Lowe's has debuted a digital home platform for its loyalty members.
Speaker AAccording to Retail Touchpoints, Lowe's has introduced a digital home platform that offers members of the retailers My Rewards My Lowe's rewards program free personalized information about the products in their homes, which includes warranties, manuals, maintenance guidelines, how to content, recommended subscriptions, and replacement parts.
Speaker AWhile the platform's initial launch focuses on home appliances, the retailer is planning to eventually expand it to include other aspects of home maintenance.
Speaker ACustomers who purchase a major appliance connected to their My Lowe's Rewards account within the past five years will automatically see the appliances displayed in their member profile.
Speaker AAnd this was kind of my headline of the week here, or one of my headline picks of this week.
Speaker AAre you buying or selling Lowe's new digital home platform for its loyalty members?
Speaker BLook, I, like we've talked about, I just moved into a new house.
Speaker AYeah, you're into the home buying situation.
Speaker AYes.
Speaker BIf I could have, like, I, I get the value of this because we are trying to find like, light bulbs and light switches and all kinds of things here.
Speaker BBut my question is, is this really something that Lowe's should be doing?
Speaker BLike, is, Is Lowe's the person that should be owning this?
Speaker BI don't think so.
Speaker BLike, if I were Lowe's, I feel like I would be looking to your partners who are already managing the home.
Speaker BSo Google Home or Alexa or, you know, what are the other smart systems that are, that people are already buying into because of their TVs, their Ring doorbells, you know, all these other smart home things.
Speaker BI think Lowe's would be smart to position itself as like a partner within this that integrates into one of those or both of those systems into.
Speaker BInstead of me having to have another Lowe's app for something like, I, I don't think that that part makes sense because I think, you know, it has to be integrated into something that I'm already using.
Speaker BI don't see myself, even if I bought all my appliances from Lowe's, I just, I don't see myself going in and like using that on a regular basis because it's not something that I need to access every day.
Speaker BSo I guess if I would, if I were to proceed, I would, I would continue with this path.
Speaker BI think Lowe's has got a good thing going.
Speaker BI would add everything though, like all my purch from those, like paint colors, light bulbs, and, you know, my appliances into a larger home management application.
Speaker BBut that's, that's just me.
Speaker BI know you like this, so explain to Me?
Speaker BWhy?
Speaker AWell, I don't know.
Speaker AActually, I like it less now.
Speaker BOkay.
Speaker AI like it less now because I thought you presented a really cogent argument there.
Speaker AI think it's.
Speaker AI think it's your point about who has the right to win in this idea, if it's a good idea, is interesting because, you know, you're not going to make all your purchases at Lowe's, generally speaking, but maybe the.
Speaker AMy.
Speaker AMy Lowe's Rewards members are.
Speaker AMaybe those are the people that are, like, really in love with Lowe's and they buy all their stuff at Lowe's.
Speaker ASo, you know, if I go down that road, I kind of like the idea, but I don't.
Speaker AI don't love the idea, but I do think.
Speaker AI think this is where you're thinking, too, is like, I think it's a good experiment.
Speaker ARight.
Speaker ABut the trick is, of course, like, how do you get people.
Speaker AHow do you get people to use it?
Speaker ABut because if you can't get them to use it, it's going to be a very sticky experience because, like you said, coordinating your warranty and repair information across all your plants is not something easy to do.
Speaker AAnd if Lowe's can make that easy for me, and I shop at Lowe's a lot, then there's value there.
Speaker AAnd.
Speaker AYeah, and Lowe's should.
Speaker AShould at least be able to get people to set this up very easily, too, because I think you can incent people to use it to interact with it.
Speaker ALowe's can ultimately pipe retail media into it right to it as well.
Speaker ASo I think so from a test perspective, I'm like, why not?
Speaker AThat's what I say.
Speaker ABut I think your question about who has the right to win is really interesting, Chris.
Speaker BDoes this change.
Speaker BSo you're one of those people that's good and has one of the programs where, like, you have the home Service plus or whatever, the coverage to, like, make sure that all of your appliances are warrantied at any given time.
Speaker BWhat if Lowe's added something, a service component to this?
Speaker BDoes that change your opinion of it?
Speaker BBecause that.
Speaker BThat might slightly skew where I.
Speaker AA hundred percent.
Speaker ABecause that's when you said, who has the right to win on this.
Speaker AI think that was where my mind went.
Speaker AExactly.
Speaker AIt was like a service like that.
Speaker AWhoever is going to maintain your furnace and your air conditioning unit is going to be the primary person that you want to house this information, because that's how you're going to be coordinating this.
Speaker ASo, yes, if Lowe's can partner with somebody like that, or Lowe's starts that own their own service themselves, which they may even have.
Speaker AI have no idea.
Speaker BRight.
Speaker AThen.
Speaker AYes, I like this idea a lot more.
Speaker AAnd I think that's what you're thinking too, right?
Speaker BYeah, yeah, for sure.
Speaker BI mean, that's the totally different business model, but I think, again, it makes sense of, like, then there's the, like, it gets back to what we were saying, too.
Speaker BLike, then there's the incentive to be going to that or to be using it or looking at it more on a more frequent basis.
Speaker BSo.
Speaker BAll right, let us know.
Speaker AProvider of the new furnace or whatever.
Speaker BYeah.
Speaker AIn that situation.
Speaker BExactly.
Speaker BExactly.
Speaker AWhen it breaks down.
Speaker AWhich it will, Ann.
Speaker AWhich it will.
Speaker BI'm not ready to hear that yet.