The retail industry has seen a massive change over the past several years.
One of the biggest changes is the great consolidation; the early 2020s was one of the most difficult periods for smaller businesses to survive.
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This meant many mom-and-pop shops, which were constrained by their size, found it much harder to operate in an environment with forced closings, reduced foot traffic, and, ultimately, higher interest rates.
So many larger corporate incumbents, such as Target, Walmart, and Amazon gobbled up smaller competition.
Another change was in the housing industry. Since interest rates were first artificially low during the onset of COVID-19, many folks took advantage of the lower rates and bought new houses or took on new projects.
Shutterstock-Jonathan Weiss
Home improvement has boomed
This was great news for large home improvement retailers like Home Depot and Lowe’s.
Two of the nation’s largest home improvement retailers have been booming for the past several years.
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In the early 2020s, when interest rates were comparatively lower, and many folks had more time at home on their hands, home improvement projects were on the rise.
Later on, as more folks returned to work, the labor shortage eased, and more professionals and contractors took on large scale projects.
Home Depot and Lowe’s were set for success on both fronts.
Home Depot, Lowe’s make customer-friendly change
Both Lowe’s and Home Depot have been working consistently to improve their customer experience.
Home Depot has been opening up functional outlets for professionals around the U.S. that cater to larger projects, while Lowe’s has revamped its loyalty and rewards program.
And now, both home improvement retailers are leveraging artificial intelligence for customers who may need a little help.
Lowe’s has launched MyLow, an AI powered chatbot developed with OpenAI, that helps customers answer common DIY questions, search for products, and access customer service.
Some common questions you can ask MyLow include:
- When do I plant grass seed?
- How do I measure my kitchen for a new floor?
- How do I get my faucet to stop leaking?
- What washer and dryer pair saves me the most on my utility bills?
- What are the top-rated refrigerators that can be delivered and installed next day?
And Home Depot has launched Magic Apron, a similar generative AI product that helps customers search for products and ask common questions on product pages.
“Home Depot customers have always relied on the expertise of our orange-aproned associates in the aisles of our stores to answer questions and help them solve problems,” Jordan Broggi, executive VP of customer experience and president – online said. “Magic Apron is designed to bring that same expertise to the digital world, leveraging our proprietary knowledge base to support our customers and give them the confidence to tackle their home improvement projects, anytime, anywhere.”
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