPE - Free Report) and Booking Holdings (BKNG - Free Report) . While TripAdvisor sports a Zacks Rank #1, Expedia Group and Booking Holdings carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for TripAdvisor, Expedia Group and Booking Holdings is pegged at 14.05%, 16.42% and 13.54%, respectively.
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