Question: Please read the case below and do the SWOT, get datas about company and competitors. Thank you so much. Lowes Taps Technology for Retailing Edge
Please read the case below and do the SWOT, get datas about company and competitors. Thank you so much.
Lowes Taps Technology for Retailing Edge (Case 14)
From ladders to lumber to light bulbs, Lowes sells just about everything a consumer or contractor might need to build, repair, and maintain a home. The North Carolina-based home-improvement retailer operates more than 2,200 cavernous stores across North America. With hundreds of thousands of products in inventory and acres of free parking for its stores, Lowes serves 18 million customers weekly and rings up $71 billion in yearly revenue.
Consumers can walk into any Lowes location and find expert help buying tools, materials, and accessories for do-it-yourself projects such as installing a floor or replacing a kitchen sink. For those who dont want to tackle projects on their own, Lowes offers the option of hiring a local professional through the store. The retailer also caters to contractors and others in the building trade, with a separate store checkout area and an information desk for business orders, credit accounts, pickup, and delivery. Both consumers and professionals can browse and buy through separate websites designed specifically for their needs. Lowes.com, the companys website for consumers, offers thousands of how-to guides and videos demonstrating do-it-yourself techniques, plus photos of sample rooms and other finished projects for inspiration and ideas. Consumers can use online calculators to estimate how many gallons of paint are needed for a room or how many pounds of grass seed are needed for a lawn. LowesForPros.com, the website for building professionals, includes handy features such as customizable lists of frequently-ordered products and interactive calculators for estimating project time and materials.
Facing competition from other category killers like Home Depot and from smaller hardware stores, Lowes is harnessing technology to enhance the customer experience before, during, and after a store or website visit. The Measured by Lowes app enables consumers (and professionals such as interior designers) to use their smartphones and tablet computers as a tape measure for calculating length, width, and height. Another Lowes app allows users to visualize how a piece of furniture would look in their own home or office, via augmented reality. A third app helps consumers navigate the aisles inside a Lowes location to find the exact shelf where a product is stored or the aisle housing a certain product category. Apps are just some of the technologies being explored by Lowes Innovation Lab, staffed by scientists and digital experts who study consumer behavior and experiment with cutting-edge software and equipment. Among other things, they are testing augmented or virtual reality tools that can help customers gain confidence in their choices or to provide employees and customers with experience and detailed instructions using specific tools.
Lowes chief customer officer sees these apps and other digital tools as part of the fabric of a fully integrated customer experience, from project inspiration to customer relationship management to how we present products and services and create engaging content. Looking ahead, he says the retailer plans to become even faster at anticipating customer needs and providing relevant solutions leveraging technology.
As more products for the home incorporate smart elements, Lowes is helping its customers understand how to choose and use these devices. It has partnered with the software retailer b8ta to set up store within a store SmartSpot departments in dozens of Lowes stores, staffed by representatives trained to demonstrate and explain smart-home items like digital thermostats and digital security systems. In the store, consumers can try operating some of these products with experts standing by to assist. This gives consumers more confidence that they are making an informed decision and that they will be able to make full use of their purchases once they get home. Lowes also gains new insights from the questions and comments of customers who visit the SmartSpot department, adding to its in-depth knowledge of needs and buying behavior.
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