Lowe's broadens in-store trial of technology for kitchen design visualization
Lowe's, the popular home improvement retailer, has made significant strides in its digital home platform and in-store experience. The company has officially rebranded its digital home platform to MyLowe's Home.
In a move to further enhance the shopping experience, Lowe's will open a new store in East Asheville, North Carolina on Friday. This expansion is part of the company's ongoing efforts to bring its products and services closer to its customers.
Lowe's has also been investing in technology to improve its offerings. The Lowe's Style Studio, an immersive 3D experience that combines spatial computing with home improvement, was launched as an app for Apple Vision Pro in February 2024. Since its initial test in five Austin, Texas-area locations last month, Lowe's has updated the in-store experience, adding a companion app that allows friends and family to design together.
The pilot program for Lowe's Style Studio has been expanded to select stores in Northern California, including Lowe's Bay Area locations in Sunnyvale, Concord, Dublin, East San Jose, and South San Jose. Customers can book free appointments and visualize and redesign a kitchen's features before renovating, all using the latest Apple Vision Pro technology.
Lowe's has also been actively acquiring companies to strengthen its tech capabilities. Earlier this month, Lowe's announced its acquisition of Artisan Design Group for $1.3 billion. In January 2023, Lowe's announced the acquisition of furniture retailer Joybird. Joybird's product visualization tools Decorify and Muse allow shoppers to find product recommendations based on images.
However, Lowe's reported a decline in its financial performance for fiscal 2024. The company reported net sales of $83.7 billion, a 3% decline from 2023. Operating income fell 9.4% to $10.5 billion, and net income declined 10% to $7 billion year over year.
Despite the financial challenges, Lowe's CEO Marvin Ellison remains optimistic. He stated that technology is a key part of Lowe's total home strategy, and they have been investing in AI for a decade. Lowe's aims to provide customers with the confidence to decide on home renovation without guessing what their new kitchen could look like, thanks to its innovative technology offerings.
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