Lowe’s is one of the world’s largest home improvement retailers with annual revenues in excess of $60Bn. Like many large corporates, the New Business Development Team within Lowe’s had a role monitoring medium to long-term trends and advising the CEO and the Board on potential opportunities or threats in the home improvement sector. They saw the IoT as a potential disruptor and sought specialist advice from EAS Consulting to help inform and develop their thinking.
EAS provided an initial workshop for the CEO and executive management team explaining the opportunity and the threat from the new wave of connected devices coming to market. EAS explained how data from appliances and devices in the home will ultimately redefine how consumers interact with their environment and fundamental impact on the way they make their buying decisions. It was also explained that, instead of focusing the physical attributes of a product, the apps and services that are enabled by data will drive consumer purchasing decisions in the future. Consumers will be more interested in the services connectivity enables than the traditional physical attributes. It was concluded that retailers need to worry about securing access and control of the data from the devices if they wanted to exploit new services.
Lowe’s conducted additional work and quickly recognised that the market was already moving and their suppliers were starting to exploit the data from connected devices to develop a relationship with end-users and cross-sell products and services direct. This confirmed the potential threat so Lowe’s decided to explore options. They then appointed EAS to work with their New Business Development Team to develop a strategy and a business plan that led Lowe’s to be the first retailer to launch their own smart home platform and services.
To find out more about Lowe’s Smart Home solution, watch the overview video here: